Indian market wrap up: All that happened this week!

Indian Market Weekly Update.
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On Monday, domestic equity indices ended a volatile trading session with small gains. The Nifty managed to close above the 17,000 mark. Global cues were mixed amid concerns of a new COVID virus variant. The Winter Session of Parliament began. It is scheduled to conclude on 23rd December. The Session will be spread over a period of 25 days and will have 19 sittings. Thirty-Six Bills and one financial item have been identified for being taken up during the Session.

On Tuesday, equity indices reversed intraday gains and ended with modest losses. The Nifty closed below the 17,000 mark. India's Gross domestic product (GDP) for the second quarter of the current fiscal logged fastest growth among major economies in the world. According to the government data released, the GDP of the country grew by 8.4% on-year in Jul-Sep 21 period. As per the National Statistics Office (NSO) data, manufacturing output increased 5.5% during the period while the construction segment grew 7.5% in the second quarter.

On Wednesday, equity indices ended with strong gains, tracking strong global cues. Positive domestic economic data also boosted sentiment. The Nifty managed to close above the 17,150 level after hitting a day's low of 17,064.25 in mid afternoon trade. Pharma and healthcare stocks declined while banks and metal shares advanced.

On Thursday, domestic equity benchmarks surged, tracking strength in US Dow futures. The Nifty settled above the 17,400 mark. The indices opened almost flat but moved higher as the session progressed and finished near the day's high amid strong buying support. All the sectoral indices on the NSE ended in the green with IT, metal and financial stocks rising the most.

On Friday, Sensex closed below 58,000, Nifty around 17,200 dragged by FMCG, auto, pharma, banks. Except capital goods, all other sectoral indices ended in the red. BSE midcap and smallcap indices ended on flat note. News around the spread of Omicron virus weighed on sentiments. Nifty 50 ended 1% up this week. iw-01.jpg

Top Nifty gainers and losers this week:

  • Majority of the sectors were in the green this week.
  • TCS was the biggest gainer.
  • Cipla was the biggest loser. iw-02.jpg iw-03 (1).jpg

Big market news this week:

IPO news this week:

  • Star Health: The IPO of Star Health and Allied Insurance Company remained undersubscribed with just 79% subscription. High valuation is being touted as the reason for this.
  • Tega Industries: Ended with 219.04x total subscription
  • Anand Rathi Wealth: Ended day 2 with 3.02x total subscription
  • Go Fashion: Listed at 90% premium to issue price.

November auto sales data released:

Auto wholesale dispatches for the month of November 2021 came in muted registering decline on MoM basis. Decline was limited in the PV space amidst healthy demand prospects and improving chip availability while the decline was aggravated in the 2-W space amidst muted festive sales and high channel inventory. CV space too witnessed a breather from MoM growth trend with most players reporting single digit decline on MoM basis. Check out how each company performed in our auto sales blog.

Macro data indicates recovery:

India’s grew by 8.4% from a year ago in the Jul-Sep 21 period. India logged a healthy growth, backed by an increased vaccination and an uptick in agriculture, public administration and defence services sectors. As per the National Statistics Office (NSO) data, manufacturing output increased 5.5% during the period while the construction segment grew 7.5% in the second quarter. In November, Manufacturing PMI stood at a healthy 58.1 from 58.4 in the previous month. For the second straight month, gross GST collection crossed Rs 1.30 lakh crore. The revenues for the month of November 2021 are 25% higher than the GST revenues in the same month last year and 27% over 2019-20.

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

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