Nifty extends gains for 2nd week despite Friday’s fall; Metal, FMCG stocks jump

Stock market this week India

The Indian equity market made new highs this week. The market closed in the green for four trading days. However, selling pressure was seen on the last day.

Indian stock market this week: Nifty movement this week

The Indian equity market remained immune to negative global cues on Monday as both the major indices touched record highs but trimmed some gains in the closing hour. Global crude oil fell and Oil & Gas stocks jumped, and the overall index jumped 1.5%. Metal lagged for the day.

On Tuesday, the Indian equity market continued its winning rally for the sixth consecutive day amid a positive domestic outlook. Among sectors, the star performer for the day was the FMCG index. Realty and Auto remained under pressure.

The benchmark indices continued to make fresh highs on Wednesday, thanks to the rally in the last hour. Investors looked forward to the Fed chairman's update for policy clues later in the day. Also, hopes of China relaxing its Covid restriction got stronger and excited the market.

On Thursday, Indian equity investors cheered the positive comment by the Fed Chair on an interest rate hike. The benchmark indices took the winning rally to the eighth straight day. The IT and Media sectors gained the most - both rallied over 2%. FMCG and Auto remained under pressure during the day.

The Indian equity market snapped its 8-day gaining streak and ended lower on Friday amid weak Asian and European cues. Realty stocks performed well due to brokerage upgrades while selling pressure was seen in the Auto stocks.

Market this week India: Top Nifty gainers and losers

Key highlights of the week:

GDP growth: Real GDP in Q2 2022-23 is estimated at Rs 38.17 lakh crore, as against Rs 35.89 lakh crore in Q2 2021-22, showing a growth of 6.3% as compared to 8.4% in Q2 2021-22. Post the data release, Chief Economic Advisor V Anantha Nageswaran said the Indian economy is on track to achieve a 6.8-7% GDP growth in the current fiscal. He further added that the economic recovery momentum is continuing and the GDP is averaging the 2019-20 level.

GST collection: The GST collection grew by 11% to about Rs 1.46 lakh crore in November on increased consumer spending and better compliance. November is the ninth month in a row that the GST collection has remained above the Rs 1.4 lakh crore mark. However, the GST collection in November was the lowest since August.

Market this week India: Top sectoral gainers and losers

Pilot for digital currency: The RBI announced this week that it will launch the pilot for a retail digital rupee. The e-rupee is a form of digital token that will represent legal tender. It is different from cryptocurrencies as the digital rupee is issued in the same denomination as paper coins and traditional currency. Initially, it is available with only four banks and in four cities. Check the complete details here.

OPEC meeting and oil price: Crude oil prices declined almost by 7% in November. It started December on a positive note. Crude prices in the first week of December are up nearly 6% and fluctuating ahead of the OPEC+ meeting on December 4. Experts believe that oil prices will fall more in the coming days.