Mumbai: Stock market fell for the second consecutive week in a volatile trade due to profit booking in frontline stocks and the BSE Sensex dropped to one-and-a-half month lows and Nifty slumped below 8,600-level.
The week's trade witnessed extreme volatility to range-bound momentum, was primarily overlapped by key macro- event of the two-day US Federal Open Market Committee meet amid speculation of early rate hike triggered concerns across emerging markets of globe, even as the dip in domestic Wholesale Price Index (WPI) inflation sidelined.
The market rallied on the tepid economic data in the US indicated no early rate hike as well as dovish stance of the Federal Reserve. But gains shortlived as Fed chief Janat Yellens balanced statement hinting a mid-year rate hike.
Consolidative profit-booking was witnessed in heavy weights of realty, FMCG, Capital Goods, Auto, PSUs, Metals, Banks, Oil&Gas and Tecks sectors, followed by shares from MidCap and SmallCap companies.
The benchmark S&P BSE Sensex resumed modestly higher at 28,546.31 and moved between 28,978.74 and 28,209.66 before ending the week at 28,261.08, showing a fall of 242.22 points or 0.85 percent.
The Sensex tumbled by 1,187.87 points or 4.03 percent in the two weeks.
The 50-issue Nifty also traded between a high of 8,788.20 and low of 8,553.00 before closing the week at 8,570.90, revealing a fall of 76.85 points or 0.89 percent.
Meanwhile, Foreign Portfolio Investors (FPIs) continued to invest in equity shares as they bought net Rs 1,016.16 crore during the week, including provisional figure of March 20 as per Sebi data.
As many as 18 scrips out of the 30-share sensex pack ended lower while 12 others finished higher.
Major losers were NTPC (8.81 pct), HUL (4.73 pct), Bharti Airtel (4.51 pct), M&M (4.40 pct), SSLT (3.73 pct), BHEL (3.48 pct), ITC (3.39 pct), Icici Bank (3.38 pct), Gail India (2.60 pct), Axis Bank (2.34 pct) and Tata Motors 2.05 pct.
However, Wipro rose by 2.25 pct followed by Infosys 1.92 pct, Dr Reddy's Lab 1.64 pct, Sun Pharma 1.48 pct, TCS 1.11 pct and HDFC bank 1.18 pct.
Among the S&P BSE sectoral indices, Realty dropped by 3.53 pct followed by FMCG 2.78 pct, Capital Goods 1.84 pct, PSU 1.45 pct and Auto 1.35 pct.
Small-cap and Mid-cap indices also dropped by 3.12 pct and 1.57 pct respectively.
However, Healthcare rose by 1.23 pct, IT by 0.67 pct and Consumer Durable by 0.45 pct.
The total turnover at BSE and NSE fell to 18,436.47 crs and Rs 92,839.93 crs respectively during the week from the last weekend's level of Rs 19,332.35 crore and Rs 94,655.82 crore.
The rupee snapped its two-week losing streak against the US currency, recovering 51 paise to 62.46 per dollar on fresh selling of dollars by banks and exporters.
The rupee resumed slightly lower at 62.98 per dollar as against the last level of 62.97 per dollar at the Interbank Foreign Exchange (Forex) Market on initial dollar demand from banks.
However, it recovered to 62.35 per dollar on selling of dollars by banks and exporters in view of good foreign capital inflows before ending at 62.46 per dollar, showing a gain of 51 paise or 0.81 percent.
It hovered in a range of 62.35 per dollar and 62.99 per dollar during the week.
It had dropped by 114 paise or 1.84 percent in the last two weeks.
Foreign Portfolio Investors (FPIs) continued to invest in equity shares as they bought net USD 106.77 millions in the four days of the week as per Sebi's data.
Pramit Brahmbhatt, Veracity Group, CEO said, "Last week Rupee traded strong and appreciated after trading low for consecutive two weeks. Rupee appreciated ... Taking cues from dollar inflows and constant selling of dollars by exporters". (MORE) PTI RSU
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Goyal to dedicate two coal mines to nation tomorrow
Nagpur: The largest open cast project in the Western Coalfields Limited (WCL) at Penganga with a production capacity of four-million tonne per year will be inaugurated here tomorrow.
Besides two other mines--Makardhokra open cast and Bhanegaon open cast--having a capacity of 2-million tonne and one million tonne respectively will be formally dedicated to the nation.
Union Power Minister Piyush Goyal, who will be the Chief guest, will be opening these projects, which will add 70 Lakh tonnes per year to coal production in Maharashtra.
Chief Minister Devendra Fadnavis, Union Minister for Shipping and Transport, Nitin Gadkari and Union Minister of State for Chemicals and Fertilizers Hansraj Ahir are also expected to attend the function, a WCL release said here on Saturday.
About 60 lakh tonnes of Coal from these projects will be supplied to power plants for generation of electricity and about 10 lakh tonnes of coal will be supplied to other consumers in Maharashtra.
It is expected to generate direct employment opportunities to more than 1000 persons. Additional royalty and taxes to the tune of Rs 378 Crore per year will be paid by WCL which includes Rs 171 Crore per year to Maharashtra government and about Rs 207 Crore per year to the Central government.
With opening of these projects large number of indirect employment opportunities will also be generated for the villages surrounding these mines, it said.
Infrastructure like roads, schools, medical facilities drinking water etc will be strengthened in the surrounding villages with the CSR programmes of WCL.
The quality of life of people of the surrounding villages will improve which will bring positive change in the lives of people living in and around the area, the release added.
