Market end with strong gains for the week, up 620 points

Mumbai: The benchmark Sensex ended the week with strong gains, rallying 620.41 points close at 35,535.79, while the broader Nifty ended at 10,806.50, garnering 188.25 points.

Bulls dominated and remained in control despite anxiety ridden trading week ahead of Karnataka Assembly elections, also inhibited by weak rupee, surging crude prices and US bond yields as well as political tensions in middle east.

The week saw the Global financial markets rattled by US President Trump's decision to pull-out of Iran nuclear deals resulting global crude jumping USD 76 per barrel on supply worries.

Regardless a brief spell of small losses due to profit-booking in Thursday session, the market reaped weeks gains on sustained fund buying by domestic institutional investors lifted by encouraging earning results. While the weak US job data and soft inflation allayed fears of faster rate hikes by the Federal Reserve boosted investor sentiment.

The key indices also witnessed remarkable stock- specifics rally in index majors like Reliance, ONGC, SBIN and Tata Steel, while shares like ICICI bank surged despite weak earnings, supported by banks statement on commitment over the bad loan problem.

The BSE Sensex started the week higher at 34,983.59 and hovered between high of 35,596.15 and low of 34,977.74 before closing the week at 35,535.79, showing a gain of 620.41 or 1.78 per cent.

(The Sensex lost 54.32 point during the previous week session)

The Nifty also resumed the week higher at 10,653.15 and traded between 10,812.05 and 10,635.65, the index finally closed at 10,806.50, rising 188.25 points, or 1.77 per cent.

Broader market witnessed selling pressure with both Smallcap and Midcap witnessing substantial losses.

The gains were led by Oil and Gas, Banks, Metal, PSUs, FMCG, IPOs, Capital goods, IT and Auto sectors.

Profit-booking witnessed in HealthCare, Power, Consumer Durables, Teck and Realty segments.

Meanwhile, foreign portfolio investors (FPIs) and foreign institutional investors (FIIs) sold shares worth Rs 1,425.26 crore during the week, as per Sebi's record including the provisional figure of May 11, 2018.

The BSE Mid-Cap index fell 217.02 points or 1.31 per cent to end at 16,343.99 and the BSE Small-Cap index also fell 173.36 points or 0.96 percent to close at 17,818.09.

Among sectoral and industry indices, oils and gas rose by 3.60 percent, bankex 3.58 percent, metal 2.15 percent, PSU 1.54 per cent and FMCG 1.32 per cent, while Healthcare fell by 3.43 per cent, Power 1.83 per cent, consumer durables 1.38 per cent and Teck 0.32 per cent.

Among the 31-share Sensex pack, 21 stocks rose and remaining 10 stocks fell during the week. ICICI Bank jumped 9.97 per cent. ICICI Bank's net profit dropped 49.62 per cent to Rs 1020 crore on 20.24 per cent rise in total income to Rs 19,942.97 crore in Q4 March 2018 over Q4 March 2017, was Rs 4829 crore in Q4 March 2018 as compared to Rs 4609 crore in Q4 March 2017 followed by Asian Paint by 7.98 per cent, Axis Bank 6.32 per cent, TataMtrDvr 4.14 per cent, TataSteel 4.36 per cent, ONGC 3.88 per cent, SBIN 3.70 per cent, Reliance 3.63 per cent, Kotak Bank 2.75 per cent, HindUnilever 2.61 per cent, ITC 2.31 per cent, M&M 1.73 per cent, HDFC bank 1.38 per cent, Yes Bank 1.32 per cent and Larsen 1.23 per cent.

While, SunPharma dipped by 9.04 per cent, Dr Reddy 5.48 per cent, Bajaj Auto 2.88 per cent, BhartiAirtel 2.75 per cent, NTPC 2.10 per cent and Tata Motors 1.05 per cent.

The total turnover during the week on BSE rose to Rs 17,376.17 crs as against last weekend's level of Rs 12,503.33 crores and NSE jumped to 1,49,193.05 crores compared to Rs 1,25,254.39 crores previously.