Market at close: Investors have lost nearly Rs 6 lakh crore due to the Nifty 50’s worst week since February 2023.:- Amidst a week filled with ups and downs and a sense of uncertainty, the Indian stock market faced some challenges in finding its stability. It experienced four consecutive sessions of decline, which surely tested the patience of investors. With a mix of corporate announcements and global influences, investors had to navigate through some obstacles that affected both benchmark indices. However, it’s important to stay positive and supportive during times like these.
The benchmark indices, Sensex and Nifty, faced difficulties in maintaining their upward momentum. BSE Sensex experienced a decline of 221 points, closing at 66,009, while Nifty 50 slipped by 68 points, settling at 19,674. This week proved to be the worst for Nifty 50 since February 2023, resulting in investors facing a decrease in wealth by nearly Rs 6 lakh crore.
Market at close
The surge in buying interest among Public Sector Undertaking (PSU) banks was a notable trend of the day. JPMorgan’s announcement of India’s bond inclusion sparked a wave of optimism in the financial sector. This led to gains ranging from 3 percent to 6 percent for banks such as Punjab National Bank (PNB), State Bank of India (SBI), Bank of Baroda (BoB), Canara Bank, and Union Bank. It’s great to see these banks leading the charge and experiencing such positive outcomes.
The Nifty Bank, which is closely monitored by investors, experienced a slight decline of 12 points, closing at 44,641. Similarly, the Midcap Index also faced challenges, shedding 46 points to close at 40,139.
On a positive note, the Nifty 50 had some top gainers such as Induslnd Bank, Maruti, SBI, Mahindra and Mahindra, and Asian Paints. However, there were also some losers like Wipro, DR Reddy, UPL, Cipla, and Bajaj Auto.
The pharmaceutical sector had a turbulent day, with Glenmark Pharma closing in the red. Nevertheless, it showed resilience by bouncing back from its lows. The market was buzzing with discussions about Glenmark’s sale of Glenmark Life.
Overall, it is important to analyze these market movements and trends to make informed investment decisions. Keep a close eye on the market and stay informed about the latest news and developments.
In contrast, the power finance stocks continued their upward journey, experiencing gains ranging from 3 percent to 5 percent, driven by the increasing demand for power. This positive momentum was further fueled by reports of a potential fund infusion, leading Vodafone Idea to emerge as a standout performer with a 4 percent gain. Indus Towers also joined the rally, closing the day with a 3 percent increase.
The automotive sector also witnessed positive movement, with Maruti Suzuki recording a gain of more than 2 percent following a favorable brokerage note. Mahindra & Mahindra (M&M) also joined this upward trend.
Despite weak global cues, the information technology (IT) sector showcased resilience, with many IT stocks ending the day in the green. Tech Mahindra, in particular, emerged as the top gainer in this sector.
However, Wipro faced a setback as its stock fell by more than 2 percent due to the resignation of its Chief Financial Officer (CFO). Nevertheless, the company remains well-positioned for future growth.
Lux Industries faced challenges as its stock slipped by 3 percent amidst reports of income tax department searches on the company’s premises. Despite this, the company’s strong fundamentals and market presence provide a solid foundation for future success.
Market this week
The Indian stock market had a challenging week, experiencing its most significant weekly loss in seven months. Both the Sensex and Nifty fell by nearly 3 percent each, breaking a three-week streak of gains. Financials, particularly PSU banks, did not perform well, with the Nifty Bank index declining by over 3 percent, and the Midcap Index down by almost 2 percent.
Unfortunately, all indices suffered losses for the week, with PSU and PSU banks being among the standout underperformers. Out of the 34 Nifty stocks, several experienced losses, including HDFC Bank, UltraTech Cement, Dr. Reddy’s Laboratories (DRL), and Wipro, which were the top losers.
On a more positive note, Power Grid, Asian Paints, Coal India, NTPC, and HDFC Life were among the top gainers for the week in the Nifty segment. In the midcap category, Berger Paints, REC, Power Finance Corporation (PFC), Union Bank, and Canara Bank emerged as the top gainers. However, GNFC, Syngene, Zydus, and Godrej Properties faced losses in the midcap segment.