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 week’s concluding session rally pushed the market to post fifth straight weekly gains, the benchmark Sensex managed to garner a modest 67.46 points to close at 35,689.60 and the broader Nifty rose marginally by 4.15 points to end at 10,821.85.
The trading momentum remained range-bound throughout the week session weighed down by the global factors haunted by return of trade war fears after escalation of trade tariff spat between the US and China.
The continued spat between worlds two largest economies triggered sell-off across the global markets, the domestic market bridled by falling rupee and unabated capital outflows along with the release of RBI’s June MPC minutes endorsing inflation risks due to volatile crude and global uncertainties, also led domestic stocks to spiral down.
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Meanwhile,India slapped retaliatory tariffs on a clutch of goods imported from the US, joining the EU and China in taking counter-measures against duties imposed by the Trump administration.
However, the late Friday’s session saw the bulls storming into action with market lifted by buying in HealthCare and banking stocks amid appreciation of rupee aiding the markets positive gains for the week.
The BSE Sensex started the week higher at 35,698.43 points and hovered between 35,741.28 and 35,249.06 before finishing the week at 35,689.60, showing a gain of 67.46 or 0.19 per cent.
The Sensex gained 773.84 points or 2.22 percent in past four weeks sessions.
The Nifty opened the week higher at 10,830.20 and traded between 10,837.00 and 10,701.20, The indices finally closed at 10,821.85, marginally up by 4.15 points, or 0.04 per cent.
Banks only depicted strength, while selling was by Metal, Capital Goods, IT, Teck, Consumer Durables, PSUs, Realty, FMCG, IPOs, Auto, Power, Oil&Gas and HealthCare.
The broader market Midcap and Smallcap also tumbled.
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