Markets end week with marginal losses

Stocks: Indian stocks recovered from over 20-month low but logged third consecutive weekly loss, managing to reclaim the key 24,000-level, while the broader NSE Nifty closed above the 7,400-level.
Week's trading underpinned mostly by renewed global sell-off on worries driven by volatility in crude oil which slid below USD 28 per barrel, concern over the health of the Chinese economy, while domestic macroeconomy also contributed the fall with Rupee slumping over 28-month low, dip in exports and widening trade deficits along with mute earnings results in some of the corporates.
However, the index recovered on every fall temporarily on the back of value-buying and short covering, the actual support for the languishing market during fag-end of the week following recovery in global stocks amid rebound in crude oil prices and expectation of additional stimulus by European Central Bank (ECB) to help struggling Eurozone economy.

The BSE Sensex resumed lower by 24,400.78 and hovered in range of 24,563.34 and 23,839.76 before closing the week at 24,435.66, showing a marginal loss of 19.38 points or 0.08 per cent.
However, the Sensex has lost 1,725.24 points or 6.59 per cent in the last three weeks.
The NSE 50-share also eased by 15.35 points or 0.21 per cent to end at 7,422.45.

Foreign portfolio investors (FPIs) sold shares net Rs
6,214.04 crore during the week as per the Sebi's record including the provisional figure of Jan 22, 2016.
Among the 30-share Sensex pack, 15 stocks declined and the remaining 15 stocks rose during the week.

Major losers from the Sensex pack were Reliance Ind (6.45 per cent), Coal India (5.74 per cent), Cipla (3.96 per cent), Hind unilever (3.92 per cent), Maruti (3.88 per cent), Bharti Airtel (2.43 per cent), Dr Reddy (1.82 per cent), ITC (1.63 per cent) and ONGC (1.41 per cent).
Axis Bank rose by 13.50 per cent followed by Gail 9.31 per cent, Bhel 7.91 per cent, Tata Steel 7.48 per cent, Hero Motoco 6.55 per cent, ICICI Bank 3.65 per cent, L&T 3.25 per cent and Adani Ports 1.63 per cent.
Among the S&P BSP sector and industry indices, power fell by 4.76 per cent followed by oil&gas 3.45 per cent, realty 2.74 per cent, FMCG 2.72 per cent, metal 1.19 per cent, teck 0.72 per cent, healthcare 0.68 per cent, auto 0.32 per cent and IT 0.12 per cent, while capital goods rose by 1.15 per cent and consumer durables by 1.10 per cent.

The BSE Mid-cap and Small cap indices also fell by 1.46 per cent and 1.71 per cent, respectively. The decline in both these indices was higher than the Sensex decline in percentage terms.
Forex: The Indian rupee continued to fall against the
American currency for the third straight week, slipping by another 4 paise to 67.63 per dollar and hitting 68-level after a gap of 29 months on persistent dollar demand from banks and importers in view of sustained foreign capital outflows.
Hit by global growth concerns, the rupee crashed below the 68-level after 29 months on Wednesday on good demand for the green currency from importers amid a massive fall in stock markets.

It had last settled at 68.80 per dollar on August 28, 2013 after hitting an all-time low of 68.85 per dollar on the same day.
The domestic unit resumed lower at 67.61 per dollar as against the last weekend's level of 67.59 per dollar and dropped further to a 29-month low of 68.17 per dollar before finishing at 67.63 per dollar, still showing a loss of 4 paise or 0.06 per cent.
The rupee dropped by 149 paise or 2.25 per cent in three weeks.
The rupee hovered in a range of 67.52 per and 68.17 per dollar during the week.

In the global market, the US crude oil tumbled below USD 28 a barrel during the week, hitting new 12-year low after the International Energy Agency (IEA) warned that the oil market could "drown in oversupply".
Meanwhile, equity market continued to decline for the
third week and the Indian benchmark Sensex fell further by 19.38 or 0.08 per cent.
Foreign funds pumped out USD 802.86 millions from equities during the first four days of the week as per the Sebi's record.
In the forward market, premium for dollars fell on good receiving from the exporters.
The Benchmark six-month forward dollar premium payable in June fell to 181-183 paise from preceding weekend level of 191.75-193.75 paise and far-forward contracts maturing in December also dropped to 390-392 paise from 402-404 paise.

The RBI fixed the reference rate for the USD at 67.7480 and the euro at 73.4050 from last weekend's level of 67.4325 and 73.3868, respectively.
In cross-currency trade, rupee rose against the pound sterling to 96.56 from 96.90 from last weekend level, while it moved up to 73.22 per euro from 73.64 per euro.
Oils and Oilseeds: Edible and industrial oils rebounded,
while linseed oil firmed up at the Vashi oils and oilseeds wholesale market during the truncated week under review.
Groundnut oil prices hardened due to heavy demand from stockists and retailers amid restricted arrivals from producing regions.
Refined palmolein also gained following sustained retail buying.

Castorseeds bold and castoroil commercial both recovered smartly owing to good demand from shippers and soap industries.
Elsewhere, linseed oil also firmed up on persistent demand from paint and allied industries.
Oilseeds market were closed on April 19 on account of "Mahavir Jayanti".
Turning to edible oils segment, groundnut oil resumed stable at Rs 1,090 and later surged to close at Rs 1,170 as compared to last Saturday's closing level of Rs 1,090, showing a smart rally of Rs 80 per 10 kg.
Refined palmolein resumed slightly lower at Rs 588, later climbed to Rs 604 before closing at Rs 602 as against previous weekend's level of Rs 590 per 10 kg, showing a gain of Rs 12 per 10 kg.

Moving to non-edible section, castorseeds bold opened higher at Rs 3,250 and rose to close at Rs 3,300 from last weekend's level of Rs 3,225, revealing a rise of Rs 75 per 100 kg.
Castoroil commercial also started higher at Rs 680 and gained to finish at Rs 690 as compared to Rs 675 previously, showing a gain of Rs 15 per 10 kg.
Bullion: Gold continued its tremendous rally for the
third-straight week at the bullion market here on continued buying support from stockists and retailers amid a firming trend overseas.
Strong return of local buying interest along with robust wedding and festive-related jewellery demand further supported the buoyant domestic environment, even a better trend in overseas market supported consumers buying spirit.

Aggressive buying from jewellery stockists and traders to restock precious metal in view of the fast-approaching major gold-buying festival - Akshaya Tritiya also weighed on trade, a bullion trader said.
Meanwhile, silver hogged the headlines once again this week, soaring to 1-1/2 year high to reclaim the psychological Rs 40,000 mark on the back of frantic speculative buyout.
The bullion market was shut on Tuesday on account of "Mahavir Jayanti".
On the global front, the yellow-metal remained under pressure and succumbed to fag-end profit-taking following a rebound in dollar value amid some caution ahead of the Federal Open Market Committee's (FOMC) two-day meet next week.
The shiny-metal spiked above the USD 1,270 an ounce mark briefly against the backdrop of lacklustre macroeconomic data, fueling safe-haven buying.
Silver rose above the USD 17-level - its highest in 11 months, supported by significant demand from China as well as improvement in the industrial demand outlook.