Stock market this week (India): Nifty ends lower dragged by IT stocks; Q1 earnings, inflation in focus
Stock market this week India
Nifty traded flat for most days. It closed in red four days out of five trading days. Overall, the Nifty closed 1% lower, snapping a three-week winning streak.
Indian stock market this week: Nifty movement this week
The Indian equity market traded and closed flat on Monday. Indian rupee ends at a fresh record closing low at 79.43 per dollar. Adani's 5G auction news sent Airtel stock price down. The Auto sector did well on the day.
Major indices continued to slide on Tuesday. NIFTY and SENSEX started the day on a weak note and continued to fall to close nearly 1% down. Nifty Metal and IT continued to be the most hit. The Indian rupee continued to slide.
The market took its losing streak to the third consecutive day as most indices closed in red on Wednesday. Oil prices slipped on anticipated US inventory build amid demand worries. June CPI inflation came at 7.01%.
The Indian equity market continued to slide lower, giving up intraday gains on Thursday. ONGC, RIL share price rise on reports that government may cut excise duty. Rupee falls to a fresh record low for the 4th straight session on a strong dollar.
The indices broke the losing streak of 4 consecutive days to close on a positive note on Friday. The auto sector was the best performing sector. The falling rupee continues to be a worry for investors - ends the week at 79.87.
Market this week India: Top Nifty gainers and losers
Indian stock markets this week: Key highlights
Quarterly results: Companies have started reporting their Q1FY23 results. After TCS kicked off the earnings season last week, HCL technologies reported its earnings. The net profit was below estimates. Check the detailed report here. Mindtree and L&T Infotech also announced results this week.
Mutual fund AUM: The Asset Under Management for the mutual fund industry dropped to an 11-month low in June. Total AUM for the MF industry declined for the second consecutive month to Rs 35.6 trillion (-4.2% MoM) in June 2022 - the lowest level since August 2021. It was led by a decline in AUM for income (Rs 711 billion), equities (Rs 405 billion), liquid (Rs 219 billion), and other ETFs (Rs 115 billion).
Indian Stock Market This Week: Top Nifty sectoral gainers and losers
Indian Rupee slide: The Indian rupee hit a record low on Friday, continuing its downward spiral, as a weak outlook for global growth prompted investors to dump riskier assets, although easing crude prices limited the unit's fall. On Friday morning, it touched 79.95, an all-time low for the fifth consecutive session.
Indian Retail Inflation: India's Retail Inflation, measured by the Consumer Price Index (CPI), fell to 7.01% in June against 7.04% in May 2022. This is despite the slew of measures taken by the government pertaining to tax structure imposed on crucial commodities, excise duty cut on petrol and diesel to control the rising inflation.
What happened in Indian markets this week?
The Indian market closed the week on a negative note, with the market closing in red for the first four consecutive days. Most of the losses from the first four days were recovered on the last trading day of the week.
Which sectors gained and which sectors lost most this week?
Nifty Pharma was the top gainer for the week with a 2.3% change, while Nifty IT lost the most this week, it fell by 6.3%
Which were the top Nifty gainers?
Among NIFTY50 stocks, the top gainer this week was NTPC with 4.2% returns, followed by ONGC with 4.2% gains.
Which were the top Nifty losers?
The top NIFTY losers this week were HCL Technologies with a 10.2% fall in share price, followed by TCS with an 8.3% fall in share price.