Mumbai: Equities witnessed choppiness during the week's trade, declined marginally by 33.26 points to close at 27,803.24, while the broader Nifty finished flat, loosing a minuscule 0.20 points to 8,541.20.
Sector-specific government announcements and hope of GST passage in the ongoing monsoon session of Parliament ruled the trading momentum in the midst of somewhat mixed corporate earnings numbers, while heavy FII buying failed to cheer the investors sentiment, the market went into consolidative mode on value buying amid tinge of short covering during the week.
Buying was generated due to encouraging earning season results like last weekend's bullish first quarter results of Reliance Industries and some of the key blue chips, it was supported by government's decision to pump Rs 22,915 crore into 13 PSU banks.
The market also received sector-specific boost following USFDA approval for Indian pharma companies for sale in the American market. The IT sector saw selling pressure on poor earnings results before recovering on value buying. Banking sector saw profit-booking amid concerns over bad loans despite good earnings results.
Market player shrugged off IMF's slight drop in India's growth projections and global volatility due to geopolitical tensions and dashed hope of more stimulus following European Central Bank (ECB) monetary status quo and statement of Bank of Japan (BOJ) chief Haruhiko Kuroda's so-called 'helicopter money'.
The Sensex opened higher at 27,920.66 and hovered between a high 28,013.50 and low of 27,637.98 before closing the week at 27,803.24, showing a slight loss of 33.26 or 0.12 per cent. The NSE 59-share Nifty ended flat by a mere loss of 0.20 points to end the week at 8,541.20 after moving between 8,587.10 and 8,476.70.
Losses were seen in Banks and Consumer Durables sector. Buying was led by IPO, oil & gas, healthcare, realty, power, metal, IT, tech and FMCG counters. The second line shares of mid cap and small cap company shares also witnessed good buying activity.
