Global headwinds and downbeat data swayed the market momentum in a range-bound session this week as BSE benchmark Sensex ended almost flat by easing 9.84 points to close at 26,625.91, while the broader Nifty closed a tad higher 0.15 points to 8,170.20.
Intense volatility witnessed during the week as the stock momentum was restrained by the weak global trend due to anxiety on upcoming Brexit referendum to decide its stay or exit from the European Union. The market was also strained as the US Fed lowered global growth forecast and Bank of Japan refrained from adding more stimulus in its policy review.
Vulnerability further aggravated by country's disappointing macro-data of contracting industrial output, retail inflation surging to 21-month high and hardening wholesale inflation let-down the investors sentiment.
Equities marked gains during middle and fag-end session on hectic shortcovering and value buying as sentiments lifted by string of key Cabinet policy decisions, approval of prime lender SBI's merger with five associate banks and announcement of new Aviation policy.
Also, confirmation of support from most states for approval of Goods and Service Tax (GST) in upcoming monsoon session, narrowing current account deficit (CAD) for the current year and easing Brexit fears buoyed the investors sentiment.
The BSE Sensex opened lower at 26,468.27 and hovered between a high of 26,752.59 and a low of 26,262.27 before ending the week at 26,625.91, showing a marginal loss of 9.84 points or 0.04 per cent.
The NSE Nifty-50 also closed flat at 0.15 points down to close the week at 8,170.20.
Selling was led by Banks, Healthcare, Auto, Capital Goods counters. While buying was seen in Realty, PSUs, FMCG, Metal, Power, Consumer Durable, IT, Oil&Gas and Teck sectors.
Secondline shares of smallcap witnessed good buying interest, while midcap shares ended with losses.
Meanwhile, foreign portfolio investors (FPIs) and foreign
institutional investors (FIIs) bought shares worth net Rs 117.81 crore during the week, as per Sebi's record including the provisional figure of June 17.
Among the 30-share Sensex pack, 15 stocks firmed up, 14 declined while HUL ruled steady.
Major losers were ICICI Bank 5.66 per cent followed by ONGC 3.42 per cent, Tata Steel 2.82 per cent, Axis Bank 2.70 per cent, M&M 2.36 per cent, Dr Reddy's Lab 1.93 per cent and Hero Motocorp 1.92 per cent.
However, Gail India rose 5.17 per cent, SBI (3.49 per cent), Adaniports (2.47 per cent), Coal India (2.02 per cent), Lupin (1.90 per cent), TCS (1.66 per cent), Wipro (1.33 per cent), Tata Motors (1.31 per cent), Cipla (1.95 per cent), Bharti Airtel (1.19 per cent) and ITC (1.88 per cent).
Among the sectoral indicies, Bankex declined by 0.90 per cent followed by Healthcare (0.44 per cent), Auto (0.39 per cent) and Capital Goods (0.33 per cent) while Realty rose by 2.65 per cent, PSU (1.77 per cent), FMCG (1.26 per cent), Metal (0.82 per cent) and Power (0.78 per cent).
The total turnover during the week at BSE rose to Rs 13,981.67 crore from the last weekend's level of 13,530.99 crore while NSE fell to Rs 82,214.61 crore from Rs 83,977.77 crore.
Bullion: Gold and silver maintained an upward-march
for the third straight week at the bullion market on sustained stockist and investors offtake and buying by jewellers to meet wedding seasonal demand well supported by firm global trend.
Traders said persistent buying by jewellers and retailers to meet ongoing wedding season demand kept gold prices higher.
Elsewhere, silver too surpassed 43,000-mark per kg level on sustained speculative buying by industrial units.
The yellow-metal gained 2.45 per cent or Rs 710, while, white-metal silver too gained 5.67 per cent or Rs 2,365 in three-weeks.
In worldwide trade, gold tallied a third consecutive weekly gain as political uncertainty continued to boost investment demand for the metal.
Global equity markets lost momentum after setting record highs in the previous two sessions, partly due to disquiet about the policies of US President Donald Trump.
The yellow-metal, on track for a third week of gains, has risen nearly 8 per cent in 2017. Early in the week, gold prices fell after Fed Chair Janet Yellen said US interest rates may need to be raised in March.
For the week, gold prices finished roughly 0.3 per cent higher, while silver ended about 0.5 per cent higher for the week. That marked the metal's third straight weekly gain.
In New York Comex trade, gold for delivery in April
rose to finish at USD 1,239.10 an ounce as compared to last weekend's close of USD 1,235.90 and silver for March also climbed to settle at USD 18.03 an ounce from USD 17.933.
On the domestic front, standard gold (99.5 purity) commenced higher at Rs 29,185 per 10 grams, from last Friday's close of Rs 29,045, later surged to close at Rs 29,415, showing a rise of Rs 370 per 10 grams, or 1.27 per cent.
Similarly, pure gold (99.9 purity) also opened higher at Rs 29,335 per 10 grams, from last Friday's close of Rs 29,195 and later climbed to finish at Rs 29,565, revealing a gain of Rs 370 per 10 grams, or 1.27 per cent.
Silver ready (.999 fineness) opened positive at Rs 43,025 per kilo from its previous weekend level of Rs 42,290, later it rose to an high of Rs 43,305, before ending at Rs 43,255, registering a surge of Rs 965 per kilo, or 2.28 per cent.
Forex: The rupee snapped its last 3-week winning
spree against the American currnecy, slipping by 13 paise to close the week at 67.01 per dollar on fresh dollar demand from bank and importers on the back of rise in curde oil prices.
However, foreign capital inflows into the equity market restricted the rupee's losses, a forex dealer said.
The rupee resumed lower at 66.90 per dollar as against the last weekend's level of 66.88 per dollar at the Interbank Foreign Exchange (Forex) market and dropped further to 67.1525 per dollar on initial dollar before finishing the week at 67.01 per dollar, showing a loss of 13 paise or 0.19 per cent.
The domestic currency had gained by 130 paise ir 1.91 per cent in the last three weeks.
The rupee hovered in a range of 66.8850 and 67.1525 per dollar during the week.
In the overseas market, the dollar got a lift initially after a meeting between US President Donald Trump and Japanese premier went off without any hitch.
However, the dollar traded flat against the yen and euro duirng the mid week, after rising on hopes for higher US interest rates following comments from Federal Reserve Chairwoman Janet Yellen who signaled an increase could come in March.
