Indian Stock Market Analysis for the Week (28 Aug- 1 Sept 2023)
Indian stock market indices snapped a five-week losing streak and closed higher for the week that ended on 1st September 2023. In the previous week, markets fell for the fifth time in a row, the longest streak of weekly losses since April 2022. On a weekly basis, Sensex gained 0.77 percent while Nifty was up by 0.88 percent. The domestic markets gained four out of five trading sessions this week.
The broader markets outperformed the benchmarks, as Nifty mid and smallcap indexes jumped 2.53 percent and 4.36 percent respectively. On the sectoral front, Realty, Metal, and Auto gained the most while the FMCG and Pharma sectors declined slightly.
Foreign investors were the net sellers, while DIIs were the buyers during the week. FIIs offloaded shares worth Rs 4311 crore in the Indian equity cash segment. However, Domestic Institutional Investors (DII) bought shares worth Rs 9570 crore during the week.
Indian Stock Market Analysis.
Indian stock markets started the week on a positive note on Monday. The domestic markets closed slightly higher for the initial three consecutive days amid positive global cues. The markets settled lower on Thursday amid weak cues from Asian markets. The rising monsoon deficit and continuous selling pressure by foreign investors dampened market sentiments throughout the week.
However, on Friday markets gained strong due to upbeat economic data from the domestic front. The better-than-expected GDP and Manufacturing PMI data elevated the spirit of investors. On the global front, the expansion of China’s manufacturing activity and the reduction in the foreign exchange reserve requirement ratio boosted international investor’s sentiments.
Top Nifty 50 Weekly Gainers and Losers
The top five Nifty 50 weekly gainers were Maruti Suzuki (8.68%), Tata Steel (8.68%), NTPC (5.87%), Hindalco ( 5.17%), and M&M (4.73%).
The top Nifty 50 weekly losers were Dr. Reddy’s Lab (3.47%), HUL (2.29%), Reliance (2.26%), Adani Enterprise (1.83%), and BPCL (1.73%)
Nifty Mid-Cap Weekly Gainers and Losers
The top five Nifty Mid-cap gainers were BHEL (29.36%), Prestige Estate (17.81%), IRFC (15.19%), Vodafone Idia (14.94%), and Gland Pharma (14.32%)
The top losing stocks in the Nifty Mid-cap index were Poonawala Fin (4.86%), Power Fin. Corp (4.68%), One 97 (4.65%), Indian Bank (4.60%), and HPCL (4.30%)
Nifty Small-cap Weekly Gainers and Losers
The top Nifty Small-cap index weekly gainers were BSE (24.67%), Kalyan Jewellers (16.35%), MCX (15.55%), Hind. Copper (15.36%), and India Cement (13.19%).
The top weekly losers in the Nifty small-cap index were Brightcom Group (17.91%), Medplus Health (9.20%), IOB (5.71%), UCO Bank (4.88%), and VIP Industries (4.09%)
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