Market strain continues, Sensex slides 739 points for the week

Mumbai: Equities continued to choke under selling pressure for the week, with benchmark Sensex sliding 739.80 points to close 33,307.14 points, and the Broader Nifty tumbling 231.50 points to conclude below the key 10,300-level at 10,226.85.

The market battled potential global trade-war as US government levied import tariffs on metals upsetting domestic sentiment, as a result the market strength deteriorated and correcting over 2 per cent for the week.

The trading sessions of the week also strained by country’s weak services sector figures which fell to six months low, while Banks struggles relating NPA issues amid PNB fraud loomed investors sentiment.

The Nikkei India Services PMI data was released during the week with index falling 51.7 in January to 47.8 in February, the lowest level since August 2017.

The market made a rally attempt amid value buying and shortcovering in hammered stocks during fourth session of the week, it was shortlived with global trade tussle continued to gain upper-hand.

The Sensex started the week down at 34,034.28 and hovered between 34,060.13 and 32,991.14, it closed the week at 33,307.14, showing a slide of 739.80 or 2.17 per cent.

(The Sensex lost 95.21 points last week).

The Nifty also resumed the week lower at 10,428.30 and traded between 10,441.35 and 10,141.55 before ending the week at 10,226.85, showing a loss of 231.50 points, or 2.21 per cent.

Barring consumer durables, the market witnessed across the sector selling pressure intense in broader market with Midcap and Smallcap plunging 2.88 per cent and 4.31 per cent respectively.

Metal, HealthCare, PSU Bank were worst hit followed by Power, Oil and Gas, Capital Goods, IPOs, Realty, Banks, Auto, FMCG, Teck and IT segments.

Meanwhile, foreign portfolio investors (FPIs) and foreign institutional investors (FIIs) bought shares worth Rs 774.24 crore during the week, as per Sebi’s record including the provisional figure of March 09, 2018. The S&P BSE Mid-Cap index fell 474 points or 2.88 per cent to settle at 15,987.27. The S&P BSE Small-Cap index fell 779.02 points or 4.31 per cent to settle at 17,305.92. Both these indices underperformed the Sensex.

Among sectoral and industry indices, metal dipped by 6.87 per cent followed by healthcare 4.15 per cent, power 3.42 per cent, oil and gas 3.02 per cent, capital goods 2.95 per cent, IPO 2.92 per cent, realty 2.61 per cent, bankex 2.58 per cent, auto 2.28 per cent, FMCG 2.25 per cent, teck 0.74 per cent and IT 0.30 per cent, while consumer durables rose by 1.47 per cent.

Among the 31-share Sensex pack, 26 stocks fell and remaining 5 stocks rose during the week. Among stocks, Tata Steel was the biggest loser in the Sensex pack last week. The stock slumped 10.32 per cent to Rs 605.60. Tata Steel emerged as the highest bidder to buy a controlling stake in Bhushan Steel.

Auto major Tata Motors fell 7.86 per cent to Rs 341.70. The company reported robust sales performance for the month of February 2018. It registered a growth of 38 per cent year-on-year at 58,993 units in February 2018 due to continued strong sales performance of its commercial and passenger vehicles business in the domestic market. Exports declined 3 per cent at 4,768 units.

It was followed by Tata Motors DVR 7.34 per cent, Adani Ports 6.68 per cent, Bharti Artl 5.81 per cent, Yes Bank 5.39 per cent, ONGC 5.22 per cent, Sun Pharma 5.18 per cent, Dr reddy 4.38 per cent and ICICI Bank 4.11 per cent. However, Asian Paints rose by 0.88 percent, NTPC 0.55 per cent, Infosys 0.27 per cent and Indus Ind Bank 0.22 per cent.

The total turnover during the week on BSE rose to Rs 18,015.55 crs as against last weekend’s level of Rs 13,895.41 crores and NSE moved up to 1,45,645.93 crores compared to Rs 1,21,278.51 crores previously.