Nifty snaps 5-week winning run as IT, pharma stocks bleed

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Stock market this week India

Indian stocks snapped a five-week winning streak, as IT and pharma stocks dragged the Nifty lower. Nifty lost 1.1% this week. 

Indian stock market this week: Nifty movement this week

Nifty started the week on a tepid note on Monday, tracking negative global cues. Rising dollar index and higher treasury yields weighed on sentiments. Nifty closed 1.51% lower at 17,490.70.

Nifty ended with modest gains on Tuesday, recovering some of Monday’s losses. Banks and auto stocks led the index higher. Nifty closed 0.5% higher at 17,577.50.

On Wednesday, the Nifty ended a volatile session with mild gains. Global cues remained mixed ahead of US Fed Chair Jerome Powell’s Jackson Hole speech later in the week.

Fag-end selling led the Nifty to end with losses on Thursday. IT, pharma and financial services stocks tumbled, leading to a 0.47% fall in the index. 

Key indices ended with minor gains on Friday, recouping some of the earlier losses. Metal, consumer durables, and PSU Bank stocks were in huge demand. For the week, Nifty ended 1.1% down, snapping a 5-week winning run.

Market this week India: Top Nifty gainers and losers

Indian stock markets this week: Key highlights

Negative global cues: Globally, investor sentiment took a hit after ECB policymakers signaled that the central bank will continue to raise interest rates, even as recession fears grow in Germany. Investors remain cautious ahead of Jerome Powell’s Jerome Powell’s Jackson Hole symposium address to gauge the future trajectory of interest rates. Fresh surge in European energy prices also heightened the fears of an impending recession.  

Adani group in the news: Adani group shares saw a volatile week after global firm Fitch said that the group’s companies are deeply overleveraged as the company is using debt to invest aggressively across unrelated businesses. The group was also in the spotlight after it acquired a 29% stake in NDTV. You can catch all the action in Adani group stocks here.   

Market this week India: Top sectoral gainers and losers

Action in the primary market: SGS Syrma shares made a strong debut, with stock closing 42% higher than the share price on its debut. The company had seen a strong subscription of 32 times. DreamFolks Services IPO which opened for subscription earlier this week, got subscribed by a whopping 57 times at the end of the third day of the issue.

  • What happened in the Indian stock market this week?

  • Which were the top Nifty gainers?

  • Which were the top Nifty losers?

  • Which were the sectoral gainers?