Sensex falls from record highs, drops 371 points for the week

Mumbai: The benchmark Sensex slipped from its five week winning streak, dropping 371.00 points to close at 33,314.56, while the broader fell well-below the psychological 10,400 to finish at 10,321.75.

The volatile trading week saw sustained selling couple of trading sessions, while buying in fundamentally strong stocks somewhat helped to cap larger losses.

The market resumed the week on looming uncertainty on crude oil price crux following shake-up in Saudi kingdom, but the domestic liquidity flow kept the market afloat, marking new highs before succumbing to uncertainty.

The sudden flare-up in Saudi Arabia were the crown prince cemented his power with anti-graft crackdown triggered volatility in crude rising 3.5 per cent impacting domestic sentiment due to driving worries on inflation and fiscal deficit.

Negatives from USFDA in key Pharma companies pressured sentiment, however, good set of earnings in key corporates spelt gains and two-day GST council meet led the market resorting to consolidation mode.

The outcome of GST Council meet slashing rates in certain sectors consumer durables, auto ancillaries and infra and buying in key frontline shares cushioned the losses.

Opening the week on a higher at 33,710.15 points, the index marked all time high of 33,865.95 and low of 33,108.09, before closing the week at 33,33,314.56, showing a loss of 371.00 points or 1.10 per cent.

The Sensex garnered 2,596.23 points or 8.30 per cent during previous five week session. The Nifty started the week at 10,431.75 and touched new peak at 10,490.45 and low of 10,254.10. It ended at 10,321.75, down 130.75 points, or by 1.25 per cent.

Profit-booking was led by HealthCare, Oil and Gas, Realty, Power, Metal, PSU, Auto and Banking counters, followed by secondline shares of midcap and smallcap companies shares. While buying was seen in Consumer Durables, Capital Goods, IT, Teck and IPOs.  

Meanwhile, foreign portfolio investors (FPIs) and foreign institutional investors (FIIs) bought shares worth Rs 6,207.93 crore during the week, as per Sebi's record including the provisional figure of November 10.

The S&P BSE Mid-Cap index declined 150.42 points or 0.9 per cent to settle at 16,562.69. The S&P BSE Small-Cap index declined 212.21 points or 1.19 per cent to settle at 17,643.82.

Among sectoral and industry indices, Healthcare declined by 4.62 per cent followed by oil and gas 3.30 per cent, realty 2.86 per cent, power 2.39 per cent, metal 2.08 per cent, auto 1.33 per cent and bankex 0.59 per cent, while consumer durables rose to 10.33 per cent, IT 3.37 per cent, teck 1.73 per cent, capital goods 0.72 per cent, FMCG 0.46 per cent and IPO 0.09 per cent.

Among the 31-share Sensex pack, 20 stocks fell and remaining 11 stocks rose during the week. Lupin slumped 20.53 per cent after the company announced that a combined warning letter was issued by the US drug regulator for the company's Goa and Indore, Pithampur Unit II, sites.

Telecom major Bharti Airtel dropped by 7.31 per cent. Bharti Airtel had on 7 November 2017 announced rollover' facility for its home broadband customers.

With this, all unused monthly data will be carried forward and added to the data benefit of the next billing cycle, further enhancing the value proposition for customers. Customers can accumulate up to 1,000 GB data and easily track their usage and balance data available on MyAirtel App.

It was followed by Reliance 6.57 per cent, Tata Motors 5.43 per cent, Cipla 4.78 per cent, Sun Pharma 4.51 per cent, HDFC 3.81 per cent, Dr reddy 2.95 per cent, NTPC 2.54 per cent and Kotak bank 2.40 per cent.

While, Auto major Mahindra and Mahindra (M&M) was the top Sensex gainer. The stock jumped by 4.68 per cent It was followed by HUL 4.25 per cent, Infosys 3.66 per cent, TCS 3.47 per cent, Wipro 2.63 per cent and SBI 2.52 per cent.

The total turnover during the week on BSE rose to Rs 37,433.79 crs as against last weekend's level of Rs 34,759.16 crores and NSE climbed to 1,80,596.80 crores compared to Rs 1,74,077.87 crores previously.