Domestic stocks snapped their one-month losing streak to conclude with modest gains on reports that the govt may soon cut back the tax surcharge on FPIs. Also RBI’s interest rates-cut by 35bps to 5.4% during the week also hit investor sentiment.
In the weekend Friday, 9th Aug, the BSE Sensex gained 1.2% or 463 points on weekly basis to end at 37,581.91 and the NSE Nifty50 index rose 1% or 112 points to conclude at 11,109.65.
On Friday, Sensex, Nifty ended higher led by gains in Auto and financials stocks. The Nifty ended 0.7% at 11,110, while the Sensex closed 0.7% higher at 37,582.
For the week, the Nifty Auto index advanced significantly, more than 3% followed by Nifty IT, up by 2.6%. The Nifty Consumption index rose 2.5% Nifty Finance gained 2.2% for the week, while Nifty PSU Bank, Nifty Metal and Nifty Media indices lost 2% for the week.
Auto stocks advanced this week on reports that the govt may defer the rollout of increase in registration fees by a few months. Hero MotoCorp was up over 9% being the top Nifty gainer for the week, and Maruti Suzuki the second weekly gainer added 7%.
Bharti Airtel rose 8%, HCL Tech rose 7%, Bajaj Finserv rose 6%, Hindustan Uni Lever added 5.8%, Bajaj Finance rose 5.5 and added 5.3% for the week.
Among Nifty losers, Tata Steel hit the most down by 11% led by weakness in Q1 profit, Yes Bank lost 7%, Tata Motors slipped 6.6%, SBI fell 5.5% for the week. In addition, UPL down 7%, Cipla lost 6%, PowerGrid down 4.3% and Grasim down 4% for the week.