Stocks: Markets snapped 3-week losing streak on fresh buying at the current levels on the back of firm trend in the global markets on hopes that the US Federal Reserve would raise rates in December.
The 7th Pay Commission report recommended a 23.55 per cent hike in pay and allowances for Central government employees, lifting spirits.
Shares of Refinery, FMCG, Capital Goods, Consumer durable, Auto and Power sectors firmed up on good buying enquiries.
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"The buying interest was in response to the Seventh Pay Commission's recommendations which will boost consumption in the economy, going forward," said Jayant Manglik, President, Retail Distribution, Religare Securities Ltd.
Meanwhile, wholesale price index-based inflation stood at (-)3.81 per cent in October, as against (-) 4.54 per cent in September, boosting investor sentiment as an uptick in October inflation showed signs of a revival in consumer demand.
"Rise in crude prices fuelled by geo-political tension has lifted sentiment globally. Finance Minister's assurance of achieving fiscal deficit target of 3.9 per cent of gross domestic product for the current fiscal bolstered confidence of investors", said Gaurav Jain, Director, Hem Securities.
The Sensex resumed resumed lower at 25,580.15 and fell to a 2-month low of 25,451.42 on worsening global risk environment. But, recovered immediately to 26,058.76 on low level buying before finishing the week at 25,868.49, showing a gain of 257.96 points or 1.01 per cent.
The Sensex had tumbled by 1,860.28 points or 6.77 per cent in previous three weeks.
The 50-share Nifty also rose by 94.30 points or 1.21 per cent to 7,856.55. The Nifty had also fallen by 533.20 points or 6.43 per cent in previous three weeks.
Foreign portfolio investors (FPIs) continued their selling
spree during the week as they sold a net Rs 2,464.43 crore as per the SEBI's record including the provisional figure of November 20.
From the 30-share Sensex pack, 20 stocks rose and 9 were losers, while Tata Motors closed unchanged during the week ended yesterday.
Major gainers were Gail India (23.14 per cent), Vedl (6.76 per cent), M&M (5.27 per cent), ITC (4.54 per cent), Cipla (4.42 per cent), Bajaj Auto (3.51 per cent), Tata Steel (3.40 per cent), Wipro (3.03 per cent), NTPC (2.83 per cent), Larsen (3.57 per cent), Maruti (2.48 per cent) and HDFC (2.16 per cent).
However, Axis Bank fell 5.07 per cent followed by Infosys 4.32 per cent, Sun Pharma 2.06 per cent and HeroMotoco 1.81 per cent.
Among the S&P BSE sectoral indices, Power rose 4.59 per cent, Oil&Gas by 4.28 per cent, FMCG by 2.81 per cent, Capital Goods by 2.35 per cent, Consumer Durables by 2.15 per cent, Auto by 2.02 per cent, Metal by 0.68, Healthcare by 0.64 per cent and Banking 0.56 per cent, while Realty fell by 1.46 per cent followed by IT by 1.11 per cent and Tech by 0.53 per cent.
The BSE Mid-cap index rose 204.93 points or 1.93 per cent to settle at 10,858.41 and the BSE Small-cap index also gained by 242.27 points or 2.17 per cent to close at 11,367.71. Both these indices outperformed the Sensex.
The total turnover at BSE and NSE recovered to Rs 13,611.90 crores and Rs 77,391.75 crores respectively from last weekend's level of Rs 9,089.11 crores and Rs 54,951.43 crores.
Forex: The Indian rupee continued its downward march
against the American currency for the sixth consecutive week, slipping by another nine paise to finish the week at 66.19 per dollar on persistent dollar demand from banks and importers on the back of sustained foreign capital outflows.
Foreign portfolio investors (FPIs) continued their selling pressure as they pumped out USD 358.42 millions during the first four days of the week as per SEBI's record.
The rupee resumed lower at 66.20 per dollar as against last weekend's level of 66.10 at the Interbank Foreign Exchange (Forex) Market and dropped further to 66.33 before ending the week at 66.19, showing a loss of nine paise or 0.14 per cent.
The rupee has dropped 145 paise or 2.24 per cent in last six weeks.
The domestic currency hovered in a range of 65.90 and 66.33 per dollar during the week.
The dollar hit a fresh seven-month high against the euro and a one-week high against the yen indicating investor expectations for an increase in US interest rates next month that would bring added strength to the greenback remain intact.
"Investors are in a wait-and-see mood amid a lack of fresh trading cues and still-lingering fears about terrorist attacks", a forex dealer said.
Minutes from an October meeting of Federal Reserve policy makers suggested the central bank will likely raise interest rates in December.
The euro tumbled against the dollar at the fag end of the
week after two days of gains, pressured by comments from European Central Bank chief Mario Draghi, who signalled willingness to add more stimulus to the euro zone economy to raise inflation.
The US dollar Index DXY, a measure of the dollar against a basket of major currencies, was up 0.6 per cent at 99.59 and gained 0.8 per cent over the week.
The benchmark six-month forward dollar premium payable in April fell to 185.75-187.75 paise from the preceding weekend's level of 194.75-195.75 paise and far-forward contracts maturing in October also declined to 395.50-397.50 paise from 402.5-404 paise.
RBI fixed the reference rate for the USD at 66.09 and the euro at 70.85 from the last weekend's level of 66.13 and the euro at 71.26, respectively.
The rupee declined further against the pound sterling to 101.20 from last weekend's 100.59 level, but gained to 70.80 per euro, from 71.37 previously.
It rose modestly to 53.91 per 100 yen from the last weekend's level of 53.96.
Oils and Oilseeds: Edible oils and non-edible oils dropped
further at the Vashi oils and oilseeds wholesale market during the truncated week under review.
Groundnut oil dropped further on reduced demand from stockists and retailers amid ample arrivals from producing regions.
Refined palmolein also moved down owing to absence of retail buying support.
Castorseeds bold and castoroil commercial weakened due to lower demand from shippers and soap industries.
Linseed oil slipped following reduced offtake from paint and allied industries.
Oilseeds market remained closed today on account of "Buddha Purnima".
Turning to edible oils segment, groundnut oil resumed stable at Rs 1,200 and later drifted to finish at Rs 1,180 as compared to last Saturday's closing level of Rs 1,200, showing a fall of Rs 20 per 10 kg.
Refined palmolein resumed lower at Rs 581 and moved in a range of Rs 585 and Rs 580 before settling at Rs 577 against Rs 583 previously, showing a fall of Rs 6 per 10 kg.
Moving to non-edible section, castorseeds bold opened lower at Rs 3,250 and later moved down to Rs 3,240 before finishing at Rs 3,275 as compared to Rs 3,285 last weekend, showing a modest fall of Rs 10 per 100 kg.
Castoroil commercial also commenced lower at Rs 680 and later declined further to Rs 678 before ending at Rs 685 from Rs 687 last weekend, showing a marginal loss of Rs 2 per 10 kg.
Linseed oil opened steady at Rs 1,350, later slid to settle at Rs 1,200 as compared to its previous weekend's level of Rs 1,350 per 10 kg, showing a sharp fall of Rs 150 per 10 kg.
Bullion: Gold continued its losing streak for the second
straight week at the domestic bullion market on the back of weak demand from jewellers as well as persistent selling by stockists.
The overall sentiment remained bearish following subdued overseas trend where the precious metal plunged to a three-week low on renewed concerns over an imminent Fed rate hike in the face of stronger US economic data outcome.
Lack of local buying support at existing levels and unwinding of long positions by speculative traders also added some downward pressure on yellow-metal, despite ongoing wedding and festive season.
Gold started the week on a highly bullish note, reclaiming the psychologically significant Rs 30,000 mark once again, but soon succumbed to fresh bout of selling pressure tracking global bearishness and traded traded lustreless throughout the week.
Elsewhere, silver also witnessed sustained selling by stockists and investors coupled with lack of demand from industrial users.
In worldwide trade, the shiny metal stayed under pressure from the possibility of a US rate hike in June following the US Federal Open Market Committee's (FOMC) hawkish April minutes with global worries subsiding and the US economy appears to be picking up some steam in the spring.
Heavy profit-taking amidst the stronger US dollar also supported the downtrend.
Industrial metal also turned weak and settled below the key USD 17 an ounce mark.
In the New York Comex trade, gold for June delivery
slumped to settle at USD 1,252.90 an ounce from weekend's finish of USD 1,272.70 and May silver contracts fell to USD 16.532 an ounce from USD 17.132 previously.
On the domestic front, standard gold (99.5 purity) resumed on a firm note at 30,080 against last Friday's closing level of Rs 29,880, but retreated sharply to touch a low of Rs 29,665 before concluding at Rs 29,755, revealing a modest loss of Rs 125 per 10 gram, or 0.42 per cent.
Similarly, pure gold (99.9 purity) also started higher at Rs 30,230 compared to previous weekend level of Rs 30,030, but later turned lacklustre to hit a low of Rs 29,815 before closing at Rs 29,905, showing a marginal fall of Rs 125 per 10 grams, or 0.42 per cent.
Silver ready (.999 fineness) opened substantially higher at Rs 41,545 from preceding week's level of Rs 40,995, but later fell back to a low of Rs 40,265 before finishing at Rs 40,395, registering a steep loss of Rs 600 per kilo, or 1.46 per cent.
