Sensex snaps 3-week losing streak, bounces back by 435 points

Stocks: The BSE Sensex snapped its 3-week losing streak by recovering 435 points to end at 24,870.69 on fag-end buying as investors built fresh long positions in view of the new derivatives series and positive global cues after Bank of Japan adopted negative interest rate policy.
"Market welcomed the February series on a firm note led by strong global cues and rebound in crude oil prices. Further, Bank of Japan negative interest rate policy and strong rupee has also cheered the sentiment of the investors," Hem Securities Director Gaurav Jain said.
The Sensex resumed higher at 24,540.97 and hovered in a range of 24,911.90 and 24,340.06 before ending at 24,870.69, showing a gain of 435.03 points or 1.78 per cent.

The Sensex had dropped by 1,725.24 points or 6.59 per cent in previous three weeks.
The 50-share Nifty also rose by 141.10 points, or 1.90 per cent, to 7,563.55. It had tumbled by 540.75 points or 6.79 per cent in previous week.
At the conclusion of its policy meet, the US Fed kept the door open for more interest rate hikes this year despite the lingering global economic uncertainty, which still added to the anxiety level.

The stock market remained closed on January 26 for
"Republic Day" holiday.
Foreign portfolio investors (FPIs) bought shares net Rs 141.40 crore during the week as per the SEBI's record including the provisional figure of January 29, 2016.

In the 30-share Sensex pack, 17 stocks rose during the week.
Major gainers from the Sensex pack were: SunPharma by (10.50 per cent), Dr Reddy (7.65 per cent), Coal India (6.70 per cent), HUL (5.73 per cent) ONGC (4.46 per cent), TCS (4.18 per cent), ITC (3.52 per cent), M&M (3.46 per cent), NTPC (3.08 per cent) and Reliance (3.10 per cent).
However, Cipla fell 5.74 per cent followed by Adani Ports by 4.06 per cent, Axis Bank 3.76 per cent, Larsen 3.49 per cent, Bharti Airtel 3.06 per cent, SBI 2.36 per cent, Heromotoco 1.42 per cent and Tata Motors by 0.78 per cent.

Among the S&P BSE sector and industry indices, Healthcare climbed 4.89 per cent followed by Consumer Durables 3.58 per cent, Metal 3.49 per cent, Power 3.31 per cent, IT 2.74 per cent, FMCG 2.66 per cent, Realty 2.14 per cent, Oils & Gas 2.04 per cent, Teck 2.03 per cent, and Auto by 0.92 per cent, while Capital goods fell by 1.41 per cent and Banking by 0.12 per cent.
The BSE Mid-cap and Small cap indices advanced by 2.56 per cent and 2.20 per cent, respectively. Both these indices outperformed the Sensex.
Forex: The rupee continued its downward march against the

American currency for the fourth consecutive week, moving down by another 15 paise to end the week at 67.78 per dollar after touching to a fresh 29-month low at 68.2550 during the intra-week trade on persistent dollar demand from importers.
The domestic unit resumed higher at 67.54 per dollar as against the last weekend's level of 67.63 at the Interbank Foreign Exchange (Forex) market and inched up further to 67.53 per dollar on initial selling of dollars by exporters.
However, it dropped to fresh 29-month low at 68.2550 per dollar on month-end dollar demand from importers mainly from oil refiners before finishing the week at 67.78 per dollar, still showing a loss of 15 paise or 0.22 per cent.

The domestic unit has tumbled by 164 paise or 2.48 per cent during the four weeks.
The rupee hovered in a range of 67.5300 per dollar and 68.2550 per dollar during the week.
The market sentiment was affected after the Federal Reserve raised concerns about financial market turbulence and slow overseas economic growth, but didn't rule out a March rate increase.
The dollar firmed up against its major rivals in the overseas market at the fag-end of week after the Bank of Japan unexpectedly introducing a negative interest rate policy.
Foreign funds pumped out USD 63.11 millions from equities
during the week as per the SEBI's record.

In the forward market, premium for dollars fell on sustained receivings from exporters.
The Benchmark six-month forward dollar premium payable in June fell to 172-174 paise from preceding weekend's level of 181-183 paise and far-forward contracts maturing in December also declined to 378-380 paise from 390-392 paise.
The RBI fixed the reference rate for the USD at 67.8763 and the euro at 74.0666 from last weekend's level of 67.7480 and 73.4050, respectively.
In cross-currency trade, rupee fell against the pound sterling to 96.97 from last weekend's level of 96.56 and also moved down to 73.99 from 73.22 per euro previously.

Oils and Oilseeds: Edible oils continue to display a mixed
trend, while non-edibles oil slid further at the Vashi oils and oilseeds wholesale market during the week under review.
Refined palmolein prices strengthened on the back of persistent demand from retailers.
Groundnut oil, succumbed to further selling pressure owing to lack of buying from stockists and retailers coupled with adequate stock positions.
Castorseeds bold and castoroil commercial continued the bearishness following weak demand from exporters and soap manufacturers.
Linseed oil also slipped further in the absence of any major buying from paint and allied industries.
Turning to edible oils segment, refined palmolein resumed slightly lower at Rs 473, but later recovered and advanced to finish at Rs 480 as compared to last Saturday's close of Rs 474, revealing a gain of Rs 6 per 10 kg.

Groundnut oil resumed steady at Rs 970 and later drifted to close at Rs 950 from previous level of Rs 970, showing a loss of Rs 20 per 10 kg.
Turning to non-edible section, castorseeds bold opened lower at Rs 3,475 and tumbled to conclude at Rs 3,125 as against last weekend level of Rs 3,500, registering a fall of Rs 375 per 100 kg.
Castoroil commercial also moved down at Rs 725 and slid to close at Rs 655 over its preceding weekend level of Rs 655, showing a loss of Rs 75 per 10 kg.
Bullion: Gold prices hit multi-month peaks as bullish

sentiment continued to dominate trade for the fourth straight week at the bullion market here on the back of surging demand as well as robust seasonal offtake.
Depreciating rupee value and anticipation of robust purchases ahead of the upcoming wedding and festive seasons, largely weighted in favour of the precious metal.
After a strong start, it maintained its ascent to touch a three-month high during the mid-week trade following sustained wave of buying and also restocking by jewellery stockists and traders ahead of the wedding season.
But, later encountered some selling pressure towards the fag-end session owing to modest profit-taking by local investors after equities staged a smart rebound.
The yellow-metal has gained over 6.29 per cent in the fourth consecutive week rally.
The consistent upmove in prices has instilled some confidence among local buyers who have started accumulating in small quantities, largely supporting the case for further upmoves, a bullion trader commented.
Gold has been witnessing a steady spurt since the beginning of the year due to solid investment demand in the midst of a downswing trend in equities along with good speculative offtake driven by extremely positive overseas trend, he added.
The bullion market was closed on January 26 on account of the Republic Day.
Elsewhere, silver also strengthened further on higher industrial demand, despite initial volatility.
In worldwide trade, the shiny-metal recaptured the key psychological USD 1,100 an ounce mark on safe-haven buying after the Federal Reserve failed to reassure markets in its monthly statement.
In New York Comex trade, gold for February delivery surged to settle at USD 1,116.40 an ounce against last weekend close of USD 1,096.30 and March silver contract also rose to end at USD 14.243 an ounce from USD 14.057 previously.
On the domestic front, standard gold (99.5 purity) opened firm at Rs 26,275 per 10 grams from last Friday's close of Rs 26,230 and shot-up to hit a high of Rs 26,800, before finishing at Rs 26,550, revealing a sharp rise of Rs 320 per 10 grams, or 1.22 per cent.
Similarly, pure gold (99.9 purity) also commenced better at Rs 26,425 per 10 grams as compared to Rs 26,380 per 10 grams previously and rallied to Rs 26,950, before ending at Rs 26,700, showing a smart gain of Rs 320 per 10 grams, or 1.21 per cent.
On the contrary, silver ready (.999 fineness) resumed lower at Rs 34,565 per kilo from weekend close of Rs 34,645, but later rebound sharply to hit a high of Rs 35,485 before concluding at Rs 34,920, registering a marginal increase of Rs 275 per kilo, or 0.79 per cent.