Market snap five week winning streak, slip 54 points

Mumbai: The benchmark Sensex snapped five weeks of gains to slip 54.32 points close at 34,915.38, while the broader Nifty ended at 10,618.25, lossing 74.05 points.

The resilient domestic market succumbed to the global uncertainty on fears set-off by US-China trade war.

The truncated week saw the key indices opening on a strong note reclaiming the psychological 35,000-level on slew of positives like Reserve Bank of India (RBI) further liberlizing the external commercial borrowing for more sectors, also buying in stocks specifics on good corporate earnings ruled roost.

Country's strong market fundamentals strengthened further with Indias Nikkei Manufacturing Purchasing Managers Index (PMI) expanded to 51.6 in April from 51 in March. The manufacturing sector improved for the ninth consecutive month in April, added to it a three month high in Services sector growth 51.4 in April from 50.3 in March.

However, global attention shifted as officials of the US and China met at Beijing to find a way forward in trade battle, with Fed cautioning on expecation of any quick resolution between the world's two largest economies.

Global weakness mounted the domestic markets selling pressure in most ofn the sectors, despite the key indices tried to recoup losses amid dovish Federal Reserve monetary policy which kept interest rates unchanged and indicated higher inflation ahead.

The market closed on Tuesday, May 1 on account of 'Maharashtra Day'

The BSE Sensex started the week higher at 35,021.20 and hovered between high of 35,357.15 and low of 34,847.61 before closing the week at 34,915.38, showing a loss of 54.32 or 0.16 per cent.

(The Sensex gained 2,373.16 or 7.28 per cent during the previous five weeks session)

The Nifty also resumed the week higher at 10,705.75 and traded between 10,784.65 and 10,601.60, the index finally closed at 10,618.25, down 74.05 points, or 0.69 per cent.

In the broader market with both Smallcap and Midcap witnessed extensive losses.

Barring Banks which found some buying support, the selling was led by Metals, IPO, Oil and Gas, Realty, Auto, IT, Teck, HealthCare, PSUs, Power, FMCG, Capital Goods and Consumer Durables sectors. 

Foreign institutional investors (FIIs) sold shares worth Rs 2,890.37 crore during the week, as per Sebi's record including the provisional figure of May 04, 2018.

The BSE Mid-Cap index fell 356.17 points or 2.11 per cent to settle at 16,561.01. The BSE Small-Cap index fell 248.51 points or 1.36 per cent to settle at 17,991.45.

Among sectoral and industry indices, metal fell by 3.35 per cent, IPO 2.73 per cent, Oil&Gas 2.39 per cent, Realty 2.30 per cent, Auto 2.18 per cent, IT 1.76 per cent, Teck 1.69 per cent, Healthcare 1.36 per cent, PSU 1.36 per cent, Power 1.22 per cent, FMCG 0.79 per cent, Capital Goods 0.73 per cent and Consumer durables 0.61 per cent, while only Bankex rose by 0.47 per cent.

Among the 31-share Sensex pack, 21 stocks fell and remaining 10 stocks rose during the week. Coal India was the top Sensex loser last week it lost 4.83 per cent.

It was followed by Reliance 4.11 per cent, Axis Bank 3.45 per cent, Bharti Artl 3.02 per cent, ICICI Bank 1.79 per cent, Tata Steel 1.42 per cent, Hero Motoco 1.40 per cent, Maruti 1.13 per cent and Bajaj Auto 1.06 per cent.

Kotak Bank was the top gainer in the Sensex pack it jumped 3.49 per cent. It was followed by HDFC Bank 3.14 per cent, HDFC 2.65 per cent, Adani Ports 1.68 per cent, Asian Paints 0.83 per cent and TCS 0.75 per cent.

The total turnover during the week on BSE fell to Rs 12,503.33 crs as against last weekend's level of Rs 16,885.82 crores and NSE decline to 1,25,254.39 crores compared to Rs 1,73,159.52 crores previously.