Nifty posts best week in a month as IT, banking stocks jump
Stock market this week India
Both the major indices Sensex and Nifty snapped the two-week losing streak and closed the week on a high as they gained over 2% in the week. The midcap index gained for the 12th consecutive week. Let us look at things as they happened this week.
Indian stock market this week: Nifty movement this week
The stock market started the week on a positive note on Monday. Both the major indices jumped 0.75%. Tamilnad Mercantile Bank IPO opened for subscription, and oil rallies as investors turn to the OPEC+ meeting this week.
The Indian equity market started the day on Tuesday with gains but gave away gains to close in the red. Metal stocks soared on the report that the government may cut steel export duties.
The stock market on Wednesday ended on a lower note amid weak global cues. Tamilnad Mercantile Bank IPO subscribed 1.91 times on Day 3, a retail portion was booked 4.65 times.
The equity market snapped the 2-day losing streak on Thursday to close 1% higher. Paint stocks were on the rise as crude slid to January lows. The FADA report suggested that automobile retail sales in India rose 8.31% in August.
The stock market started with gains on Friday but gave most of the gains in the second half to close slightly higher. Rice stocks were impacted as India Imposed a 20% Tax on Some Rice Exports.
Market this week India: Top Nifty gainers and losers
Key highlights of the week:
August Auto Sales update: All the major auto companies did well in August as there were many festivals during the month. In August, around 3.28 lakh passenger vehicles were sold, a growth of 26% YoY. However, sequentially, numbers were down 3.8%. Check the performance of all major auto companies in our report here.
Equity inflows down in August: As per monthly data released by the Association of Mutual Funds in India (AMFI), equity funds saw 31% fewer inflows in August 2022, compared to the previous month. Total assets under management (AUM) for the MF fund industry stood at Rs 39.33 lakh crore, as on August 31, 2022, compared to Rs 37.74 lakh crore at the end of July. Though contributions to SIPs have gone up to Rs 12,693 crore in August, compared to Rs 12,139 crore in July.
Market this week India: Top sectoral gainers and losers
Oil price fall: Oil prices fell this week as a renewed fear over the recession and a strong US dollar weighed on the commodity. Earlier in the week, the message from Opec+ was that it will protect oil prices. This week, Brent has dropped below $90 a barrel since February.
Bond yields: With a drop in crude oil price, the bonds and rupee have strengthened this week. The yield on the 10-year benchmark 7.26% 2032 paper settled at 7.08% as against 7.13% at the previous close.
What happened in Indian markets this week?
Despite the volatility in the market, the market ended on a positive note this week. Both Sensex and Nifty ended 2% higher this week. The midcap index ended with gains for the 12th consecutive week.
Which sectors gained?
Nifty PSU Bank was the top gainer for the week with a 4.3% change.
Which were the top Nifty losers?
The top NIFTY losers this week were Bajaj Auto, with a 4.5% fall in share price, followed by Tata Motors, with a 3.4% fall in share price.