NIfty extends rally for 4th straight week amid global favourable cues, strong earnings

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Stock market this week India

The Indian market extended its weekly winning streak to the fourth week in the four-day trading week. Major indices gained close to 2% this week amid positive global clues.

Indian stock market this week: Nifty movement this week

The Indian equity market rallied on Monday, and NIFTY50 claimed 17,500 levels. Auto and Metal were the top performing sectors. Only IT and PSU Bank indices ended the day in the red. The rupee fell 40 paise and closed at 79.65 against the US dollar.

The Indian stock market was closed on Tuesday on account of Muharram.

After a break, the market traded flat on Wednesday as investors remained cautioned ahead of US inflation data. Metal was the top performing sector, while IT lost ground on the day. The crude oil prices fell amid recession fears and demand-supply dynamics.

Indian stocks rallied on Thursday amid positive global cues - softer than expected US inflation data. The lower inflation signalled that the Fed may go at a slower pace for interest-rate hikes. IT and Banks stocks rallied the most, while FMCG was a drag for the day.

Market this week India: Top Nifty gainers and losers

Indian indices opened flat on Friday and stayed the same throughout the day. However, in the last hour, the market showed some momentum to end higher for the second consecutive day. Zomato increased more than 6.5% on Friday.

Indian stock markets this week: Key highlights

Quarterly results: Telecom major, Airtel, reported a 466.8% jump in its net profit, and it stood at Rs 1,607 crore. ARPU increased to Rs 183 compared to Rs 146 in the year-ago period. Spencer's Retail Ltd reported a consolidated net loss of Rs Rs 33.63 crore for the first quarter ended June 30. SBI reported its Q1FY23 numbers, the net profit was down but the asset quality has improved. 

Market this week India: Top sectoral gainers and losers

AMFI July Data: AMFI released July month data this week. The net inflow for July stood at Rs 23,604 crore against the outflow of Rs 69,853 crore. Flows in retail mutual fund schemes remained positive for the 17th consecutive month since March 2021, with net flows in the positive territory at Rs 3,847 crore. The number of SIP accounts also stood at an all-time high at Rs 5.61 crore, and the monthly SIP contribution was at Rs 12,140 crore.

IPO back in the picture: Syrma SGS Technology Limited IPO opened for subscription this week. It is the first IPO after more than two months. The issue size of IPO is Rs 840 crore and the price range is between Rs 209 and Rs 220. Should you subscribe? Check our detailed report here. Also, Fincare Small Finance Bank refiled draft IPO papers with SEBI. Yatharth Hospital gets Sebi's go-ahead to launch IPO. IPO consists of a fresh issue of equity shares aggregating up to Rs 610 crore and an Offer For Sale (OFS) offer for sale of up to 65.51 lakh equity shares.

Jefferies on its mid-cap stocks in India: Global brokerage Jefferies said that its Indian small and midcaps coverage has posted a mixed Q1FY23 so far as while operating margin was robust in Crompton, V-Guard, and Polycab, margins of durables (like Havells, Whirlpool) were below estimates. Meanwhile, building materials posted sturdy volumes, while Kajaria Ceramics operating margin improved despite the rising gas cost, the margin of Supreme Industries and Finolex Industries was impacted due to sharp PVC volatility.

  • What happened in Indian markets this week?

  • Which sectors gained and which sectors lost most this week?

  • Which were the top Nifty gainers?