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BUSINESS & FINANCE
Sensex, Nifty snap 5-week winning streak on profit-booking
Stocks: Both the S&P BSE benchmark Sensex and NSE 50-share Nifty snapped their 5-week winning streak by tumbling 1,112 points and 356 points respectively due to profit-booking from investors in view of global tension amidst foreign capital outflows.
Anupam Singhi, COO, William O'Neil India said," Trading restrictions announced by SEBI on 331 entities suspected to be shell companies affected the sentiment".
There was no respite for the market, as North Korea's warning on a possible missile strike on the U.S. Pacific territory of Guam, spooked the global markets.
The Nifty started the week at 10,074.80 and traded in the range of 9,685.55-10,088.10. The index finally closed at 9,710.80, down 3.53 per cent from last Friday's close.
The Nifty had gained by 545.50 points or 5.73 per cent in previous five weeks.
After opening at 32,377.80 points, the Sensex gave away 3.44 per cent in this week to close at 31,213.59. During the week, the Sensex traded in a range of 31,128.02-32,396.14.
The Sensex had gained by 1,403.80 points or 4.54 per cent in previous five weeks.
The first ever mid-term economic survey that was tabled in the Parliament during the week, has pointed to downside risks to the government's earlier GDP growth forecast of 6.75 per cent -7.50 per cent for FY 2018.
Meanwhile, foreign portfolio investors (FPIs) and foreign institutional investors (FIIs) sold shares worth Rs 1,624.63 crore during the week, as per Sebi's record including the provisional figure of August 11.
The broader market also depicted strength. The S&P BSE Mid-Cap index tumbled by 710.68 points or 4.60 per cent to settle at 14,726.27. The S&P BSE Small-Cap index slumped by 890.30 points or 5.59 per cent to settle at 15,036.33. The decline in the both the indices was lower than the Sensex's fall in percentage terms.
Among sectoral and industry indices, realty declined by 9.80 per cent followed by healthcare 7.71 per cent, auto 6.10 per cent, power 5.37 per cent, capital goods 4.49 per cent, bankex 3.48 per cent, FMCG 3.16 per cent, oil&gas 3.01 per cent, metal 2.57 per cent, teck 1.76 per cent, IT 0.99 per cent and consumer durables 0.61 per cent.
Among the 31-share Sensex pack, 28 stocks rose and remaining 3 stocks fell during the week.
Tata Motors slumped 13.95 per cent. The company said that the company and Skoda ceased discussions around potential partnership. Tata Motors and Skoda Auto have performed a joint technical feasibility and commercial evaluation of a potential collaboration. Based on intense and constructive discussions, both the companies have jointly concluded that the envisioned areas of partnership may not yield the desired synergies as originally assessed. Nevertheless, the two companies have decided to keep in touch for future areas of collaborations.
It was followed by Tata Motors DVR 12.66 per cent, Sun Pharma 10.92 per cent, Dr Reddy 10.37 per cent, SBI 8.12 per cent, Adani Ports 5.61 per cent, Coal India 5.36 per cent, M&M 5.07 per cent, Lupin 5.06 per cent and Reliance 4.68 per cent.
While, Tata Steel rose 3.59 per cent. The company reported consolidated net profit of Rs 921.09 crore in Q1 June 2017 compared with net loss of Rs 3183.07 crore in Q1 June 2016. Tata Steel's consolidated net sales rose 18.9 per cent to Rs 29386.76 crore in Q1 June 2017 over Q1 June 2016.
It was followed by Infosys 0.24 per cent and Wipro 0.21 per cent.
The total turnover during the week on BSE and NSE rose to Rs 23,778.08 crore and Rs 1,43,020.34 crore, respectively, as against last weekend's level of Rs 17,711.06 crore and Rs 1,33,786.99 crore.
Bullion: Gold maintained its glitter for the 4th week to regain the psychological Rs 29,000-mark at the bullion market on persistent buying by jewellers to meet retailers demand amid a firming global trend.
Traders attributed the sharp rise in gold prices to a firm trend overseas amid rising tensions between the US and North Korea, raising the demand for the precious metals as a safe-haven.
On similar lines, silver also reclaimed the Rs 39,000-mark on increased offtake by industrial units and coin makers.
In worldwide trade, gold scored its strongest weekly gain in four months to settle at the highest level in more than two months, as simmering North Korean tensions buoyed haven demand for precious metals.
US President Donald Trump warned North Korea again on Thursday not to strike Guam or US allies, saying his earlier threat to unleash "fire and fury" on Pyongyang if it launched an attack may not have been tough enough.
Gold gained as US stocks clawed back from Thursday’s sharp decline but were still ready to log a sizable decline for the week.
December gold rose USD 3.90, or 0.3 per cent, to settle at USD 1,294 an ounce. The settlement was the highest for a most-active contract since June 6. For the week, the metal rose 2.3 per cent the strongest weekly gain since the week ended April 13.
September silver added half a cent, or less than 0.1 per cent, to USD 17.07 an ounce, for a gain of roughly 5 per cent on the week. The settlement was the highest since mid June.
In the New York Comex trade, gold for December delivery rose to USD 1,294.00 an ounce compared to last Friday's close of USD 1,264.60 and silver for September contract gained to end at USD 17.07 an ounce from USD 16.63.
On the domestic front, standard gold (99.5 purity) resumed lower at Rs 28,350 per 10 grams from last Friday's closing level of Rs 28,540, later it declined to Rs 28,370 before recouping to settle at Rs 29,060, revealing a rise of Rs 520, or 1.82 per cent.
Pure gold (99.9 purity) also commenced lower at Rs 28,500 per 10 grams compared to preceding weekend level of Rs 28,690, it soon drifted to Rs 28,520 before recovering to close at Rs 29,210, showing a gain of Rs 520,or 1.81 per cent.
Silver ready (.999 fineness) opened negative at Rs 37,090 per kilogram from last Friday's closing level of Rs 37,950, later it fell to Rs 37,060 before bouncing back to finish at Rs 39,110, registering a sharp gain of Rs 1,160 per kilo, or 3.06 per cent.
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