It was a winning week for Dalal Street investors after months of tumult in the markets. Domestic benchmark indices gained for the sixth day in a row, their longest winning streak in 2022, driven by buying in bank and auto stocks. FII’s return to the domestic market and the rupee’s resistance to tip below Rs 80 mark also lifted the mood on D-Street.
The 30-share pack Sensex advanced 390 points to close at 56,072. Its broader peer, Nifty50, rose 114.20 points to close above the 16,700 mark. For the week, the benchmarks have advanced over 4 per cent. This is also the best week for the stock benchmarks since February 2021.
This week’s rally has made investors richer by over Rs 9.08 lakh crore.
From the gainer’s pack,
jumped 5 per cent, twins, , , and Kotak rose over 1-2 per cent. On the flipside, , , , , and settled lower.
Shares of Gujarat State Fertilizers & Chemicals jumped 14.7 per cent on strong Q1 earnings, while Quick Heal Technologies rose 7 per cent after approving a share buyback plan.
Nifty PSU Bank and Nifty Bank were the top sectoral gainers for the week, rising 8 and 6 per cent for the week.
and Ultratech Cement were top gainers for the week on strong Q1 performance.
Sectorally, BSE banking index gained 1 per cent, while power and IT shed 0.5-1 percent. The broader indices underperformed their larger peers with BSE midcap index ending with cuts, while smallcap index ended marginally higher.
The midcap index has gained for 5th straight week, rising over 12 per cent in last 5 weeks.
The street is now awaiting the Q1 results of oil-to-telecom conglomerate Reliance Industries due later today. The stock settled 0.62 per cent above the flatline and have advanced 3.74 per cent this week. The Street is expecting the net profit to double in the June quarter on a 60-70 per cent year-on-year (YoY) surge in net sales, led by strong refining profitability and gas realisation, higher average revenue per user (ARPU) for Jio and recovery in the retail business.
The market breadth skewed in favour of bulls. About 1,781 stocks rose, 1,541 fell and 147 remained unchanged.
Monday domestic equities will react to results from several index heavyweights (with more than 30% of Nifty weight) which would announce their numbers over the weekend, said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services. On the global front, US Fed meeting and US Q2 GDP data would be key events to watch out for.
Nifty has closed above its key resistance levels and now is set for an up-move towards 17,000. India VIX has also cooled down by 20 per cent to 16.65 levels in last one month indicating decline in volatility and supporting overall bullish sentiments, he added.
In Asia, markets in Tokyo and Hong Kong settled higher, while Seoul and Shanghai ended lower.
Markets in Europe were trading in the green during mid-session deals. Futures tied to the Nasdaq 100 traded 0.5 per cent lower, while S&P 500 futures slipped 0.3 per cent. Dow Jones Industrial Average futures dipped 23 points, or 0.7 per cent.
The rupee snapped a 11-week losing streak on Friday, benefiting from Reserve Bank of India intervention after it fell through the 80-per-dollar mark.
The partially convertible rupee ended at 79.8550 slightly stronger compared to its close of 79.9450 on Thursday and also marginally above last Friday’s close of 79.8775.
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