Sensex and Nifty Extend Gains for Second Straight Week: Stock Market Analysis

February 23, 2024February 23, 2024 admin

Sensex and Nifty Weekly Analysis ( 19-23 Feb 2024)

Sensex and Nifty closed higher for the second consecutive week ending on February 23. The equity benchmarks managed to gain three out of five trading sessions during the week. In the week, Sensex gained 716.16 points or 0.99% and closed at 73142.80, while Nifty advanced 172 points or 0.78% and settled at 22212.70.

Among the sectoral indices on the NSE, eight out of twelve sectors closed in the green. Nifty Realty, FMCG, and Financial Services emerged as the top gainers while IT, Oil & Gas, and PSU Bank closed in the red. The broader markets underperformed the benchmarks, as the Nifty midcap index gained 0.30% while the smallcap index was down by 0.17%.

Foreign Institutional Investors (FII) were net sellers in the Indian equity cash segment this week, they offloaded shares worth Rs 1939.4 crore. Meanwhile, the Domestic Institutional Investors (DII) were the net buyers, they acquired shares worth Rs 3532.82 crore during the week.

Indian Stock Market Summary this Week

On Monday, Indian stock market indexes ended higher for the fifth consecutive session despite mixed global cues. Sensex and Nifty closed higher on Tuesday for the sixth consecutive day with heavy buying in private banking and financial stocks led by HDFC and ICICI Bank. Nifty hit a fresh record high on Tuesday, however, traders were concerned about the correction in mid and small-cap stocks.

On Wednesday, markets were volatile and benchmark indices ended with significant losses due to profit-taking at a higher level, as traders maintained a cautious stance ahead of the US Fed’s minutes of the last meeting. Indian markets ended with substantial gains on Thursday. The Sensex and Nifty oscillated sharply on both sides and finally ended Thursday’s session with strong gains.

Nifty hit a new record high on both Thursday and Friday, while the Sensex was just 14 points away from reaching an all-time high on Friday intraday basis. Indian markets opened higher on Friday following positive global cues, pared all early gains, and closed edged lower on Friday.

Weekly Nifty Top Gainers and Losers

The top five Nifty 50 weekly gainers were M&M (5.14%), Grasim (4.21%), ICICI Bank (3.72%), Nestle(3.67% ), and Sun Pharma (3.40%)

The top Nifty 50 weekly losers were Hero Motors (7.66%), Coal India (7.52%), BPCL (5.60%), Divis Lab (2.17 %), and HDFC Life (1.98%)

The Nifty Mid-Cap weekly top gainers were One 97 (19.47%), Indian Hotel (10.59%), Vodafone Idea (10.38%), PB Fintech (10.06%), and Indus Tower (9.34%)

The top losing stocks in the Nifty Mid-cap index were Yes Bank (7.75%), Federal Bank (7.44%), Gland Pharma (7.00%), HPCL (6.74%), and ZEEL (5.61%).

The Nifty Small-cap index weekly top gainers were Data Pattern (16.99%), HFCL (11.85%), JBM Auto (8.96%), Cams Services (7.72%), and NBCC (6.54%).

The top weekly losers in the Nifty small-cap index were PNB Hsg Fin (8.59%), Angel One (7.23%), Credit Access (5.66%), Radico Khaitan (5.34%), and Karur Vysya Bank. (4.95%).

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