Indian stock market snapped a three-week gaining streak amid weak global cues. Sensex declined 2.57 percent while Nifty fell 2.70 percent during the week. The equity benchmarks fell sharply in all four trading sessions in the holiday-shortened week.
All the sectoral indices closed in the red with Realty, Metal, and Banking falling the most, declining about 3 to 4 percent during the week. The broader markets also declined, as Nifty mid and smallcap indexes fell 1.69 percent and 2.48 percent respectively.
Foreign Institutional investors (FII) were persistently selling in the Indian equity cash segments, they offloaded shares worth Rs 8681.3 crore. Meanwhile, Domestic Institutional Investors (DII) have purchased shares worth Rs 1938.94 crore this week.
Indian Stock Market Analysis
Indian stock market indexes started the truncated week negatively on Monday due to weak global cues, as sentiments were cautious ahead of the US Fed’s interest rate decision. The domestic markets were closed on Tuesday on account of Ganesh Chaturthi.
The local markets fell sharply on Wednesday due to sharp selling in heavyweight stock HDFC Bank, as Nomura downgraded the bank to a Neutral rating and cut the target price. Besides investors were also cautious ahead of the US Fed’s interest rate decision.
On Thursday, Indian stock market indexes fell sharply for the third consecutive session. The market sentiments were downbeat, as the Federal Reserve in its monetary policy outcome on Wednesday said it expects interest rates to remain higher for longer tenure. The US Treasury yields climbed to a multiyear high, and stocks fell sharply on Wednesday after the Fed’s meeting.
On Friday, the domestic markets could hold the intraday gains amid mixed global cues and closed lower for the fourth consecutive day.
Top Nifty 50 Weekly Gainers and Losers
The top five Nifty 50 weekly gainers were Power Grid (2.6%), Asian Paints (2.45%), Coal India (1.45%), Titan ( 0.80%), and NTPC (0.74%).
The top Nifty 50 weekly losers were HDFC Bank (7.95%), Ultratech Cement (6.20%), Dr. Reddy (5.20%), Wipro (5.11%), and JSW Steel (4.77%)
Nifty Mid-Cap Weekly Gainers and Losers
The top five Nifty Mid-cap gainers were REC Ltd (10.62%), Power Fin Corporation (6.66%), Union Bank (5.98%), JSW Energy (5.83%), and Indian Bank (5.82%)
The top losing stocks in the Nifty Mid-cap index were Zydus Lifescince (7.71%), Tata Tele Service (7.69%), Syngene Internation (7.56%), Godrej Properties (7.35%), and Dalmia Bharat (5.95%)
Nifty Small-cap Weekly Gainers and Losers
The top Nifty Small-cap index weekly gainers were HUDCO (17.37%), IOB (11.01%), Brightcom Group (9.71%), Central Bank (7.96%), and Easy Trip Planner (7.01%).
The top weekly losers in the Nifty small-cap index were Cochin Shipyard (9.48%), Ramond Ltd (8.43%), Gujarat Narmada Valley (8.34%), KPIT Technology (8.20%), and Jindal Stainless Ltd (6.98%).
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