The BSE Sensex snapped its 3-week losing streak by recovering 435 points to end at 24,870.69 on fag-end buying as investors built fresh long positions in view of the new derivatives series and positive global cues after Bank of Japan adopted negative interest rate policy.
“Market welcomed the February series on a firm note led by strong global cues and rebound in crude oil prices. Further, Bank of Japan negative interest rate policy and strong rupee has also cheered the sentiment of the investors,” Hem Securities Director Gaurav Jain said.
The Sensex resumed higher at 24,540.97 and hovered in a range of 24,911.90 and 24,340.06 before ending at 24,870.69, showing a gain of 435.03 points or 1.78 per cent.
The Sensex had dropped by 1,725.24 points or 6.59 per cent in previous three weeks.
The 50-share Nifty also rose by 141.10 points, or 1.90 per cent, to 7,563.55. It had tumbled by 540.75 points or 6.79 per cent in previous week.
At the conclusion of its policy meet, the US Fed kept the door open for more interest rate hikes this year despite the lingering global economic uncertainty, which still added to the anxiety level.
However, the market got a boost following prospects of more stimulus in Europe and Japan and a recovery in oil prices due to a severe storm in the US.
Foreign portfolio investors (FPIs) bought shares net Rs 141.40 crore during the week as per the SEBI’s record including the provisional figure of January 29, 2016.
In the 30-share Sensex pack, 17 stocks rose during the week.
Major gainers from the Sensex pack were: SunPharma by (10.50 per cent), Dr Reddy (7.65 per cent), Coal India (6.70 per cent), HUL (5.73 per cent) ONGC (4.46 per cent), TCS (4.18 per cent), ITC (3.52 per cent), M&M (3.46 per cent), NTPC (3.08 per cent) and Reliance (3.10 per cent).
However, Cipla fell 5.74 per cent followed by Adani Ports by 4.06 per cent, Axis Bank 3.76 per cent, Larsen 3.49 per cent, Bharti Airtel 3.06 per cent, SBI 2.36 per cent, Heromotoco 1.42 per cent and Tata Motors by 0.78 per cent.
Among the S&P BSE sector and industry indices, Healthcare climbed 4.89 per cent followed by Consumer Durables 3.58 per cent, Metal 3.49 per cent, Power 3.31 per cent, IT 2.74 per cent, FMCG 2.66 per cent, Realty 2.14 per cent, Oils & Gas 2.04 per cent, Teck 2.03 per cent, and Auto by 0.92 per cent, while Capital goods fell by 1.41 per cent and Banking by 0.12 per cent.
The BSE Mid-cap and Small cap indices advanced by 2.56 per cent and 2.20 per cent, respectively. Both these indices outperformed the Sensex.
The total turnover at BSE and NSE fell to Rs 10,420.61 crore and Rs 70,348.91 crore, respectively from the previous weekend’s level of Rs 15,848.61 crore and Rs 88,235.23 crore, respectively.