Market jumps 2% in holiday-shortened week on positive global, domestic cues
In the past week, foreign institutional investors sold equities worth Rs 767.03 crore, while domestic institutional investors bought equities worth of Rs 3,965.69 crore.
The market jumped 2 percent in the holiday-shortened week ended April 1 helped by renewed buying interest post stimulus package announcement in the US. On the domestic front, encouraging auto sales data for March and record high GST collections added to the exuberance. On the other hand, the rising COVID cases in India kept investors worried. In the week ended April 2, BSE Sensex added 1,021.33 points, or 2 percent, to end at 50,029.83 and while the Nifty50 rose 360.05 points, or 2.4 percent, to close at 14,867.35 levels. On BSE Sensex, HCL Technologies, ITC, IndusInd Bank, Dr Reddy’s Laboratories and Bajaj Auto were top gainers. "As Q4 earning season is approaching, investors' focus will shift to earnings announcements and management commentary," said Ajit Mishra, VP - Research, Religare Broking.
BSE Small-cap index gained 3.9 percent supported by Prakash Industries, Hinduja Global Solutions, Intellect Design Arena, Tata Metaliks, SREI Infrastructure Finance, Graphite India, Adani Total Gas and Aptech. Meanwhile, Yaarii Digital Integrated Services, Suzlon Energy, INOX Leisure, Sharda Motor Industries, J Kumar Infraprojects, Privi Speciality Chemicals, Future Lifestyle Fashions, Edelweiss Financial Services and Future Supply Chain Solutions lost 5-14 percent.
BSE Mid-cap Index was up 2.7 percent with Adani Transmission, Jindal Steel & Power, Adani Enterprises, Vodafone Idea, Steel Authority of India, AU Small Finance Bank, Glenmark Pharma, The Ramco Cements adding 7-15 percent. On the other hand, Adani Power, Future Retail, CRISIL, Info Edge India and Adani Green Energy were among major losers.
The BSE Large-cap Index rose 2.5 percent led by JSW Steel, Tata Steel, NMDC, Hindalco Industries, Bank Of Baroda, Shree Cements, GAIL India and Indus Towers.
On the BSE Sensex, Tata Consultancy Services added (Rs 36,679.56 crore) the most in terms of market value, followed by Infosys (Rs 20,877.24 crore), Hindustan Unilever (Rs 19,842.1 crore) and Reliance Industries (Rs 17,691.79 crore), while HDFC Bank (Rs -3142.29 crore), Bharti Airtel (Rs -768.88 crore) and Housing Development Finance Corporation (Rs -171.38) lost some of their market value. (Disclaimer: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd. which published moneycontrol.com)
On the sectoral front, Nifty Metal Index rose 8.6 percent supported by Jindal Steel & Power, JSW Steel, MOIL and Tata Steel. Nifty PSU Bank Index added 4.7 percent led by the Canara Bank, Bank Of Baroda, Punjab National Bank, Central Bank of India and State Bank of India and Nifty Pharma Index rose 4 percent led by Cadila Healthcare, Lupin, Alkem Laboratories, Divis Laboratories and Dr Reddy’s Laboratories.
In the past week, foreign institutional investors (FIIs) sold equities worth Rs 767.03 crore, while domestic institutional investors (DIIs) bought equities worth of Rs 3,965.69 crore. In March, FIIs bought equities worth Rs 1,245.22 crore and DIIs purchased equities worth Rs 5,204.42 crore.
In the truncated past week, the Indian rupee fell against the US dollar. It ended lower by 60 paisa at 73.11 per dollar on March 31, against its March 26 closing of 72.51 per dollar. The currency market remained shut on March 29 for Holi, on April 1 for Annual Bank Closing and on April 2 on account of Good Friday.