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Nifty, Sensex may continue to rise – Weekly closing report

We had mentioned in last week’s closing report that Nifty, Sensex might bounce back next week. Despite often being oversold in the course of the last one week, the major indices of the Indian stock markets have staged a weekly rally with small gains. The trends of the major indices in the course of the week are given in the table below:

 
On Monday, investors were spooked by Prime Minister Narendra Modi's hint of raising taxes on income generated via stock market. Besides, continuous outflow of foreign funds dragged the key domestic indices lower. However, the Finance Minister Arun Jaitley clarified on Sunday itself that the government has no plans to impose long-term capital gains tax on share transactions in the upcoming budget, describing media reports of Prime Minister Narendra Modi's speech earlier as erroneous. Market sentiments however remained low on Monday. The BSE market breadth was tilted in favour of the bears -- with 2,015 declines against 583 advances. On the NSE, there were 197 advances, 1,249 declines and 53 unchanged. Pharma stocks continued to be under pressure as were metal stocks after there was a sharp decline of metal prices in Asian trade. Trading was listless, and NSE trading volumes were on the lower side at just 62.77 crore.
 
An auditors body on Monday sought independent powers of investigation for Parliament's Public Accounts Committee (PAC), and demanded that banks, other financial institutions and PPP projects be brought under the purview of India's official auditor. "The Institute of Public Auditors of India (IPAI) has strongly demanded that the PAC be given enough powers to take up issues for investigation on its own. “It also advocated to bring banks, other financial institutions and projects under the public-private partnership (PPP) within the scope of the Comptroller and Auditor Generals' (CAG) audit," the body of public finance specialists said. Bank Nifty closed lower on Monday.
 
Short covering and value buying lifted the Indian equity markets on Tuesday. The key indices provisionally closed with substantial gains of around 1.5% each, as buying was witnessed in automobile, banking and healthcare stocks. The Nifty recaptured 8000 while the Sensex surged up 400 points Tuesday. The wider 51-scrip Nifty of the National Stock Exchange (NSE) surged by 124.60 points or 1.58% to 8,032.85 points. The Sensex touched a high of 26,249.03 points and a low of 25,803.19 points during the intra-day trade. The BSE market breadth was tilted in favour of the bulls - with 1,692 advances and 875 declines. Out of 1,362 stocks traded on the NSE, 320 declined and 986 advanced on Tuesday. 
 
Lupin advanced 2% after the pharma company had received tentative approval from the US health regulator to sell Olmesartan medoximil tablets, used for treating high blood pressure, in the American market. Shares of Bharat Financial Inclusion snapped a seven-session losing streak to rise 8% to Rs518 on bargain buying on Tuesday.
 
Outflow of foreign funds, along with profit booking ahead of derivatives expiry and broadly negative global indices, subdued the Indian equity markets on Wednesday. The key indices were rising all through the day but lost their gains and closed on a flat note, as heavy selling pressure was witnessed in stocks of oil and gas, capital goods and energy. The Sensex touched a high of 26,415.05 points and a low of 26,191.75 points during the intra-day trade.
 
On Wednesday, Sunil Hitech hit its upper circuit of 5% at closing after the company informed bourses that it has bagged an order worth Rs434 crore in the state of Arunachal Pradesh for National Highways & Infrastructure Development Corporation Ltd on Engineering, Procurement & Construction (EPC) Mode.
 
On Thursday, the market was flat in the afternoon till 1.30 pm and then started to rise on short-covering and rising rupee. The key indices provisionally closed with gains of more than 0.50% each as buying was witnessed in automobile, oil and gas, and consumer durables stocks. The wider 51-scrip Nifty of the National Stock Exchange (NSE) gained 68.75 points or 0.86% to 8,103.60 points. The Sensex touched a high of 26,429.63 points and a low of 26,166.67 points during the intra-day trade.
 
Indian equity markets soared on Friday as investors' sentiments were buoyed by rupee appreciation, firm global cues and value buying. The key indices provisionally closed with gains of around 1% each over Thursday’s close as banking, healthcare and capital goods stocks witnessed buying. The wider 51-scrip Nifty of the National Stock Exchange (NSE) gained 82.20 points or 1.01% to 8,185.80 points. The barometer 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 26,441.51 points, provisionally closed at 26,626.46 points (at 3.30 p.m.) -- up 260.31 points or 0.99% from the previous day's close at 26,366.15 points. The Sensex touched a high of 26,678.60 points and a low of 26,406.53 points during the intra-day trade. The BSE market breadth was tilted in favour of the bulls -- with 1,739 advances and 879 declines. On the NSE, on Friday, there were 1,146 advances, 437 declines and 94 unchanged. In a year (2016) marked by sharp volatility and bouts of bear dominance in the first two and last two months, the key indices closed between 1.95% and 3% higher, with nearly a third of the gains coming on the last few days of trading. 
 

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