Markets gains for the sixth straight week, up 393.27 points

Mumbai: The market gained for sixth consecutive week, with benchmark Sensex rallying 393.27 points to close at 38645.07, while the broader Nifty rose 123.40 point to finish at 11,680.50.

Broad-based rally lifted the key indices to muster gains for the week in the midst of August F&O expiry bedeviled by depreciating rupee amid rising crudeoil and deficit concerns.

The first two days saw the market marking record closing highs supported by favourable global cues bolstered by statement by US Federal Reserve Chairman Jerome Powell's 'gradual approach" on monetary policy tightening.

Further the revival of new US-Mexico trade agreement and subsecquent global positivity induced solid liquidity in to the domestic market.

However, the plunge in rupee to life time record lows at 71 per US dollar on rising crude and deficit concerns led investors wary, the stock market further hurt by reports of US President Donald Trump was preparing to impose more tariffs on China.

Caution as well as August F&O option expiry day led to profit-booking bouts for next three days of the week, while buying in Index majors or fundamentally strong stocks helped the market to erase losses and end week with ample gains.

The BSE Sensex started the week higher 38,472.90 and hovered between all-time high of 38,989.65 and low of 38,562.21 before ending the week at 38,645.07, showing gain of 393.27 or 1.03 per cent.

(The Sensex garnered 1,980.70 points or 5.43 per cent during past five week sessions).

The Nifty also resumed higher by 11,605.85 and touched a zoomed to new high at 11,760.20 and low 11,595.60, before the index finally settling at 11,680.50, a rise of 123.40 points, or 1.07 per cent.

Buying was led by Power, Metal, IT, HealthCare, Teck, PSUs, FMCG, Capital Goods, IPOs, Auto, Banks, Realty, Oil and Gas and Consumer Durables sectors.

The broader midcap and smallcap companies shares also ended withs substanttial gains. 

Meanwhile, foreign portfolio investors (FPIs) and foreign institutional investors (FIIs) sold shares worth Rs 430.43 crore during the week, as per Sebi's record including the provisional figure of August 31.

The BSE Mid-Cap index rose 328.59 points or 1.99 per cent to end at 16,881.33 and the BSE Small-Cap index rose 328.77 points or 1.95 per cent to close at 17,193.20. Both these indices outperformed the Sensex.

Among sectoral and industry indices, Power rose by 4.85 per cent followed by Metal 4.67 per cent, IT 3.29 per cent, Healthcare 3.00 per cent, Teck 2.92 per cent, PSU 2.19 per cent, FMCG 1.74 per cent, capital goods 1.51 per cent, IPO 1.11 per cent, Auto 1.01 per cent, Bankex 0.95 per cent, Realty 0.63 per cent, Oil and Gas 0.27 per cent and Consumer Durables 0.23 per cent.

Among the 31-share Sensex pack, 22 stocks rose and remaining 9 stocks fell during the week.

Power Grid climbed 5.47 per cent followed by Tata Steel 4.55 per cent, Tata Motors 4.50 per cent, Infosys 4.35 per cent, Bharti Artl 4.03 per cent, NTPC 4.02 per cent, ICICI Bank 3.80 per cent, Sun Pharma 3.58 per cent, Wipro 3.20 per cent, SBI 2.85 per cent and ITC 2.84 per cent.

However, Yes Bank lost 8.35 per cent, that it has received the Reserve Bank of India's (RBI's) approval for the continuance of Rana Kapoor as managing director and CEO of the bank till further notice from the central bank.

It was followed by Reliance 2.90 per cent, Asian Paints 1.54 per cent, Coal India 1.48 per cent, Indus Ind Bank 1.21 per cent, Maruti 0.72 per cent, HUL 0.46 per cent, HDFC Bank 0.40 per cent and M&M 0.37 per cent.

The total turnover during the week on BSE rose to Rs 15,133.55 crs as against last weekend's level of Rs 12,823.81 crores and NSE rose to 1,81,944.41 compared to Rs 1,36,393.24 crs previously.