Market vaults on BJP victory, rallies 703 points for the week

BJP's remarkable election victory, particularly in Uttar Pradesh summed-up the market mood of the week, with Nifty index marking three lifetime highs and Sensex rallying 702.76 points to 29,648.99.

The holiday-truncated eventful week saw the traders eagerly awaiting poll-outcome in five-states, while BJP's landslide victory in UP and impressive show in rest other states generated direct bearing on country's financial markets including rupee appreciating to multi-month highs as well as shares performing to the optimal.

Brokers including FIIs cheered BJPs victory would accelerate the pace of market-oriented reforms, the immediate reaction to the win were massive foreign-fund inflows to the Indian equities during the week.

The strong undercurrent was further flavored by government update on GST roll-out from July as well as US Federal Reserve's rate hike cushioned by less hawkish tone on future hike eliminated market-players distraction.

During the week, the key indices opened gap-up 29,437.23, hovered between 29,824.62 and 29,356.05, before settling at 29,648.99, Showing sharp gain of 702.76 points, or 2.43%.
The sensex had gained 113.78 points or 0.39% last week.

While Nifty gained 225.50 points, or 2.52% to finish new closing peak at 9,160.05, it reached historic lifetime highs 9,218.40 intra-day trade on Friday.

Buying was witnessed across the spectrum led by Realty, FMCG, Consumer Durables, Capital Goods, Power, Metal, Banks, Auto, HealthCare, IT, PSUs, Oil&Gas and Teck sectors, well supported by shares of Midcap and SmallCap companies. 

Meanwhile, foreign portfolio investors (FPIs) and foreign institutional investors (FIIs) bought shares worth Rs 8,684.23 crore during the week, as per Sebi's record including the provisional figure of March 17.

The market was closed on Monday, 13 March for "Holi".

In the broader market, the BSE Mid-Cap index advanced 527.55 points, or 3.95% to settle at 13,893.14. The BSE Small-Cap index gained 407.67 points, or 3% to settle at 14,012.63. Both these indices outperformed the Sensex.

Among sectoral and industry indices, realty rose by 5.34 percent, followed by FMCG 4.70%, consumer durables 4.44%, capital goods 4.28%, power 3.32%, metal 2.78%, bankex 2.22%, auto 2.15%, healthcare 2.03%, IT 1.23%, oil&gas 1.06% and teck 0.85%.

Among the 30-share Sensex pack, 26 stocks advanced and remaining 5 stocks fell during the week.

Adani Ports was the top Sensex gainer it rose to 8.42%, it was followed by Tata Steel 7.32%, ITC 6.82%, HDFC 5.65%, Asian Paints 4.67%, Maruti 3.98%, L&T 3.94%, ICICI Bank 3.77%, Wipro 3.41% and Sun Pharma 3.39%.

However, Coal India was biggest Sensex loser, its stock fell by 8.47%, it was followed by Bharti Artl 4.93%, Gail 0.98%, ONGC 0.76% and TCS 0.59%.
The total turnover during the week on BSE fell to Rs 70,897.68 crore from Rs 73,598.16, while NSE rose to Rs 1,08,922.36 as against Rs 98,019.49 crs last weekend.