Indian Stock Market Snaps Two-Week Slump, Ends Budget Week on Optimistic Note
Indian Stock Market Analysis (29 Jan- 2 Feb 2024): Indian stock markets snapped a two-week losing streak and ended the budget week on an optimistic note.
Friday’s session was a rollercoaster, as both the indices trimmed from their peak value and closed moderately higher. The Nifty 50 hit a day’s high of 22126.80 for the first time since mid-Jan and the Sensex was up about 2.02%. However, the Nifty failed to hold the crucial 22,000 while the Sensex fell after almost reaching near its lifetime high, due to a sharp correction in banking stocks.
Indian Stock Market This Week
In the week ending on 2nd February, Sensex gained 1384.96 points or 1.96% and settled at 72085.63, while Nifty jumped 501.2 points or 2.35% and closed at 21853.80. Both benchmarks ended higher in three out of five trading sessions this week.
Among the sectors, barring Media and FMCG all other sectoral indices ended in the green with Nifty PSU Bank gaining the most, up 11.5% followed by Oil & Gas and Energy.
The market was volatile during the week, as Fed Chair Jerome Powell poured cold water on the hopes of early interest rate cuts in the US Central Bank Policy meeting. FIIs were net sellers and they offloaded shares worth Rs 2008.68, which also impacted the domestic market sentiments.
However, the market sentiments improved with DIIs purchasing shares worth Rs 10,102.62 crore, five times the value of FIIs selling. On Friday, the Indian stock market saw gains as investors evaluated the interim budget presented on Thursday.
Weekly Nifty Top Gainers and Losers
The top five Nifty 50 weekly gainers were BPCL (17.70%), Power Grid (12.87%), Adani Ports (10.05%), ONGC (9.91% ), and Adani Enterprise (9.12%)
The top Nifty 50 weekly losers were L&T (6.05%), Titan (4.19%), ITC (3.41%), Bajaj Finance (3.35 %), and Bharti Airtel (0.84%)
The Nifty Mid-Cap weekly top gainers were NHPC (20.83%), Indian Bank (18.53%), Delhivery (17.90%), Bank of India (15.25%), and Motherson Wiring (13.86%)
The top losing stocks in the Nifty Mid-cap index were One 97 (36.15%), AU Small Bank (11.14%), Tube Investment (8.62%), Fertilizers and Chemicals (7.45%), and Auro Pharma (7.31%).
The Nifty Small-cap index weekly top gainers were NBCC (47.04%), IRB Infra (31.66%), HUDCO (27.18%), IOB (22.73%), and UCO Bank (2.69%).
The top weekly losers in the Nifty small-cap index were Deepak Fertilizer (9.94%), HFCL (8.46%), Jubilant Ingrevia (8.16%), Ceat (8.00%), and Jothy Labs (6.75%).
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