Mumbai, June 2 (PTI) Stocks: The benchmark Sensex ended with decent gains during the week, up by 302.39 points to
close 35,227.26, while the broader Nifty garnered 91.05 points to finish at 10,696.20.
The key indices accumulated gains for the week in a widely swayed momentum, spirited by fall in crude prices and rupee rebounding from 16-month lows, despite volatility loomed large over the sentiment mainly on global state of affairs.
The global sell-off triggered by political uncertainty in Italy after populist parties’ bid to take power collapsed led to speculation over the country’s Euro membership.
While, back home, compounding domestic macro situation hovered on the horizon with Moody’s forecast of cutting India’s growth for 2018 to 7.3 per cent from previous 7.5 percent.
Continued foreign institutional selling in the backdrop of rising bond yields and depreciating rupee also weighed on the market throughout week.
However, the key indices recouped on hectic short-covering in view of expiry of May derivative contracts, while India’s robust seven quarter high GDP data retained the tag of world fastest growing economy redeeming investors optimism.
It was mired once again by slow down in country’s manufacturing activity in May, weak global cues on renewed
trade-war fears after US slapped duties on steel and aluminium imports from key European allies and Mexico.
The Nikkei Manufacturing PMI slowed down to 51.2 in May, compared to 51.6 in April.
The BSE Sensex started the week higher at 35,074.32 and hovered between high of 35,438.22 and low of 34,735.11 before closing the week at 35,227.26, showing gain of 302.39 points or 0.87 per cent.
(The Sensex gained a modest 76.57 points during the previous week session)
The Nifty also resumed the week higher at 10,648.35 and traded between 10,764.75 and 10,558.45, the index finally closed at 10,696.20, gaining 91.05 points, or 0.86 per cent.
Broader indices continued to underperform for fifth consecutive week with smallcap and midcap ending with losses.
Buying was led by Oil&Gas, Auto, PSU, Banks, Capital Goods, IPO and Metals sectors.
Consumer Durable, IT, Teck, Realty, Power, HealthCare, FMCG saw profit-booking.