Stock market this week (India): Nifty posts third consecutive weekly gains; Q1 earnings, global cues in focus

Stock market this week India

Nifty rose in four of the five sessions and ended the week on a third-day winning streak.

Indian stock market this week: Nifty movement this week

The Indian market started the week on Monday on a positive note. HDFC Bank received a 'No objection Certificate' from NSE and BSE for the merger with HDFC. The FMCG and Auto sector remained in focus - Bajaj Auto commenced its share buyback.

After the positive start, the market took a U-turn on Tuesday and closed in the red. The rupee continued to slide, and Nomura predicted it could fall to 82 levels. Passenger vehicle retail sales were 40% up in June as chip supply improved.

The market on Wednesday made a good rally, and both major indices gained over 1 percent. International crude oil price declined over possible recession fear but was still over $100 per barrel. DCGA issues show-cause notice to Spicejet as the airline failed to establish safe services.

The market rallied for the second consecutive day on Thursday amid positive global cues. The crude oil slipped below $100 per barrel. RBI bid to shore up foreign exchange inflows; measures aimed at cushioning falling rupee.

The Indian indices extended the winning streak of the last two days to close positive on Friday. The rally was led by L&T, metal continued to be a drag. The market waited for TCS Q1 earnings to start the earnings for the first quarter.

Market this week India: Top Nifty gainers and losers

Indian stock market this week: Key highlights

Crude Oil Price: Crude oil fell below $100 per barrel this week due to recession fears. As per experts, prices might come down further if western economies continue to pass through adverse circumstances. Brent futures fell below $100 a barrel for the first time since April 25. Lower oil prices would mean a lower import bill for India, which imports around 85% of its annual needs. 

Q1 Data: Companies have started reporting their Q1FY23 topline numbers before the quarterly season kicks off. Titan's first-quarter sales grew 205% in a year on a low base and clocked a 3-year CAGR of 20.5% in growth. The jewelry sales jumped by 207% on the year. Bajaj Finance has recorded the highest ever quarterly increase in its customer numbers in Q1FY23 - the number stood at 2.7 million. The Asset Under Management (AUM) for Q1FY23 stood at Rs 2.04 lakh crore compared to Rs 1.56 lakh crore for the same quarter last year.

Stock market this week India: Sectoral gainers and losers

Falling Rupee: The Rupee continued to show weakness this week against the US dollar and has hit a record low of Rs 79.38 as of Thursday. As per the analysts, the rupee will continue to lose value in the upcoming months and may cross the barrier of Rs 80 against the dollar. One of the prime reasons for it Foreign institutional investors (FIIs) have sold shares worth $28.4 billion so far this year. RBI is taking measures to ensure there is no abrupt fall of the rupee against the dollar.

HDFC Bank Merger: HDFC merger: This week, HDFC received NO OBJECTION CERTIFICATE from NSE and BSE. Later in the week, it received clearance from the RBI (subject to certain conditions).