Indian Stock Market Update: A Week of Fluctuations and Sectoral Surprises in 2024

January 5, 2024 admin

Indian Stock Market Weekly Analysis (1 – 5 Jan 2024): Indian stock market indexes ended the first week of 2024 on a weak note. Both the benchmarks declined during the week, the S&P BSE Sensex fell 0.30%, and the NSE Nifty 50 declined 0.09% this week. The markets gained three out of five trading sessions during the week.

Among the sectors, Nifty Realty gained the most, up by 7.8% followed by Media and Pharma, which gained over 3% each this week. On the losing side, the IT, Metal, and Auto sectors declined over 1% each. The broader markets outperformed this week, as the Nifty midcap index gained 2.63% while the smallcap index was up by 1.95%

Foreign investors (FIIs/FPIs) continued their buying spree, they bought shares worth Rs 3290.23 crore in the Indian equity cash segment. Meanwhile, DIIs turned to net sellers, they offloaded shares worth Rs 7296.5 crore during the week.

Indian Stock Market Weekly Summary

Indian stock market indexes ended the first trading session of 2024 with minor gains on Monday. The major global markets were closed on 1st January due to the New Year holiday. On Tuesday, markets closed in the red due to selling pressure in Auto, Banking, and IT stocks, while the downside was limited as buying was witnessed in Pharma stocks.

Indian stock markets closed lower for the second consecutive day on Wednesday. The market sentiments were hit due to negative global cues as the Red Sea tension accelerated. The sentiments were further hit by India’s weak manufacturing PMI data. Investors also remained cautious ahead of the FOMC minutes that were released later in the day.

Indian markets snapped a two-day losing streak on Thursday due to a rally in the Realty, Financial, and Banking sectors. The impressive monthly business reports from major banks which highlighted substantial credit growth supported the markets on Thursday. On Friday, markets extended their previous session’s gain as the Services and Composite PMI increased in December as against November.

Top Nifty 50 Weekly Gainers and Losers

The top five Nifty 50 weekly gainers were Adani Ports (12.68%), ONGC (5.56%), Adani Enterprise (5.53%) Bajaj Finance (5.23% ), and Tata Consumer (3.33%)

The Nifty 50 weekly losers were Eicher Motors (6.43%), JSW Steel (5.78%), LTIM (5.52%) M&M (5.05 %) and Ultratech Cement (4.64%)

The top Nifty Mid-Cap weekly gainers were Biocon (16.68%), Prestige Estate (12.79%), Yes Bank (11.89%), Indus Towers (11.61%), and Godrej Properties (11.47%)

The losing stocks in the Nifty Mid-cap index were Escorts Kubota (5.98%), SAIL (5.42%), Devyani International (3.82%), Mphasis (3.73%), and Astral (3.48%).

The top Nifty Small-cap index weekly gainers were JBM Auto (16.03%), Century Textiles (15.59%), HFCL (9.27%), Equitas Small Fin (8.58%), and Credit Access Gram (8.30%).

The top weekly losers in the Nifty small-cap index were NLC India (11.17%), Aegis Logistics (5.10%), Zensar Technology (4.39%), Apar Industries (3.87%), and Sonata Software (3.69%).

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