Market gains for third consecutive week; rupee gains against dollar

The Indian market’s record run continued as it extended gains for the third consecutive week on the improved domestic and global data. Consistent FIIs buying, healthy progress of the monsoon and good quarterly earnings also supported the rally in the week ended July 14.

During the week, the 30-pack Sensex rose 1.19 percent, or 780.45 points, to finish at 66,060.90 and the broad-based Nifty gained 1.20 percent, or 232.7 points, to end at 19,564.50. Both benchmarks scaled new highs during the week. The Sensex hit 66,159.79 and the Nifty 19,595.35.

The BSE smallcap index gained 1.7 percent in the week. Zen Technologies, Lloyds Steels Industries, Pix Transmissions, Patel Engineering Company, Moschip Technologies, Mazagon Dock Shipbuilders, Precision Camshafts, HPL Electric & Power, Lloyds Metals and Energy, Xchanging Solutions, NELCO, Tejas Networks and Allied Digital Services rose 20-37 percent. However, Delta Corp, Swan Energy, V2 Retail, RattanIndia Power, Heubach Colorants India, Mangalam Industrial Finance, Mangalore Chemicals and Fertilisers, Gulshan Polyols, Wardwizard Innovations and Mobility and AMI Organics ended lower.

The BSE midcap Index gained 1.3 percent, supported by Gillette India, Polycab India, MphasiS, Gland Pharma, Piramal Enterprises, Sun TV Network and Supreme Industries. The big index losers were Hindustan Petroleum Corporation, Deepak Nitrite, Jubilant Foodworks, Federal Bank, SJVN and Dalmia Bharat.

The BSE largecap Index added 1 percent led by gains in Zomato, Info Edge India, Infosys, Tech Mahindra, Hindalco Industries, HDFC Asset Management Company, Tata Consultancy Services, Star Health & Allied Insurance Company and Eicher Motors. Power Grid Corporation of India, Bank Of Baroda, Bosch, Bandhan Bank and UPL were among the big losers during the week.

Among the Sensex pack, heavyweight Reliance Industries added the most in terms of market cap followed by Tata Consultancy Services, Infosys and ICICI Bank, while HDFC Bank, Power Grid Corporation of India and Bajaj Finance saw the biggest drop in their market capitalisation.

While the BSE information technology index rose 5 percent, the metal index 3.2 percent and the realty index up 1.7 percent. The power index ended 2 percent lower.

The market also got a boost from foreign institutional investors (FIIs) who bought shares worth Rs 5,417.78 crore, while domestic institutional investors (DIIs) sold equities worth Rs 1,251.29 crore. In this month, so far, FIIs have bought equities worth Rs 14,582.63 crore and DII sold Rs 8,129.50-crore worth of shares.

During the week, the Indian rupee added 57 paise to end at 82.17 on July 14 against its July 7 closing of 82.74 on FII inflows and easing of the US Fed rate hike worries.