Stock Market This Week (India): Auto, Consumer Stocks Led to Rally

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Stock market this week India

It was one of the best weeks for investors in recent months. The market closed in the green all days barring Wednesday. 

Indian stock market this week: Nifty movement this week

The major indices ended in the green on Monday after moving both sides during the volatile session. The metal sector was the worst hit falling over 4% due to interest rate hikes, export duty worries, and inflation. However, the oil inched lower on the day.

The market continued its rally for the second consecutive day on Tuesday with all major indices closing higher. SEBI released a circular stating that mutual funds can now resume investing in international stocks. 

The Indian market crashed on Wednesday dragged by Metals again, the second time in the week. The Indian Rupee hit a fresh low of 78.32. The positive from the day was oil prices coming down by $5 per barrel and trading around $110 levels.

The market started on a high and closed in the green on Thursday despite weakness in the global market. The gold prices came down as the US Fed made a statement that the Fed is committed to fighting inflation. The gains were seen in automobiles, IT, and pharmaceutical stocks.

Market this week India: Top Nifty gainers and losers

The market ended the week on a positive note on Friday with small and mid-cap stocks back in action. The RBI governor made a statement that RBI is well on track to bring down inflation. 

Indian stock market this week: Key highlights

Sovereign Gold Bond: This week RBI launched its first tranche of the SGB scheme for 2022-23. SGB investment comes with a lock-in period of 8 years. However, you can make an early exit after 5 years on the interest payout date. You get the SGB interest rate at 2.5% annually on the nominal value of gold. The application was open until June 24. If you have missed investing in SGB this time around, you can invest next time when it opens in August. Check more details here

Reliance's new target price: Jefferies has retained a BUY rating on the stock with the target at Rs 2,950 per share. The firm believes that the correction in the stock offers an opportunity adding that there are tailwinds to refining margin in CY22. Check out the reasons for it in this detailed article here.

Stock market this week India: Sectoral gainers and losers

Rupee hits fresh lows: The rupee slumped to a fresh all-time low of 78.39 against the US dollar this week. One of the main reasons for the rupee falling this week was the consistent purchase of the US dollar by state-owned banks, likely on behalf of oil marketing companies. According to the Bank of America, India’s rupee may extend declines to a record-low 81 per dollar by year-end due to rising prices of crude and other raw materials. Check more details here

MF to resume investing in international stocks: SEBI has permitted mutual funds to again invest in foreign stocks within the aggregate mandated limit of $7 billion for the industry. There has been a major correction in global markets and it has reduced the cumulative value of investments made by all the mutual fund houses together.

  • What happened in Indian markets this week?

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

  • Which were the top Nifty gainers?

  • Which were the top Nifty losers?

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