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
or 463 points on
weekly basis to end
at 37,581.91 and the
NSE Nifty50 index rose
1% or 112
points to conclude
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.