Indian Stock Market: 4th Week of Decline Amid Weak Global Cues
Indian Stock Market Analysis for the Week (14-18 Aug 2023): Indian equity market indices extended losses for the fourth consecutive week, the longest stretch of weekly declines of more than 16 months. The equity benchmarks gained two trading sessions out of four during the holiday-shortened week.
The domestic markets were shut on 15 August on account of Independence Day. On a weekly basis, Sensex declined 0.57 percent while Nifty was down by 0.61 percent.
The broader markets also closed in the red during the week, as the Nifty midcap ended flat to the negative while smallcap index fell 0.55 percent this week. Among the sectors, Nifty Media, FMCG, and Auto advanced while selling pressure was witnessed in Metal, Banks, and IT.
Foreign investors were the net sellers this week, they offloaded shares worth Rs 3379.31 crore in the Indian equity cash segment. However, Domestic Institutional Investors (DII) bought shares worth Rs 3892.3 crore during the week.
Indian Stock Market Weekly Analysis.
Indian stock market indexes started the week on a positive note, as July’s WPI inflation reading was in line with expectations. The domestic markets were shut on Tuesday on account of Independence Day. On Wednesday, markets initially reacted negatively due to the surge of CPI inflation reading, which was released after markets on Monday, but later indices managed to close in the green.
Indian equity benchmarks fell in the last two trading sessions due to the weakness in the global markets. The fear of renewed interest rate hikes in the US, as the Fed’s minutes revealed on Wednesday, dampens the global market sentiments.
The Asian equity markets were hit due to a slew of weak economic data released in China, that disappointed investors. Investors across the globe remained sidelined this week due to the global economic uncertainty.
Top Nifty 50 Weekly Gainers and Losers
The top five Nifty 50 weekly gainers were Adani Ports (4.35%), HUL (2.12%), Adani Enterprises (1.49%), Infy ( 1.24%), and Titan (1.10%).
The top Nifty 50 weekly losers were Hindalco (4.96%), JSW Steel (4.09%), Tata Steel (3.74%), UPL (3.54%), and Coal India (3.17%)
Nifty Mid-Cap Weekly Gainers and Losers
The top five Nifty Mid-cap gainers were Escorts Kubota (10.58%), CG Power (6.36%), JSW Energy (5.93%), Adani Power (5.73%), and Indian Bank (4.96%)
The top losing stocks in the Nifty Mid-cap index were SAIL (7.41%), Coforge (6.60%), Vodafone (6.17%), L&TFH (4.95%), and BHEL (4.90%)
Nifty Small-cap Weekly Gainers and Losers
The top Nifty Small-cap index weekly gainers were Cochin Shipyard (30.60%), Amber Enterprise (13.69%), Hudco (9.35%), Latent View (8%), and Mazgaon Dock (7.51%).
The top weekly losers in the Nifty small-cap index were Hind. Copper (11.45%), National Aluminum (7.95%), Easy Trip Planner (7.43%), NLC India (7.40%), and India Cement (6.23%)
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