Nifty Continued Its Losing Streak This Week As Global Cues Hurt

Stock market this week

The Indian equity market closed lower this week amid weak global cues. Hawkish commentary by the Fed this week kept all the major markets in the red. All the major sectors closed in the red for the week.

Indian stock market this week: Nifty movement

The Indian equity market closed flat on Monday in line with other global markets that remained muted. The IT stock continued to see selling pressure amid negative global cues and recession fear. Oil & Gas was the major gainer for the day.

On Tuesday, the Indian equity market closed in the green as investors cheered retail inflation easing to an 11-month low (YoY) in November - it stood at 5.88%. The PSU bank index jumped over 4%. A rally was also seen in IT and Auto stocks. On the other hand, Realty and Consumer Durable struggled and ended in the red.

The Indian equity market continued its upward trajectory on Wednesday. Except for FMCG, all other sectors performed well. The top-performing stocks were from the IT and Metal sectors. Bank NIFTY ended above 44,000 for the first time. Paytm shares were in focus after the board nod for Rs 850 crore share buyback.

On Thursday, the Indian equity market tracked Wall Street and closed over a percent lower. Indian investors shared the pessimistic sentiment with their global peers after Fed maintained its hawkish tone. All the sectors closed in the red, with IT and Media falling the most.

The Indian equity market continued to trade lower on Friday and ended in the red. Among sectors, the Nifty Pharma index fell 1%, dragged by leading pharma stocks - Glenmark Pharma, Gland Pharma, and Dr Reddy's Laboratories. PSU bank fell over 3%.

Market this week India: Top Nifty gainers and losers

Key highlights for the week:

Two IPOs to come next week: Two companies have announced that they will come with their IPOs next week. Elin Technologies opens for subscription on the 20th with an issue size of Rs 475 crore. They are the leading EMS manufacturer of end-to-end product solutions for major brands of lighting, fans, and small/kitchen appliances. KFin Technologies opened for subscription on 19 December with an issue size of Rs 1500 crore. They are a leading technology-driven financial service platform that provides comprehensive solutions and services to the capital market ecosystems.

LIC increases stake in HDFC AMC: LIC has increased its shareholding in the asset management company, HDFC AMC, by buying additional shares via open market transactions. The company informed us that this stake was bought by LIC between March 30, 2022, and December 14, 2022. With this, LIC has increased its stake in HDFC AMC to 9.053% from 7.024% earlier.

Paytm Buyback announced: Paytm announced this week that the board has approved a share buyback plan of Rs 850 crore. The company will undertake the buyback of up to Rs 850 crore at a maximum price of Rs 810 per share, a premium of about 52% from its current stock price. You can check the details of the buyback in our detailed article.

Dollar sold in the first half of fiscal: As the latest data released this week, the RBI net sold $33.42 billion in the foreign exchange market in the first six months of the current fiscal to defend the rupee from excessive volatility. It is important to note that the value of the rupee is market-determined. The exchange rate of the Indian Rupee (INR) against the greenback hit a record high of Rs 83.20 per dollar on October 20, 2022. 

Market this week India: Top sectoral gainers and losers