Nifty Closes Near Record High Amid Strong Rally in PSU Bank, Technology Stocks

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Indian Market Weekly Update

After four consecutive weeks of decline, the Nifty 50 closed near a fresh record high on Friday. Strong global cues, macro data, receding oil prices boosted investor sentiments.

Indian stock market this week: Nifty movement this week

The Indian equity market opened lower and lost nearly a percent on Monday amid negative global cues. The only bright spot for the day was the PSU Banks which added over a percent. Stocks fell globally as investors waited to gauge the mood of central bankers on future rate hikes.

On Tuesday, the Indian equity market opened in a green and remained there making higher gains as the day progressed. PSU Bank, for the second consecutive day in the week, was the star performer, followed by IT and Metal sector stocks. Selling pressure was seen in the realty sector.

The Indian equity market on Wednesday remained green for most of the day but lost most of the gains in the last trading hour to close marginally higher. Bank and Media gained the most, while the Metal and IT sectors ended in the red.

On Thursday, the major indices gained over a percent as FOMC minutes hinted at a slower pace in rate hikes going forward. Sensex hit a fresh all-time high of 62,412.33, while NIFTY50 moved closer to its record high level. Foreign investors made huge buying after being net sellers for the previous four days.

The Indian equity market opened with a red on Friday and remained flat. It turned green in the last hour to close marginally higher. The realty sector performed well while selling pressure was seen in FMCG stocks.

Market this week India: Top Nifty gainers and losers

Key highlights for the week:

ICRA on India's GDP growth: Rating agency ICRA said this week that India’s economic growth will likely slow down to 6.5% in the second quarter of the current fiscal, largely because of input cost movements for certain sectors with a higher fuel intensity, and the impact of the flagging external demand on non-oil merchandise exports.

PSU Banks hitting 52-week highs: More than five banking stocks have hit a 52-week high this week. Interestingly, these banking stocks have managed to climb to their new 52-week high when the Bank Nifty index is in the negative zone. The list of those PSU banks that hit a 52-week high, includes Indian Bank, Punjab National Bank, Central Bank of India, UCO Bank, and Union Bank of India

Market this week India: Top sectoral gainers and losers

Paytm shares hit 52-week low: Paytm shares hit an all-time low this week after Macquarie Group analysts flagged risks from Mukesh Ambani's foray into the financial services business with Jio Financial Services. The report said that Reliance’s Jio Financial Services Ltd can pose a significant growth and market-share risk for players like Paytm and Bajaj Finance. On Thursday, Paytm shares closed at Rs 441 per share (an all-time low).

Domestic air traffic rises 10% in October: Indian airlines carried 1.14 crore passengers in October, 10% higher than the number of people flown in September. Data released by the Directorate General of Civil Aviation (DGCA) this week showed that domestic air traffic jumped nearly 27% to 114.07 lakh last month compared to the year-ago period when it was 89.85 lakh.

  • What happened in Indian markets this week?

  • Which sectors gained the most this week?

  • Which were the top Nifty gainers?

  • Which were the top Nifty losers?