The market started the budget week with a positive note and saw a rally in the next two trading sessions. Growth oriented budget supported the market. However, the market came under pressure in the second half of the week. Incessant selling by FIIs, weak PMI data, rising bond yields, rise in crude oil prices, rate hike by BoE and indications of ECB tightening monetary policy worsened the sentiments.
Last week, the BSE Sensex closed at 58,644.82 with a gain of 1,444.59 points, or 2.52 per cent. On the other hand, Nifty 50 closed at 17,516.3 with a gain of 414.35 points or 2.42 percent.
The BSE Largecap index rose 2.5 per cent in the week ended February 4. The biggest contributors were NMDC, Divis Laboratories, Vedanta, Tata Steel, Marico, Sun Pharmaceutical Industries, HCL Technologies, ITC and Hindalco Industries.
Paytm’s loss again, the company’s loss increased to Rs 778 crore in the December quarter, revenue increased by 89%
On the other hand, the BSE Smallcap index was up 2.3 per cent. In this, Bharat Road Network, Jindal Drilling Industries, Ambika Cotton Mills, Elgi Equipments, MAS Financial Services, Nahar Poly contributed the most. This stock saw an increase of 30-45 percent.
Similarly, the BSE Midcap index gained 2.3 per cent. Jindal Steel & Power, Info Edge India, Canara Bank, TVS Motor Company, Steel Authority of India, PI Industries, Biocon, United Breweries and Torrent Power contributed to this.
In the BSE Sensex, TCS saw the biggest gain in the market cap this week. It was followed by HDFC Bank, Infosys and HCL Tech. While on the other hand NTPC, M&M and HDFC saw the biggest fall in the market cap.
All sectoral indices closed in the green for the week ending February 4. The Nifty Metal index closed with gains of 6.6 per cent, Nifty Pharma by 4.6 per cent and FMCG index up 3.6 per cent.
Selling to foreign institutional investors continues in the Indian markets. In the week ended February 4, FIIs made selling of Rs 7,695.27 crore. While domestic institutional investors bought Rs 5,923.71 crore.
Last week, the rupee closed at 74.69 with a gain of 35 per cent on a weekly basis against the dollar. Whereas on January 28 it closed at the level of 75.04.
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