Stock market bounces back; banks, metals shine
Sensex was up 599.34 points, or 0.83 per cent at 73,088.33, while the Nifty was up 151.20 points or 0.69 per cent at 22,147.
The first week of Calendar year 2017 saw the the benchmark Sensex ending positive, ending with a modest gain by 132.77 points to 26,759.23, while the broader Nifty finished above the key 8,200-level.
In the event of most global markets closed for extended New Year holidays across the globe, secondlines stocks were star of the week as domestic institutional investors opted for it in the absence of any major trigger pressured by giant rate-cuts by two biggest public sector Banks.
Though banking stocks recovered on expectation of credit growth, continued FII offloading of Indian equties loomed over the sentiment.
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The dismal domestic macro numbers including manufacturing PMIs due to demonetisation effect and lack of consensus in GST council meet played spoil sport, while bouyant Chinese manufacturing numbers and subsequent gains in Asian markets kept the market adrift.
Stocks also surged on uncertainty of pace of rate hike in US Fed minutes, only to be bogged down by volatility following selling in IT sector after US lawmakers reintroduced restrictions on use of HIB visas.
For the week, the Sensex gained modestly 132.77 points or 0.50 per cent to 26,759.23, and Nifty rose 58.00 points or 0.71 per cent to 8,243.80, respectively.
The sensex had gained 718.53 points or 2.76 per cent in two weeks.
Buying was led by Realty, ConsumerDurables, Metal, Auto, Oil&Gas, Capital Goods, PSUs, Power, HealthCare, FMCG and Banking sectors. The broadermarket of midcap and smallcap also ended with substantial gains. While IT sectors witnessed profit-booking.
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