Indian Stock Market Hits Record Highs: Key Factors Behind the Rally

 

Indian Stock Market Weekly Update (26-30 June 2023)

 

Indian stock market indexes made a second consecutive weekly gain, logging their highest gains over 11 months, since July 2022. The domestic markets ended higher for all four trading sessions during the truncated week, markets were closed on Thursday due to a holiday. On a weekly basis, BSE Sensex rose 2.76 percent while NSE Nifty advanced 2.80 percent. The Indian stock markets hit a fresh record high during the week and ended at record closing levels on Friday.

The broader markets ended higher in line with their larger peers, as Nifty mid and small-cap indexes gained 2.7 percent and 2 percent respectively. All sectoral indices closed in the green for this week, with Nifty Pharma, Auto, IT, and PSU Banks gaining the most. FIIs were net buyers for this week, they bought shares worth Rs 20361.75 crore while DIIs offloaded shares worth Rs 1564.6 crore.

 

Top Nifty 50 Weekly Gainers and Losers

 

The top five Nifty 50 weekly gainers were Adani Enterprise (6.92%), Tata Motors (6.41%), Sun Pharma (6.07%), M&M ( 5.85%), and Infosys (5.57%). There were no losers during the week in Nifty 50 index

 

Nifty Mid-Cap Weekly Gainers and Losers

 

The top five Nifty Mid-cap gainers were Aditya Birla Cap (12.17%), Biocon (12.07%), M&M Fin Services (10.06%), Max Financial (8.49%), and Gland Pharma (8.42%)

The top losing stocks in the Nifty Mid-cap index were Guj FluroChem (4.14%), Torrent Power (3.98%), Tata Tele Mah (3.00%), Apollo Tyre (2.21%), and Deepak Nitrate (1.72%)

 

Nifty Small-cap Weekly Gainers and Losers

 

The top Nifty Small-cap index weekly gainers were Kalyan Jewellers (16.15%), UTI AMC (14.85%), NLC India (11.29%), Suzlon Energy (10.47%), and RBL Bank (9.28%).

The top weekly losers in the Nifty small-cap index were Credit Access (9.83%), EID Parry (4.22%), MCX (4.19%), Easy Trip Planner (3.80%), and PNB Housing (3.64%)

 

Factors Behind the Indian Stock Market Rally

 

Indian stock market remain upbeat in all four trading sessions during the truncated week. Bulls continue to dominate the markets despite mixed cues from the global markets. Indian markets got support from FIIs, as strong buying by foreign investors and the advance of the southwest monsoon during the week boosted the market sentiments.

Both benchmarks hit an all-time high last Wednesday, as the investors shrugged off nervousness over the political instability in Russia, the hawkish tone of central bankers in the ECB forum, and weak economic data from Asia during the week.

However, global investor sentiments were uplifted at the end of the week due to a favorable revision in US Q1 GDP, a fall in jobless claims, and the positive outcome of the Fed’s US bank stress test.

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