Week Review: Sensex extends gain for second week, Tata Motors DVR surges nearly 17%
.jpg)
Equity markets extended gains for the second straight week on robust quarterly earnings and impressive macro-economic data. The BSE Sensex advanced 189.43 points, or 0.71 per cent to 26,843.03 on June 3 from 26,653.60 on May 27 last month, while NSE Nifty 50 index gained 64.15 points, or 0.79 per cent to 8,220.80 from 8,156.65 during the same period.
Among the 51 components in the Nifty index, 32 stocks ended the week in green with Tata Motors-DVR surging 16.60 per cent to Rs 316.80 for the week ended June 3 Others components such as Hindalco, Tata Motors, Coal India, Adani Ports, Axis Bank and NTPC gained 14.69 per cent, 12.05 per cent, 9.72 per cent, 6.16 per cent, 5.83 per cent and 5.42 per cent, respectively.
On the other hand, Sun Pharmaceutical, Bharat Heavy Electricals and Idea Cellular retreated 10.71 per cent, 7.85 per cent and 6.86 per cent, respectively, this week.
Sectorwise, the BSE Metal index, BSE Auto index and BSE Bankex gained 4.96 per cent, 3.76 per cent and 1.35 per cent, respectively, during the week. The BSE Consumer Durables index and BSE Healthcare index slid 2.68 per cent and 2.63 per cent.
Dipen Shah, senior vice-president, research analyst, PCG research, Kotak Securities, said, “Quarterly results have been better than expected on an overall basis and most managements have given bullish comments for FY17 as compared to FY16. This has been a major reason for the market rise over the past two weeks.”
Foreign institutional investors remained net buyers in the domestic equity markets as they bought shares worth of Rs 2,013.70 crore in the past five trading sessions. On the flip side, Indian rupee depreciated marginally 0.27 per cent to 67.24 during the same period.
Data released during the week showed the economy grew at 7.9 per cent in the fourth quarter of 2015-16 taking the overall GDP growth to a five-year high of 7.6 per cent in the fiscal, mainly on account of good performance of manufacturing and farm sectors. The manufacturing sector during the fourth quarter recorded a growth rate of 9.3 per cent while farm sector grew at 2.3 per cent.
Going ahead, “Markets will wait for important events like the RBI policy meeting, Fed meeting in June and the referendum in Britain on whether to stay in EU or not. Timely onset of the monsoons will be a positive for the markets,” said Shah.
Other Latest News
.webp)
The Supreme Court on Tuesday dismissed a petition seeking to revert to ballot paper voting in elections in the country.
"What happens is, when you win the election, EVMs (electronic voting machine) are not tampered. When you lose the election, EVMs are tampered (with)," remarked a bench of Justices Vikram Nath and P B Varale.
.webp)
The Bharatiya Janata Party (BJP) would not rush into announcing its chief ministerial candidate until the distribution of portfolios in the new Maharashtra government is finalised, party sources said on Tuesday.
The indications that the Mahayuti coalition's decision on who would become the next CM would be delayed emerged as the Governor on Tuesday morning asked Eknath Shinde to act as a caretaker chief minister after he tendered his resignation.
.webp)
Anurag Agrawal, Dean of Biosciences and Health Research at Ashoka University, in a conversation with Economic Times, has claimed that every resident of Delhi is developing lung damage as deadly smog continues to blanket the Capital city.
Upon being asked how many people will suffer from lung cancer in future because of poor AQI, the Ashoka University dean said that “every Delhi is developing some degree of lung damage.” People who have pre-existing diseases or sensitivity are more serious, but no one is immune to it, he added.
.webp)
India's Andhra Pradesh state is reviewing government files and will explore if it is possible to cancel a power supply contract linked to the Adani Group, whose billionaire founder has been indicted in the United States, a top official told Reuters.
US authorities have charged Gautam Adani and seven others with agreeing to pay bribes of $265 million to unnamed Indian government officials to obtain solar power-supply contracts in Odisha, Tamil Nadu, Chhattisgarh, Andhra Pradesh and the federal territory of Jammu and Kashmir, between 2021 and 2022.
.webp)
The board of directors of Hindustan Unilever (HUL) on Monday gave an in-principle approval to demerge the ice-cream business into an independent listed entity.
Subject to necessary approvals and procedures, shareholders of HUL will receive shares in the new entity in proportion to their shareholding in the company, HUL said in a release.
.webp)
.webp)
.webp)
.webp)
.webp)
