Weekly wrap: Sensex, Nifty usher in Samvat 2078 with gains aided by positive cues

Weekly wrap: Sensex, Nifty usher in Samvat 2078 with gains aided by positive cues

Last updated: 05 Nov, 2021 | 11:26 am

Weekly wrap: Sensex, Nifty usher in Samvat 2078 with gains aided by positive cues

On Monday, the equity barometers snapped a 3-day losing streak and ended with strong gains. Positive global cues lifted sentiment. All major sectoral indices ended in green, indicating the strength of the rally. Sensex and Nifty gained nearly 1.5% each. Marco data such as PMI as well as GST collections also indicated strong recovery. 

On Tuesday, key equity indices ended lower, tracking global stocks. Globally, investors turned cautious ahead of the upcoming US Fed meet later in the week. Nifty closed 0.23% lower at 17,888.95. 

The decline continued on Wednesday, led by selling in banks and auto stocks. Investors were concerned that the US Fed may put an end to its easy monetary policy, and announce tapering of asset repurchases. 

The benchmark was closed on Thursday on account of Diwali-Laxmi Pujan. The markets will remain shut on Friday due to Diwali- Balipratipada. For the week, up to Nov 3, Sensex closed 0.78% higher, while the Nifty rose 0.9%. 

In the special Muhurat trading session on Thursday, the leading indices ushered in the New Year Samvat 2078 with modest gains. Including the Muhurat trading session, the Nifty gained about 1.4%.

Top gainers and losers in the week (includes Muhurat trading session)

  • Quarterly results and stock specific news were the major factors determining top gainers and losers this week.
  • Indiabulls Housing shares gained 7.5% while Reliance Industries shares lost 3.84%. 
  • Nifty Realty was the biggest gainer jumping nearly 10% in the week.

Here is a quick recap of the market moving developments:

Robust macro data: India's manufacturing activity continued its strong momentum in October, hitting an eight-month high, as companies scaled up production in anticipation of improvement in demand.  Manufacturing PMI rose to 55.9 in October expanding for the fourth consecutive month even as it stayed below the February reading of 57.5. A reading above 50 indicates expansion in economic activity and a number below that signals contraction. GST collections rose to Rs 1.30 lakh crore in October, the second highest since its implementation in July 2017. This is the fourth consecutive time when GST collections have crossed ₹ 1 lakh crore mark. The collections from GST were Rs 1.17 lakh crore in September 2021.

Big bang IPOs see traction: The week was marked by big bang IPOs of Nykaa and Policybazaar. Nykaa IPO to raise up to Rs 5,350 crore got subscribed by more than 81 times. PB Fintech, the parent policy bazaar, saw its public issue getting subscribed by more than 16 times. The company had looked to raise up to Rs 5,700 crore. Sigachi Industries IPO got huge traction, with subscription at more than 101 times at the end of third day of the issue. 

Muhurat trading session: In the special Muhurat trading session from 6.15 pm to 7.15 pm on Thursday, the leading indices ushered in the New Year Samvat 2078 with modest gains. Sensex and Nifty gained 0.5% each during the special session on Diwali day. Notably, the indices have posted positive returns for the 4th consecutive year now. Last year, the Nifty had gained about 0.47% on Diwali day. 

That’s all for this week’s market wrap. We will be back with more interesting market insights in the next week!

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