Sensex, Nifty end week with losses as global cues weigh

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Indian market weekly wrap

On Monday, the domestic equity barometers ended with deep cuts after a weak session. After hitting the day's low of 17,119.40 in afternoon trade, the Nifty managed to trim losses and close above the 17,200 mark. Barring the Nifty PSU Bank index, all the sectoral indices on the NSE ended in the red. Private banks and financial shares tumbled.

On Tuesday, the domestic equity barometers ended with decent gains after a volatile session. The Nifty closed above the 17,250 mark after hitting the day's low of 17,043.65 in mid-morning trade. While metals, banks, financials and autos advanced, IT, media, realty and oil & gas stocks declined.

On Wednesday, the benchmark indices settled with robust gains, tracking strong global cues. The Nifty closed above the 17,450 mark. The rally was broad based. Banks, autos and realty stocks were in demand ahead of RBI's interest rate decision on Thursday, 10 February 2022. However, PSU banks and oil & gas stocks declined.

On Thursday, the domestic equity barometers ended with strong gains. The Nifty closed above the 17,600 mark after recovering from the day's low of 17,427.15 hit in morning trade. Investors cheered the RBI's decision to keep the key policy rates unchanged. Positive global cues also boosted sentiment. Private banks, financials and metal shares were in demand. On the other hand, auto and PSU banks declined.

On Friday, domestic benchmark indices came under heavy selling pressure thanks to the hottest American inflation since 1982 which sparked fears of aggressive rate hikes. Investors were seen running for cover as fall was broad-based, with no pocket offering any scope for safety. 

Top gainers and losers

  • All sectors were in the red this week except Nifty Metal.

Here is a quick recap of the market moving developments:

RBI Monetary Policy: In its latest bi-monthly Monetary Policy review, the central bank has maintained a status quo on key policy rates.  The RBI kept the repo rate unchanged at 4%. Reverse repo rate stands at 3.35%. The Marginal Standing Facility (MSF) rate is at 4.25%. The MPC said the policy stance will remain "accommodative" as long as needed. The real GDP growth is projected at 7.8% for FY 2022-23. FY23 inflation target is reduced to 4.5%. Read our detailed analysis.

Vedant Fashions IPO: The IPO of the owner of the popular men’s ethnic wear brand Manyavar opened on Friday and closed on Wednesday. The IPO did not receive great subscription bids and was only subscribed 2.57 times. The retail portion was not subscribed fully with the subscription figure lagging at just 0.39 times.

Important Q3 earnings: .This week also was marked by several important Q3 results. The companies announcing results include Bharti AirtelNykaaDr. Lal PathLabsMahindra & MahindraZomatoIRCTCPowerGrid etc. 

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