Markets see biggest weekly gain since mid-March, up by 660 points

The benchmark indices zoomed to capture 32,000-level, gaining 660.12 points to finish the week at 32,020.75, while the broader Nifty marked the psychological 9,900-level for brief period before settling the week at 9,886.35, garnering 220.55 points.

This is the biggest weekly gain for the indices since mid-March.

Despite technical glitches totally disrupted the trading at the country's biggest stock exchange, the National Stock Exchange (NSE) during start of the week, strong fundamentals rode the market sentiment, with both the key indices registering all time record highs for four sessions out of five.

The key index made strong gains on buying by funds and foreign institutional investors (FII).

Bulls tightened grip on supportive global stocks which rallied after US Federal Reserve Chair Janet Yellen, signalled that Feds approach on rate hike would be gradual.

The market sentiment already enthused by trouble-free GST roll-out last week was further bouyed-up by drop in June Retail Inflation (CPI) data which and which fell 1.54 per cent subdued May Industrial output (IIP) data which slumped 1.7 per cent boosting chances of a rate cut by the Reserve Bank at its upcoming August policy meet.

While, government polices like raise in import-duty on sugar also lifted the sentiment.

However, tepid results from IT major TCS played spoil- sport which generally affected the whole of IT stocks despite better than expected Q1 results of another IT bellwether Infosys, pausing the index surge during the weekend trade.

After opening the week at 31,510.62, the it hovered between milestone record high of 32,109.75 and low of 31,471.41 before closing the week at 32,020.75, showing a sharp gain of 660.12, or 2.10 per cent.

The Nifty started the week at 9,710.30 traded between new milestone peak at 9,913.30 and 9,646.45, the Nifty index finally ended at 9,886.35 for the week, gaining 220.55 points, or 2.28 per cent.

Buying was led by PSUs, Oil&Gas, Teck, IT, IPO, Power, Bankex, HealthCare, Capital Goods, Metal, Auto and FMCG sector.

The secondline midcap and smallcap shares also made substantial gains. While Realty and Consumer Durable counters ended up with losses. Meanwhile, foreign portfolio investors (FPIs) and foreign institutional investors (FIIs) bought shares worth Rs 1,459.86 crore during the week, as per Sebi's record including the provisional figure of Jul 14.

The broader market also depicted strength. Broader market trailed large caps. The S&P BSE Mid-Cap index jumped by 245.64 points or 1.64 per cent to settle at 15,187.41. The S&P BSE Small-Cap index surged by 77.25 points or 0.49 per cent to settle at 15,908.01. Both these indices underperformed the Sensex.

Among sectoral and industry indices, oil&gas rose by 3.04 per cent followed by teck 2.94 per cent, IT 2.71 per cent, power 2.47 per cent, bankex 2.37 per cent, healthcare 2.22 per cent, capital goods 2.03 per cent, metal 1.71 per cent, auto 1.66 per cent, and FMCG 1.17 per cent.

While, realty lost by 0.84 per cent followed by consumer durables 0.38 per cent.

Among the 31-share Sensex pack, 27 stocks rose and remaining 4 stocks fell during the week.

Index heavyweight Telecom major Bharti Airtel was the major Sensex gainer. It rose by 5.21 per cent.

State-run power company NTPC rose by 5 per cent to Rs 167.05.

It was followed by SBI 4.07 per cent, HUL 3.85 per cent, Infosys 3.85 per cent, Sun Pharma 3.78 per cent, Bajaj Auto 3.77 per cent, Tata Motors 3.46 per cent, Tata Motors DVR 2.94 per cent and ICICI Bank 2.83 per cent.

While, L&T was the top loser from the Sensex pack. It fell by 31.28 per cent.

It was followed by oil major ONGC it fell by 0.69 per cent to Rs 158.55, Coal India 0.20 per cent and Dr Reddy 0.02 per cent.

The total turnover during the week on BSE rose to Rs 26,550.34 crs as against last weekend's level of Rs 17,400.21 crores, While NSE fell to 1,13,681.02 compared to Rs 1,14,537.79 crs previously.

Bullion: Gold prices maintained its bearishness for the third week in a row, dropping below the key Rs 28,000-mark at the domestic bullion market on the back of subdued demand from stockists and traders, even as the metal strengthened overseas.

Traders said sluggish demand from local jewellers and retailers at domestic market mainly kept gold prices lower.

The yellow-metal shed a whopping 3.26 per cent in its third week downslide, or Rs 930 per 10 grams.

Elsewhere, silver also witnessed a second week fall, on sustained speculative selling by stockists and investors coupled with lack of demand from industrial users.

The white-metal plunged 6.69 per cent in its second weekly fall, or Rs 2,590 per kg.

In worldwide trade, Gold prices marked the highest finish of the month and their first weekly rise since early June, as data on retail sales and inflation stoked concerns that the pace of economic growth may not merit lifting US interest rates again in 2017.

Gold for August delivery rose USD 10.20, or 0.8 per cent, to settle at USD 1,227.50 an ounce. That was the highest finish since June 30 and the strongest single-session climb since June 6. Prices logged a roughly 1.5 per cent weekly gain, after posting losses in each of the past five weeks, based on the most-active contracts.

In other trading, silver for September rose 24.2 cents, or 1.5 per cent, to USD 15.933 an ounce, for a 3.7 per cent weekly gain.