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Updated on May 27, 2017





Updated: May 27 / 2017

Weekly News Digest

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Expecting more reforms, Sensex closes over 31,000-mark for first time; Nifty ends at all-time high

3 years of Modi govt: Mixed economic performance so far, hope rests for better future "Market touched another milestone supported by continued buying interest on index heavyweights post expiry. Expectation on good monsoon and a slow pace in interest rate hike by US Fed continue to weigh on the sentiment. "Mid and small caps outperformed as recent correction scaled down the valuation gap with large caps, which gave an entry point for those who missed the opportunity," said Vinod Nair, Head of Research, Geojit Financial Services. Foreign institutional investors bought shares worth a net Rs 589.11 crore on Thursday, which added to the upbeat sentiment. Tata Steel soared 5.46% to emerge as the biggest Sensex gainer, followed by ITC Ltd at 2.99% on encouraging fourth quarterly earnings.

Other big gainers were Power Grid (2.57%), Reliance Industries (2.53%), Adani Ports (1.82%), Asian Paints (1.76%), Infosys (1.46%), Maruti Suzuki (1.30%), ICICI Bank (1.28%), Bharti Airtel (1.12%), Tata Motors (1.11%), M&M (1.11%), L&T (1.05%), Axis Bank (1%), ONGC (0.95%) and Coal India (0.90%). However, pharma counters continued their slide on persistent selling pressure largely on muted earnings. Sun Pharma fell 3.93%, Cipla lost 2.48%, Lupin shed 2.29% and Dr Reddy's 0.64%. Sectorwise, BSE metal index gained the most by rising 3.40%, followed by oil&gas 2.08%, FMCG 1.77%, power 1.61%, consumer durables 1.56%, capital goods 1.47%, auto 1.34%, PSU 1.13% and banking 0.78%.

Buying activity in the broader markets also gathered momentum, with the mid-cap index surging 2.06% and small-cap index gaining 1.60%. Globally, in rest of Asia, Hong Kong's Hang Seng rose 0.03%, while Shanghai Composite Index was up 0.07%. Japan's Nikkei fell 0.64%. European markets were in the red in their early deals. Paris CAC 30 fell 0.70% and Frankfurt's DAX lost 0.41%. London's FTSE, however, was marginally up by 0.10%.

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