Indian Stock Market Analysis: Key Takeaways from 5-9 Feb 2024
Indian Stock Market Analysis (5 – 9 Feb 2024): Indian equity benchmarks ended the volatile session on a positive note on Friday but that was not enough to close the indices higher for the week. The domestic equity benchmarks ended the week with minor losses. The indices gained three out of five trading sessions this.
In the week, the Sensex declined 490.14 points or 0.68% and settled at 71595.49, while the Nifty slipped 71.3 points or 0.33% and closed at 21782.50. The broader markets outperformed the benchmarks, as the Nifty midcap index gained 0.85% while the smallcap index was up by 0.25%.
Among the sectors on the NSE, nine out of twelve sectors closed in the green. Nifty PSU Bank, Oil & Gas, and Pharma emerged as the top gainers while FMCG, Financial Services, and Banking closed in the red. FIIs were the net sellers this week, they have offloaded shares worth Rs 5871.45 crore, while DIIs were the net buyers, they bought shares worth Rs 5325.76 crores.
Indian Stock Market Summary this Week
Indian stock market indexes started the week on a pessimistic note. Markets fell sharply in the last hour on Monday due to profit booking at a higher level. The sentiments were downbeat following the robust job reports from the US in the previous session which spiked the US Treasury yields.
However, Indian markets rebounded in the next session as investors bet on recently beaten-down stocks. On Wednesday, markets were volatile and ended flat, as investors remained cautious ahead of the RBI policy outcome. Although, investors expected the status quo in the RBI policy, but still some investors remained sidelined ahead of the event.
Thursday’s session was highly volatile and ended with significant losses. Markets were positive in the morning session but fell sharply after the RBI governor’s commentary was over. The rate-sensitive sectors were under pressure. Investors reacted negatively and booked profit in the financial stocks anticipating that the rates to remain unchanged until at least July due to India`s CPI remaining closer to the upper price band of 6%.
On Friday, markets closed slightly higher with the support of positive global cues and as investors bet on beaten-down financial and banking stocks.
Weekly Nifty Top Gainers and Losers
The top five Nifty 50 weekly gainers were SBI (11.64%), BPCL (10.02%), Coal India (8.67%), Sun Pharma (8.34% ), and TCS (4.22%).
The top Nifty 50 weekly losers were UPL (14.19%), ITC (5.59%), Bajaj Finserve (4.88%), Kotak Bank (4.42 %), and Britannia (3.44%).
The Nifty Mid-Cap weekly top gainers were Yes Bank (32.59%), Zee Entertainment (17.55%), Oil India (15.50%), Max Health (14.09%), and Cummins India (12.70%).
The top losing stocks in the Nifty Mid-cap index were One 97 (13.82%), Rail Vikas Nigam (11.98%), Devyani International (10.84%), Bank of India (9.44%), and APL Apollo Tube (9.20%).
The Nifty Small-cap index weekly top gainers were Trevini Turbine (27.02%), IOB (26.63%), UCO Bank (19.78%), Rites (12.22%), and Elgi Equipements (12.07%).
The top weekly losers in the Nifty small-cap index were Jyothi Labs (12.58%), NBCC (12.27%), Hindustan Copper (10.28%), Deepak Fertiliser (10.23%), and Affle India (9.45%).
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