New Covid Variant & FIIs selling dragged the Stock Market
New Covid Variant & FIIs selling dragged the Indian Stock Market last week 22- 26 Nov
New Covid Variant and FIIs selling dragged the stock markets last week ( 22 – 26 Nov ): The Indian stock markets were volatile throughout the week. In absence of any major domestic events, markets were reacted mostly to the global events. The decline in domestic markets was mainly due to the rising new Covid variant in South Africa, Europe, and several other countries and FII’s strong selling pressure.
Besides this, the rising inflation in the US and the faster than expected tapering of its stimulus program, and the sooner than expected hike in interest rates are other factors that are impacted the domestic markets last week.
Weekly Stock Market Indexes ( 22 – 26 Nov )
On a weekly basis, Sensex declined 2528.86 points or 4.24% and closed at 57107.15, while Nifty closed lower by 738.35 points or 4.15% and ended at 17026.45 levels. The Bank Nifty on the spot price fell 1950.75 points or 5.13 % on a weekly basis and finished at 36025.5 levels.
The midcap and smallcap indexes also closed lower during the week ended 26 November. The Nifty midcap index was down by 1351 points or 4.32% and closed at 29920.4 levels. The Nifty small-cap index was finished lower by 265.75 points or 2.42 % and ended at 10771.15 levels
NSE weekly top gainers and losers
| NSE Weekly Nifty Top Gainers | |||
| Company Name | LTP | Previous Close | Change (%) |
| Cipla | 966.70 | 892.30 | 8.34 |
| Power Grid Corporation | 202.00 | 192.50 | 4.94 |
| Bharti Airtel | 738.75 | 714.35 | 3.42 |
| Divis Lab | 4937.80 | 4785.60 | 3.18 |
| Dr. Reddy’s Lab | 4750.90 | 4671.45 | 1.70 |
| NSE Weekly Nifty Top Losers | |||
| Company Name | LTP | Previous Close | Change (%) |
| Maruti Suzuki | 7170.50 | 8117.15 | 11.66 |
| IndusInd Bank | 901.80 | 1008.45 | 10.58 |
| Tata Motors | 460.20 | 509.70 | 9.71 |
| Bajaj Finance | 6807.05 | 7484.95 | 9.06 |
| Tata Consumer | 766.70 | 832.05 | 7.85 |
NSE weekly mid-cap top gainers and losers
| NSE Weekly Nifty Midcap Top Gainers | |||
| Company Name | LTP | Previous Close | Change (%) |
| Glenmark Pharma | 532.20 | 482.60 | 10.28 |
| Zee Entertainment | 342.55 | 313.70 | 9.20 |
| NSE Weekly Nifty Midcap Top Losers | |||
| Company Name | LTP | Previous Close | Change (%) |
| Indian Hotel Co. | 182.05 | 210.50 | 13.52 |
| Bata India | 1919.75 | 2144.35 | 10.47 |
NSE weekly small-cap top gainers and losers
| NSE Weekly Nifty Smallcap Top Gainers | |||
| Company Name | LTP | Previous Close | Change (%) |
| Trident | 57.55 | 45.20 | 27.32 |
| Aegis Logistics | 229.35 | 197.65 | 16.04 |
| NSE Weekly Nifty Smallcap Top Losers | |||
| Company Name | LTP | Previous Close | Change (%) |
| PVR | 1391.00 | 1694.95 | 17.93 |
| Sequent Scien | 156.30 | 177.25 | 11.82 |
Panic Sell-Off in Global markets due to new Covid Variant
A sharp sell-off in stocks was witnessed on Friday across the globe after scientists in South Africa said that they have found a new Covid variant and that is more infectious than the delta variants.
The US markets closed in the deep red during the truncated week ended 26 November due to the sharp sell-off on Friday. The long-term US Treasury bond yield decrease on Friday due to the sharp sell-off in the markets. The US market indexes were almost flat prior to Friday’s sell-off.
Healthy economic data were reported early during the week. The last day of the week ended with panic selling as investors fled to lower-risk assets amid fears that rising new covid variant could lead to renewed lockdowns and economic downturns
For the last few weeks, European markets were trading subdued due to an increase in covid cases in the region. Friday’s news on the new Covid variant in South Africa triggered a panic sell-off button in European markets. Markets fell sharply on fears that the economic recovery might get derailed due to Covid-related restriction
The UK and European Union have banned travel from South Africa and its neighbors to curb the new strain of Covid variants. Earlier during the week, the PMI flash data showed that eurozone activity has been accelerated better than expected
The new Covid variant of South Africa weigh on Japanese equity markets last week. On a weekly basis, Nikkei fell despite positive data released during the week. Chinese Shanghai Composite Index ended almost flat amid U.S – China tension and rising economic pressure.
FIIs and DIIs investment
The Foreign Institutional investors were the seller and the Domestic Institutional Investors (DIIs) were the buyers in the Indian stock markets. FIIs sold 21124.95 crores, the highest-selling is any week in 2021 whereas DIIs bought Rs 10934.76 crore in the cash market segment during the week ended 26 November.
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Editor’s Desk
