Market snaps four-weekIn the last week ended January 21, the market took the brakes on its fourth consecutive week’s rally amid the hike in interest rates by central banks and continuous selling by FIIs. Last week, the Sensex closed at 59,037.18, down 2,185.85 points, or 3.57 per cent. On the other hand, Nifty closed at 17,617.2, down 638.55 points or 3.49 per cent.
Last week, the BSE Midcap index lost 4.3 per cent on a weekly basis. nfo Edge India, Oracle Financial Services Software, Zee Entertainment Enterprises, Container Corporation of India, Max Financial Services, Voltas and Godrej Properties contributed the most to this decline.
For the week ended January 21, the BSE Smallcap index touched fresh highs during the week itself but ended the week in the red. Stocks like Sterlite Technologies, Tata Teleservices (Maharashtra), Urja Global, Hikal, Tejas Networks, Bhansali Engineering Polymers, The Anup Engineering, Dr Lal PathLabs, Jaypee Infratech and Zee Media Corporation lost 16-23 per cent. On the other hand, Precision Wires India, HSIL, Khaitan Chemicals and Fertilizers, Kellton Tech Solutions, OnMobile Global and Vikas Lifecare saw gains of 21-44 per cent.
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If we look at the largecap stocks, last week the BSE largecap share saw a decline of 3.3 percent. In the largecap, HCL Technologies, Bajaj Finserv, Larsen & Toubro Infotech, Divis Laboratories and Ambuja Cement were the biggest losers. While Adani Green Energy, Hero MotoCorp, Power Grid Corporation of India and Adani Transmission remained the major gainers.
Looking at the BSE Sensex, Infosys was the biggest loser in terms of market cap. It was followed by TCS, HCL and Reliance Industries. At the same time, the market cap of Power Grid Corporation of India, Maruti Suzuki India and Mahindra and Mahindra saw the biggest increase.
If we look at different sectors, BSE IT saw a decline of 6.5 percent. BSE Telecom declined 5.8 per cent and Nifty Pharma declined by 5.2 per cent. However, during this period the power index was up 2.6 per cent.
Foreign institutional investors sold Rs 12,643.61 crore in the Indian markets last week. On the other hand, domestic institutional investors made purchases of Rs 508.04 crore. However, so far this month, FIIs have sold Rs 15,563.72 crore in the Indian markets while DIIs have bought Rs 7,430.35 crore.
In the week gone by, the rupee also saw weakness against the dollar. On a weekly basis, the rupee had weakened by 27 paise to close at 74.42, while on January 14, the rupee had closed at 74.15 against the dollar.
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