The Sensex, Nifty indices settled nearly 2% lower for the week as investors remained wary during the week for getting lack of clarity whether the govt implement fiscal stimulus package to curb economic slowdown and rollback of FPI surcharge. However, in the weekend Friday Market cheered as the Finance Minister Nirmala Sitharaman announced that the govt will roll-back enhanced surcharge levied on long-term & short-term capital gains, and also said about the step of withdrawal of enhanced surcharge on Foreign Portfolio Inverters (FPIs).
On Friday, markets ended higher led by gains in metal, banking and Technology stocks. The Sensex ended 228-pts up at 36,701-level, while the NSE Nifty50 index added 88-pts to close the day at 10,829-mark.
However, on weekly review, the Nifty were down 1.98% and the Sensex down by1.73%. All sectoral indices, excluding the Nifty Auto and Nifty Pharma were down for the week. The Nifty PSU Bank declined 7.7% Nifty Metal index slowed 5%, Nifty Bank fell 4.4%, while the Nifty Finance slid 3.7%for the week. On the other hand, the Nifty-IT index gained 2.9% and Nifty Pharma index gained 1.3% for the week.
The week ahead market trends are set to take positive cues in the wake of decision from govt to withdraw the FPI surcharge.