Nifty logs worst week in 3 months as IT, Media Stocks bleed

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Indian market weekly

Stock market this week India

Nifty posted its worst week since June 17, as negative global cues hurt sentiments. NIFTY Bank was the stand-out performer this week, gaining nearly 1%, the fourth consecutive weekly rise. 

Indian stock market this week: Nifty movement this week

The Indian market started the week on Monday on a high, and all indices remained in green throughout the day. IT and Media were the top gainers. 10-year government bonds inched higher ahead of inflation data.

The Indian Equity market continued its rally on Tuesday as NIFTY touched the 18000-level after months. Dairy stocks were under stress on the day a virus killed over 57 thousand cattle. SEBI is looking at a new form of risk disclosure for F&O amid rising retail interest.

The Indian market turned negative for the first time in the week on Wednesday. Harsha Engineers opened for subscriptions and saw a good response from investors. August WPI Inflation stood at 12.41% versus 13.93% MoM.

On Thursday, the market opened with a gap-down opening and closed more than half a percent lower. IT and Realty were the worst hit sectors. The rupee dropped by 35 paise against the dollar on forex outflows and rate hike fears.

The Indian market witnessed a blood bath on Friday as both indices fell nearly 2% for the day. The market gradually inched lower after opening with a down gap and settled lower. The market fell due to weak global cues.

Market this week India: Top Nifty gainers and losers

Key highlights for the week:

IPO Corner: Harsha Engineer opened for subscription this week and was subscribed nearly 75 times on the last day. Tamilnad Mercantile Bank made a tepid debut on exchanges this week. On the National Stock Exchange (NSE), the stock debuted at Rs 495 per share, around 6% lower than the issue price. Also, Mankind Pharma (Manforce condoms maker) files papers for $700 million plus IPO, one of the biggest ever in the sector.

Inflation Numbers: India’s wholesale inflation eased to 12.41% in August. The WPI had spiked to 13.93% during July, while the WPI for June was revised to 16.23% from 15.18%. The WPI in August 2021 was 11.64%. Inflation in August 2022 is primarily contributed by a rise in prices of mineral oils, food articles, crude petroleum & natural gas, basic metals, chemicals & chemical products, electricity, food products, etc. as compared to the corresponding month of the previous year.

Market this week India: Top sectoral gainers and losers

Morgan Stanley on rate hike: Morgan Stanley, in a report, said that they expect a 35-bps rate hike in the September 30 review as they expect CPI inflation to remain around 5.3% in FY24 and thus believe that normalization in real rates is warranted.

CRISIL on NBFCs: As per a recent CRISIL report, the NBFCs segment has witnessed 3 consecutive years of constrained asset growth due to the COVID-19 pandemic, with the growth coming at 5% in FY22. The report said that vehicle finance, which constitutes nearly half of the assets for NBFCs, will grow at 11-13% in FY23, as against 3-4% in FY22 and FY21. Also, NBFCs' asset growth set to touch a four-year high in FY23.

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