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Market Through the Week : Nifty Gains Most Since Jan-end

market updateAn awesome victory for the BJP in the state elections and the aligned outlook for federal rate hike has created an excitement in the domestic markets through the week. GST update and U.S Fed Reserve policy also influenced the market, pushing the Nifty50 index to its fresh lifetime highs in the shortened week. Sensex remained over 350 points away from its all-time high of 30025-mark, while rupee become multi month high against US Dollar. The Nifty ended 0.5% higher Week-of- Week. This week’s gains derived after 4 weeks of losses. Market breadth was positive in 4 out of the 5 trading sessions of the week.

During the weekend Friday, 17 March 2017, the BSE Sensex added 702 points or 2.4% to settle at 29,649. The Nifty50 gained 225 points or 2.5% to close at 9,160. The Nifty index had retrieved its crucial 9200-mark extraordinarily ever in intraday trade on Friday. BSE Midcap stocks outperformed the frontline indices to gain 4% and BSE Small Cap to 3%. Indian Rupee has built up to a fresh 16 months high led by FPI inflows. Besides, drop in crude prices and positive cues from GST council meeting boosted rupee sentiment.

BSE Realty index rose 5% and BSE FMCG index rose 4.7% and the BSE Consumer Durables index gained 4.4%. The BSE Capital Goods index, BSE Power index and BSE metal index gained respectively by 4.3%, 3.3% and 3% each. Top 5 Sensex gainers were ITC (up 4.85%), Infosys (up 1.12%), Wipro (up 0.89%), Maruti (up 0.7%) and Axis Bank (up 0.66%), while the major losers were Bharti Airtel (down 3.73%), SBI (down 1.74%), Mahindra & Mahindra (down 1.37%), ICICI Bank (down 1.3%) and L&T (down 1.12%).

For the coming week, it is expected that the investors will track the developments on the GST Bill looking for more cues on GST rates to see stock or sector specific actions.