Nifty ends Samvat 2078 above 17,550; PSU Bank, Energy stocks drove rally
It was an excellent week for investors - the market closed in the green on all trading days, boosted by quarterly numbers. Many big companies will report their numbers in the coming days and investors should keep a close watch on the numbers. NIFTY50 gained over 3% over the week.
Indian stock market this week: Nifty movement this week
The Indian equity market started the week on a positive note on Monday. Electronics Mart India made its debut with a 52% premium and listed at Rs 90. Among indices, PSU banks were the major gainers with over a 3% rally.
On Tuesday, the Indian equity market continued its rally to close over a percent higher. All the major indices closed the day higher, with PSU banks leading a rally for a consecutive day. RBI has said that India's retail inflation is set to ease from September highs.
The equity market continued the winning momentum for the fourth consecutive day on Wednesday. IT and Metals were the top drags for the day. UK inflation data in double-digit did bother some investors in the market but could not stop the rally.
The Indian equity market closed the volatile day on a positive note on Thursday, thanks to a rally by the PSU bank index in the last hour. IT, Oil, and Gas made decent gains for the day. Tracxn Technologies debuted with a 6% premium only but rallied post-listing.
On Friday, the market closed in the green after moving both sides in the last hour. Among sectors, Banks led the rally backed up by excellent numbers by some private banks.
Market this week India: Top Nifty gainers and losers
Key highlights for the week:
Quarterly Results: It was an action-packed week with some top companies reporting their results. Nestle reported a growth of 8% in its profits and declared a dividend of Rs 120 per share. IndusInd bank reported excellent numbers for the September quarter as profit jumped by 57% on-year. Bajaj Finance reported numbers higher than estimates, yet again. Axis Bank's profits soared 70% on-year. ITC’s revenue jumped 27% and was higher than estimated.
RBI on inflation: The Reserve Bank of India (RBI) has said that it expects headline inflation to ease from its September highs on the back of easing momentum and favorable base effects. RBI said - aggressive and synchronized monetary tightening has further weakened global economic prospects as financial markets sold off, investors took fright, and jettisoned risky assets.
Muhurat Trading: The bourses will remain closed on October 24 for regular trading on account of Diwali. However, they will remain open for an hour for muhurat trading, a symbolic and old ritual that has been retained and observed for ages by the trading community. Indian stock exchanges BSE and NSE will conduct the Diwali 'muhurat trading' on October 24 from 6:15 pm to 7:15 pm.
Market this week India: Top sectoral gainers and losers
EV spending: As per a report released this week, automakers have forecast plans to build 54 million battery electric vehicles in 2030, representing more than 50% of total vehicle production. The world's top automakers are planning to spend nearly $1.2 trillion through 2030 to develop and produce millions of electric vehicles, along with the batteries and raw materials to support that production.
What happened in Indian markets this week?
The market rallied over 2% in the week as it closed in the green for all five trading days. The rally was led by above-estimate results by most companies across sectors.
Which sectors gained the most this week?
Nifty PSU Bank was the top gainer for the week with a change of 11%.
Which sectors lost the most this week?
Nifty Media was the top loser for the week with a 4.2% change.
Which were the top Nifty gainers?
Among NIFTY50 stocks, Axis Bank, Nestle, and SBI were the biggest gainers, jumping up to 12.5%.