Indian Stock Market Weekly Recap: Fitch Downgrade, Gainers, Losers & More
Indian Stock Market Analysis for the Week (31 July – 4 Aug 2023)
Indian Stock Market Analysis: Indian equity markets extended losses for the second consecutive week. The domestic markets declined as Fitch Rating downgrades the US credit rating late Tuesday. Indian equity benchmarks fell three out of five trading sessions during the week. On a weekly basis, Sensex and Nifty declined 0.66% each and settled at 65721.25 and 19517 respectively.
However, the broader markets outperformed the benchmarks, as Nifty mid and smallcap indexes gained 0.73 percent and 0.84 percent respectively. Among the sectors, IT and Pharma gained while Realty, PSU Bank, and FMCG sectors lead the losses.
Foreign investors were the net sellers this week, they offloaded shares worth Rs 3545.67 crore. However, Domestic Institutional Investors (DII) have bought shares worth Rs 5617.36 crore and supported the domestic markets.
Top Nifty 50 Weekly Gainers and Losers
The top five Nifty 50 weekly gainers were TechM (7.71%), NTPC (3.79%), HCL Tech(3.70%), Adani Enterprise ( 3.19%), and Coal India (2.93%).
The top Nifty 50 weekly losers were Hero Motors (7.18%), SBI (6.94%), Apollo Hospital (6.86%), Bajaj Finserve (6.22%), and Power Grid (4.20%)
Nifty Mid-Cap Weekly Gainers and Losers
The top five Nifty Mid-cap gainers were IRFC (28.53%), Laurus Lab (16.13%), Dixon Technologies (13.60%), Poonawala Fin (9.99%), and Lupin (9.24%)
The top losing stocks in the Nifty Mid-cap index were Godrej Property (12.33%), Max Healthcare (11.18%), Prramal Enterp (9.94%), Cummins India (8.13%), and Gujarat Gas (6.32%)
Nifty Small-cap Weekly Gainers and Losers
The top Nifty Small-cap index weekly gainers were Hindustan Copper (20.45%), Welspun India (15.20%), IDBI Bank (10.08%), NBCC (9.71%), and JB Chemical & Pharma (9.48%).
The top weekly losers in the Nifty small-cap index were Redington (12.07%), RBL Bank (7.69%), Mazgaon Dock (6%), Elgi Equipements (5.69%), and Global Health (5.31%)
Indian Stock Market Analysis.
The domestic markets started the week on an optimistic note Monday, following the positive global cues. The indices ended with minor cuts on Tuesday, due to continued selling pressure by the foreign investors. The equity benchmarks witnessed heavy selling pressure on Wednesday, as the Fitch rating agency downgrades the US credit rating late Tuesday.
The markets were highly volatile on Thursday due to the weekly expiry, indices extended losses on the third consecutive day due to weak global cues. However, the indices trimmed some losses in the last trading session following the positive cues from Asian markets.
On the economic front, Indian Services PMI rose significantly to a 13-year high in July. The Manufacturing PMI data showed a tick lower from the previous month but signaled a substantial improvement in the health of the sector. The index of eight core industries increased in June, marking the highest growth in five months.
The country’s unemployment rate fell to 7.95% in July from 8.45 reported in June, due to the increased demand in agricultural sectors after the good progress in monsoon. The government GST collection was robust in July, surpassing 1.65 lakh crore, 11% higher as compared to the same period last year.
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