Home
>
Articles
>
Sensex & Nifty snap 2-week gaining streak, slip 1% each

Sensex & Nifty snap 2-week gaining streak, slip 1% each

Last updated: 22 Oct, 2021 | 12:58 pm

Market wrap: Sensex & Nifty snap 2-week gaining streak, slip 1% each

On Monday, the equity benchmarks rose for the seventh consecutive session and settled at record closing levels. The gains were powered by metals, power and IT stocks. The Nifty hit a record high of 18,543.15.

On Tuesday, the equity barometers saw a correction. Investors mulled corporate earnings as well as the prospect of tightening monetary policy to restrain inflation. The IMF said it expects China to grow 8% this year and India by 9.5% in FY22.

On Wednesday, key indices ended with significant losses. Market heavyweight Reliance Industries was the biggest contributor to the fall, followed by Infosys, HDFC Bank, Hindustan Unilever and Larsen & Toubro. 

On Thursday, the market declined for the third consecutive session. Profit selling, weak Q2 results and negative global cues put pressure on bourses. There are concerns about the adverse impact of inflation and higher commodity prices on corporate revenues and margins.

On Friday, the indices ended lower for the fourth straight session amid volatility. At close, the Sensex was down 0.17% at 60,821.62, and the Nifty was down 0.35% at 18,114.9 ending the week with a 1.2% decline.

Top gainers and losers.

  • Banks stocks topped the charts this week, with 4 out of 5 banks top in the top nifty gainers. Nifty bank and PSU bank were the only sectors gaining this week.
  • Asian Paints was the top loser as it posted below than expected earnings this quarter.
  • Nifty FMCG was the top loser this week due to decreasing demand.

Here is a quick recap of the market moving developments:

Quarterly results: A lot of big names from Asian Paints to HUL declared their quarterly results this week. Overall, the earnings have been a bit disappointing with companies struggling from high commodity prices and input costs, waning demand and supply chain issues such as semiconductor shortages.

100 crore vaccine doses administered: India completed the administration of 100 crore doses of the Covid-19 vaccine on October 21, 2021, in just about nine months since the start of the vaccination drive. This has dampened third wave fears and has been seen as a major milestone achievement.

Nykaa IPO date released: The IPO of FSN E-Commerce Ventures, which runs the online marketplace for beauty and wellness products Nykaa, is set to open for public subscription next week on Thursday, October 28. The three-day initial public offering will conclude on Monday, November 1.  The price band of the initial share sale is fixed at ₹1,085-1,125 per share. Nykaa will be raising Rs 634.19 cr with Rs 630 cr via fresh issue and Rs 4.19 cr via offer for sale.

 RBI minutes of the meeting: On Friday, the RBI released its minutes of the meeting which was held earlier this month. The monetary policy committee had voted to keep the accommodative stance with a 5 to 1 vote. The dissenting member, Jayanth Verma, in the minutes of the meeting expressed strong dissent on the continuation of the so-called accommodative stance citing that risks on growth and inflation are beyond the control of the rate-setting panel and arguing that upside risks to inflation are now more aggravated.

That’s all for this week’s market wrap. We will be back with more interesting market insights in the next week!

Check out other interesting articles:

We are a SEBI registered investement advisor
Mutual Funds watchlist
aditya birla sun life flexi cap fund growth direct plan|ABSL low duration fund direct growth|axis bluechip fund direct growth|axis capital builder fund series 4|axis balanced advantage fund direct growth|axis equity saver fund direct growth|axis multicap fund direct growth|axis global innovation fund of fund direct growth|axis long term equity fund growth NAV|axis quant fund direct growth|axis small cap fund direct growth|axis value fund direct growth|baroda dynamic equity fund direct growth|BOI AXA bluechip fund|canara robeco flexi cap fund direct growth|canara robeco small cap fund direct growth|canara robeco value fund direct growth|DSP quant fund direct|franklin india smaller companies fund direct growth|HDFC arbitrage fund direct growth|HDFC balanced advantage fund direct growth|HDFC developed world index fund NAV|HDFC flexi cap fund direct growth|HDFC housing opportunities fund direct growth|HDFC hybrid equity fund direct growth|HDFC nifty 50 index fund|HDFC index fund sensex plan|HDFC mid cap opportunities direct plan growth|HDFC multi asset fund direct growth|HDFC small cap fund direct growth|HDFC top 100 fund direct growth|HSBC midcap fund direct growth|ICICI prudential balanced advantage fund|ICICI bluechip fund direct growth NAV|ICICI prudential commodities fund direct plan growth|ICICI nasdaq 100 fund direct growth|ICICI nifty next 50 index fund direct growth|ICICI small cap fund direct growth|ICICI prudential technology direct plan growth calculator|ICICI ultra short term fund direct growth|IDBI india top 100 equity fund direct growth|IDBI small cap fund direct growth|idfc us equity fund of fund direct growth|kotak short term fund direct growth|kotak emerging equity fund direct growth|kotak multicap fund direct growth|kotak global innovation fund of fund NAV|kotak gold fund direct growth|kotak savings fund direct growth|kotak small cap fund direct growth|L&T emerging businesses fund direct growth|mirae asset large cap fund direct growth|mirae asset midcap fund|motilal oswal nasdaq 100 fund of fund|navi nifty 50 index fund direct growth|nippon india banking and financial services fund direct growth|nippon banking fund direct|nippon india flexi cap fund NAV|nippon india large cap fund direct growth|nippon india pharma fund direct growth|nippon india small cap fund direct growth|PGIM small cap fund direct growth|quant flexi cap fund direct growth|quant infrastructure fund direct growth|quant tax plan direct plan growth|SBI bluechip fund direct growth|SBI corporate bond fund direct growth|SBI equity minimum variance fund direct growth|SBI flexi cap fund|SBI magnum children's benefit fund investment direct plan|SBI nifty index fund direct growth|SBI small cap fund direct growth|SBI technology opportunities fund direct growth|tata banking and financial services fund direct plan growth|tata business cycle fund|tata technology fund direct growth|tata equity pe fund direct growth|tata ethical fund direct growth NAV|tata focused fund direct growth|tata index fund nifty direct plan|tata india tax savings fund direct plan growth|UTI focused equity fund direct growth|UTI nifty index fund direct growth NAV|UTI nifty 50 index fund direct growth