Business

Sensex reclaims 28K after initial setback, ends the week flat

Mumbai,August 1: After a steep slide, the BSE benchmark Sensex bounced back to reclaim the 28,000-level during the week, while the NSE's the broader index Nifty ended above the crucial 8,500-level.

The week started with market-players' fear of investments over government planning strict norms over participatory notes to check money laundering through stock-exchanges after Supreme-Court appointed SIT submitted its report. Also, renewed Chinese melt-down worries lead to a heavy sell-off.

Further, adding to the let-down were poor earning numbers of some of corporates initially pressuring the market momentum, though the rate hike fear by US Federal Reserves of its two day key FOMC meet meet did not impact that much to the market sentiment.

The key indices started rallying on value-buying amid hectic-short-covering as the week also represented July month-end expiry of derivative segment, also boosted by the government initiative over unveiling recapitalisation of PSU banks, encouraging Q1 results from heavyweights such as ICICI and SBI banks and cabinet approval for an emended GST bill, also favarouble global cues after US Fed no rate hike stance.

The S&P BSE Sensex opened slightly higher by 28,117.65 and traded between 28,161.17 and 27,416.39 before closing the week at 28,114.56, showing a marginal gain of 2.25 points or 0.01 pct.

The CNX Nifty also rose slightly by 11.30 points or 0.13 pct to settle at 8,532.85.

Shares of FMCG, Realty, HealthCare, Auto, IT, Banks, Teck witnessed buying activity with broaders SmallCaps and MidCap segments performing better.

While, Oil&Gas, Consumer Durables, Metal, Power sectors incurred profit-booking. 

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