Nifty extends gains for 2nd straight week as PSU Banks, Auto, Energy stocks jump
The Indian equity market closed with gains in the holiday-shortened week. PSU banks were again the top performers for the week, while NIFTY FMCG continued to be a drag.
Indian stock market this week: Nifty movement this week
The Indian equity market was closed on Monday because of Diwali. However, the trading window was open for an hour under Muharat trading. The market started Samvat 2079 on a positive note with most sectors closing higher.
The Indian equity market closed lower on Tuesday as oil prices gained as the US dollar eased, though demand fears remained. As per the latest report, Forex reserves continued to decline. The rupee continued to slide, inching closer to the 83-level mark.
On Wednesday, the market remained closed on the occasion of Diwali Balipratipada.
The equity market started the day on a positive note on Thursday, despite oil prices climbing on strong US crude exports. The initial gains were given away, and the market remained flat for most of the day before making a comeback in the last hour. The metal sector was the star performer for the day, gaining over 2%.
On Friday, the Indian market opened on a positive note and continued marginally higher for most of the trading day, though most sectors ended lower. Strong traction was seen in two index heavyweights - Reliance and Maruti. Maruti helped the auto sector to close on a high.
Market this week India: Top Nifty gainers and losers
Key highlights of the week:
Quarterly results: Companies continued to report their September quarter result this week. Maruti Suzuki Q2 standalone net profit at Rs 2,061.5 crore against Rs 475.3 crore YoY. Tata Chemicals Q2 profit jumps nearly 3-fold to Rs 685 crore. IIFL Finance clocks 36% YoY growth in Q2 consolidated profit at Rs 397 crore.
Nykaa share price: In the last one month, Nykaa shares have fallen over 24% and with that, Nykaa exits the top-100 valued firm club. On Friday, the company continued to slide and made a fresh low of Rs 975.50 per share. Nykaa has an expiry date of 10 November for pre-IPO investors, which is one of the reasons for the fall in share price. Check our detailed report on it here.
Market this week India: Top sectoral gainers and losers
RBI's special MPC: The Reserve Bank of India has called a special meeting of the Monetary Policy Committee (MPC) on November 3 to prepare a report on its failure to keep retail inflation below 6% for three consecutive quarters. The meeting will be under Section 45ZN of the Reserve Bank of India (RBI) Act which deals with failure to maintain the inflation target.
Indian Foreign reserve: According to data released by the Reserve Bank of India, the foreign exchange reserves of India fell by $3.85 billion to $524.52 billion for the week ending Oct 21. The forex reserves have now been depleted for 11 weeks out of 12.
What happened in Indian markets this week?
The market rallied over 1.2% in the week as it closed in the green for most trading days in a holiday-shortened week. Out of 50 NIFTY50 stocks, 40 closed in the green, while 10 closed in the red.
Which sectors gained the most this week?
For the second consecutive week, Nifty PSU Bank was the top gainer for the week with a change of 5.1%.
Which were the top Nifty gainers?
Among NIFTY50 stocks, Maruti, JSW Steel, and NTPC were the biggest gainers, jumping up to 9.1%.
Which were the top Nifty losers?
HUL, Bajaj Finance, and HDFC Life Insurance were the biggest losers, plunging up to 4.9%.