Market ends divergent for week, sensex gains 82 points

Mumbai: The stock market ended divergent for week with benchmark sensex gaining 81.81 points, to finish at 31,138.21, while Broader Nifty ending with modest loss of 13.10 point to conclude 9,574.95 .

Despite the key indices marking new closing highs and later surrendering it, the trading acitivity was largely quiet as the country foray into new single tax regime of GST poised to roll-out from July 1, swayed the investors sentiment.

While, market did witness early buying momentum bouyed-up by the key GST councils decision on relaxation of return filing rules for businesses for the first two months of the roll-out and RBI urging the lender banks to start the bankruptcy proceedings on large loan defaulters to improve asset quality.

The tempers shortlived on expectation initial glitches after GST roll-out on July 1, while sliding global crude on supply glut with prices falling for the fifth straight week and dipping below USD 43 per barrel for the first time in 18 months, led the stocks to trade muted.

The S&P BSE Sensex resumed higher at 31,168.98 and hovered with fresh peak of 31,522.87 and low of 31,110.39 before ending the week at 31,138.21, showing a gain of 81.81 points or 0.26 per cent.

The sensex has dropped by 216.89 or 0.69 per cent during previous two weeks.However, the 50-share Nifty shed 13.10 points or 0.14 per cent to close the week at 9,574.95 after moving in a range of 9,698.85 and 9,565.30.

Sectorwise, FMCG and Bankex gained, while selling was witnessed in PSUs, Oil&Gas, IPOs, Auto, Realty, Metal, Capital Goods, HealthCare, Power, IT and Teck. The secondline shares of midcap and smallcap companies also saw substantial selling.

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