Nifty Extends Gains For Third Straight Amid Positive Global Cues
It was another volatile week for investors as the market swayed up and down through the week. The May auto sales numbers and GDP data were something investors closely monitored in the week. Let us look at everything that happened during the week.
Nifty Daily Movement
The Indian market started the week on a positive note and closed green for the third consecutive day on Monday. The rally was led by Information Technology (IT) and banking stocks amid positive cues in the global market.
The major indices closed lower on Tuesday after 3 days of rally ahead of the announcement of the GDP growth data. LIC shares fell more than 3% after the company reported below expected results. The small and midcap indices closed on a positive note.
Indian indices ended Wednesday's volatile session on a negative note amid the worsening geopolitical situation in Europe. Rising bond yields in the debt market dampened investors' sentiment. Auto Sales numbers were released and all major automakers have reported good growth YoY. Check our report.
The Indian equity market snapped a 2-day losing streak on Thursday and ended higher on F&O expiry. The gain was led by Reliance Industries and IT stocks, the IT index gained 1.91%. GDP numbers were released. The Q4FY22 GDP at 4.1% and FY22 GDP growth at 8.7% came marginally lower than our expectations.
The market opened on a positive note on Friday morning but continued to slide as the day progressed and closed on a negative note. Aether Industries opened with a 10% premium and saw strong demand at the opening.
Key highlights of the week
Quarterly results: ONGC reported better than expected results as profit jumped 31% YoY. Check the detailed report here. LIC disappointed the investors with its first result announcement post listing. The profit declined by 18% YoY. Check other numbers here. M&M profit jumped 17% YoY and the sales increased in the Jan to March period. Check the detailed report here. IRCTC reported an exceptional set of numbers for Q4FY22 as profit doubled for the company. Check details here. Sun Pharma surprised investors with losses due to one-time exceptional items. Check the reason for a loss here.
GDP numbers: India’s GDP growth fell to 4.1% in the fourth quarter of the last fiscal year, its slowest pace in a year. However, the economic growth beat the forecast. For the full fiscal year of 2022, the National Statistical Office (NSO) said it has cut the economic growth estimate to 8.7%, lower than earlier expectations of 8.9%.
OPEC+ Meeting: The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, known as OPEC, agreed to raise output by 648,000 barrels per day (BPD) in July and 648,000 BPD in August. An OPEC+ technical committee trimmed its forecast for the 2022 oil market surplus by about 500,000 BPD to 1.4 million BPD.