Stocks: Stocks were broadly higher during the volatile week as the BSE benchmark Sensex reclaimed the psychological 28,000-level by gaining 403.58 points and Nifty finished well above the key 8,600-level.
The positive opening of the week was wobbled by global nervousness over fresh US Fed rate hike fears before year-end, faltering the key indices to three month-low.
It was soon to be thwarted by global recovery amid unexpected fall in the US manufacturing index, while three-day GST council meet charged up the sentiment as stocks rebounded biggest single day gain in five months amid hectic short- covering dominating the momentum.
The final phase of the US Presidential debate outcome, ECB monetary policy status-quo and some of quarterly earnings results provided support to the market. But, uncertainty returned amid global volatility after surge in the US dollar index rekindled the fresh fears of the US rate hike this year.
Also, the domestic petro-giant Reliance Industries saw 23 per cent drop in its second quarter consolidated net profit which further pressured trading sentiment during the weekend trade.
The BSE benchmark Sensex resumed higher at 27,776.14 and hovered between 28,212.50 and 27,488.30 before closing the week at 28,077.18, showing a gain of 403.58 points or 1.46 per cent.
The NSE Nifty also garnered 109.65 points or 1.28 per cent to end the week at 8,693.05.
Buying was led by bankex, IPO, IT, PSUs, power, technology, metal, capital goods, realty, healthcare, FMCG and oil and gas sectors well supported by second line shares of mid-cap and small-cap companies.
Selling was witnessed in auto and consumer durable counters.
Meanwhile, foreign portfolio investors (FPIs) and foreign
institutional investors (FIIs) sold shares worth Rs 73.06 crore during the week, as per Sebi's record including the provisional figure of October 21.
In the broader market, the BSE mid-cap index rose 182.76 points or 1.36 per cent to settle at 13,602.38, under performing the Sensex. The BSE small-cap index rose 255.45 points or 1.94 per cent to settle at 13,432.21, outperforming the Sensex.
Among sectoral and industry indices, bankex rose 4.00 per cent, followed by IT 1.94 per cent, power 1.80 per cent, technology 1.64 per cent, metal 1.53 per cent, capital goods 1.39 per cent, realty 1.1 per cent, healthcare 1.15 per cent, FMCG 0.59 per cent and oil and gas to 0.48 per cent.
However, consumer durables fell by 0.23 per cent and auto by 1.37 per cent.
Among the 30-share Sensex, 21 rose, 9 shares fell during the week.
Private sector lender ICICI Bank was the top Sensex gainer last week. The stock surged 14.82 per cent to Rs 277.70 after media reports suggested that the debt-laden company, Essar Oil, agreed to sell an oil unit to a consortium led by Russia's Rosneft. ICICI Bank is amongst the major lenders to Essar Group. Exposure to Essar Group expressed as a per cent of respective bank's loan book is highest for ICICI Bank, Axis Bank, Punjab National Bank and State Bank of India, as per reports.
It was followed by private port operator Adani Ports and Special Economic Zone surged 12.28 per cent to Rs 285.70. Wipro 5.21 per cent, Tata Steel 3.74 per cent, NTPC 3.14 per cent, TCS 2.65 per cent, Dr Reddy's 2.63 per cent, L&T 2.58 per cent and SBI 2.58 per cent.
Asian Paints was the biggest loser in the Sensex pack last week. The stock fell 4.50 per cent to Rs 1,153.50. It was followed by Hero Motocorp 3.49 per cent, M&M 2.21 per cent and Tata Motors 1.96 per cent.
The total turnover during the week on BSE and NSE rose to Rs 18,170.07 crore and Rs 1,06,661.62 crore, respectively, as against last weekend's level of Rs 9,870.75 crore and Rs 59,232.39 crore.
Bullion: Snapping a three-week losing streak, gold bounced
back dramatically at the bullion market here on the emergence of buying from jewellery stockists and retailers ahead of the festive season.
Demand from India is expected to remain elevated as festivals, including Dhanteras and Diwali, will be celebrated at the end of the month - a time when gold is traditionally given as a gift.
Moreover, the recent sharp correction in gold prices attracted huge buying opportunity for speculators to take long positions backed by increased offtake from retail consumers as well as wedding-related demand.
Despite a subdued start, the precious metal staged a strong comeback during the mid-week trade and maintained the rising momentum till the fag-end trade.
The yellow-metal had lost a whopping 5.36 per cent in its past three-week downslide.
However, silver eased for the week, following speculative selling.
In worldwide trade, gold futures finished a few cents higher to tally a gain of roughly 1 per cent for the week.
The US dollar strength after ECB monetary policy status-quo, uncertainty surrounding the outcome of the US election and the timing of Federal Reserve's next interest- rate hike helped to lift investment interest in the yellow metal.
In New York Comex trade, gold for delivery in December
rose to finish at USD 1,267.70 an ounce as compared to last weekend's close of USD 1,255.50 and silver for December also climbed to settle at USD 17.493 an ounce from USD 17.441.
On the domestic front, standard gold (99.5 purity) commenced steady at Rs 29,750 per 10 grams, later surged to a high of Rs 30,045 before closing at Rs 29,990, showing a smart rise of Rs 240 per 10 grams, or 0.80 per cent.
Similarly, pure gold (99.9 purity) also opened stable at Rs 29,900 per 10 grams, later climbed to Rs 30,195 before finishing at Rs 30,140, revealing a gain of Rs 240 per 10 grams, or 0.80 per cent.
Silver ready (.999 fineness) opened negative at Rs 42,660 per kilo from its previous weekend level of Rs 45,680, later rising to a high of Rs 43,065, before ending at Rs 42,640, registering a mild loss of Rs 40 per kilo, or 0.09 per cent.
Oils and Oilseeds: Edible and non-edible drops while,
linseed oil maintain stable trend at the Vashi oils and oilseeds wholesale market during the week under review.
Groundnut oil prices continued its downtrend for the second straight week following reduced demand from stockists and retailers amid heavy arrivals from producing belts.
Refined palmolein slipped marginally owing to lower offtake from retailers.
In the non-edible, Castorseeds bold and castoroil commercial extended its fall for the fourth straight week owing to subdued demand from shippers and soap industries.
Linseedoil maintained its stable position due to lack of demand from paint and allied industries.
In the edible oil segment, groundnutoil opened lower at Rs 1,050 and drifted to finish at Rs 950 from its previous weekend's level of Rs 1,100 per 10kg, showing a fall of Rs 150 per 10kg.
Refined palmolein resumed higher at Rs 590 and moved in a range of Rs 590 and Rs 582 before concluding at Rs 583 from last weekend's level of Rs 584 per 10kg, showing marginal loss of a Re per 10kg.
Among the non-edibles, castorseeds bold opened lower at Rs 3,715 and fell further to close at Rs 3,700 as against last Saturday's level of Rs 3,720 per 100kg, showing a fall of Rs 20 per 100kg.
Castoroil commercial also opened lower at Rs 773 and eased futher to finished at Rs 770 from preceding weekend's level of Rs 774, registered a modest loss of Rs 4 per 10kg.
However, linseed oil opened and closed at previous weekend's level of Rs 1,050 per 10kg.
Forex: The rupee continued to lose ground against the
American currency for the third-straight week in an extremely volatile trade weighed by sustained dollar demand from banks and importers amid impending Fed rate hike angst.
It depreciated by a whopping 18 paise to end at 66.89.
Highly buoyant dollar sentiment overseas backed by firm Fed rate hike hopes alongside an adverse spillover effect of USD 22.4 billion possible outflow in the wake of ongoing FCNR-B redemption largely kept the home unit under immense pressure.
Robust dollar demand from domestic oil firms and foreign banks likely on behalf of clients also dampened rupee trade.
However, a sharp recovery in local equities alongside suspected RBI intervention by selling dollars through state-owned banks provided some relief and somehow cushioned the slide, a forex dealer commented.
At the Interbank Foreign Exchange market (Forex), the home currency resumed substantially lower at 66.81 as compared to last Friday's closing level of 66.71.
After a brief recovery to touch a session high of 66.65 on Wednesday, rupee once again resumed its downward journey and drifted sharply to hit a low of 66.94 before concluding at 66.89, a loss of 18 paise, or 0.27 per cent.
Logging its third consecutive session of decline, the local currency has now shed 28 paise.
In cross-currency trades, mirroring the overall broader bearish mood, rupee fell back modestly against the pound sterling to settle at 81.65 from last Friday's closing level of 81.58 and also retreated against the Japanese yen to finish at 64.47 as compared to 63.98 per 100 yens.
The home unit, however continued its solid performance against the euro to close firmly higher at 72.86 from last weekend level of 73.43.
In the meantime, country's foreign exchange reserves
declined for the second-straight week by USD 1.506 billion to USD 366.139 billion in the week to October 14.
FIIs turned modest buyers during the week and infused a net USD 29.96 million as per Sebi's record.
In the forward market, premium for dollars remained under severe pressure owing to consistent receivings from exporters.
The benchmark six-month forward dollar premium payable in March 2017 slumped to 152.5-154.5 paise from 166-168 paise and far-forward contracts maturing in September also fell sharply to 328-330 as compared to 344-346 paise earlier.
RBI fixed the reference rate for the USD at Rs 66.89 and euro at Rs 72.97 against preceding week's level of Rs 66.84 and Rs 73.68, respectively.
In worldwide trade, the US dollar maintained its highly bullish trend, especially against the European complex and emerging market currencies to end at its highest levels since early February amid hardening expectations of a rate hike when the Federal Reserve meets in December.
Meanwhile, the pound sterling continued its downtrend as sentiment turned fragile after European Central Bank Governing Council decided to leave key interest rates unchanged at overnight meeting, but kept the door open to more stimulus in December.
The euro plunged to a seven-month low.
The US dollar index, which measures the greenback's strength against a trade-weighted basket of six major currencies, ended the week at 98.62 from 98.08 previously.
Crude prices touched a 15-month high earlier this week before ending a tad below the USD 52/bbl level largely supported by OPEC's pledge to cut production and also falling US aggregate inventories.
