On the stock-specific front, Schneider Electric Infra, UCO Bank, Balaji Telefilms, Parag Milk Foods, Olectra Greentech, Punjab & Sind Bank, Triveni Turbine, Bajaj Hindusthan Sugar Limited, EIH Ltd, SMC Global, ASM Technologies, Kalyani Steels, Kriti Industries, Kirloskar Oil, Indiabulls Real Estate Ltd, and others are among the small caps that registered a double-digit rise in their share prices last week.
Weekly Markets Print
Markets traded dull in a range and settled with A marginal cut, in continuation to the prevailing consolidation phase of markets. After the muted start, Nifty 50 oscillated both ways, tracking mixed trends in the heavyweights across sectors.
The sectoral moves kept traders busy, with pharmaceuticals, energy and real estate performing well while pressure continued in FMCG and banking. The broader indices also traded mixed and the midcaps managed to gain nearly a percent, according to market experts.
“When valuations are high, the bears will use any negative news to drag the market down,” said Dr VK Vijayakumar, chief investment strategist at Geojit Financial Services, referring to “slightly dovish comments” from the Reserve Bank of India governor ( RBI). Thursday.
The RBI kept interest rates unchanged on Thursday, as expected, and signaled rates may not be imminent. The BSE benchmark fell 723.57 points or one percent to settle at 71,428.43 on Thursday amid uncertainty over the timing of interest rate hike following the RBI’s policy decision. The Nifty was down 212.55 points or 0.97 percent at 21,717.95.
On the weekly front, the BSE benchmark shed 490.14 points or 0.67 percent, and the Nifty dipped 71.3 points or 0.32 percent. The broader, more domestically focused small caps closed flat, while mid-caps added 0.85 percent for the week. Both indexes recorded their worst session in more than two weeks on Friday.
Among individual stocks, fintech major Paytm fell the most for the week, down 45 percent since January 31, when the RBI ordered its banking arm to halt trading. Financial stocks shed 1.13 percent for the week. They have fallen about six percent since January 16, when top private lender HDFC Bank posted disappointing quarterly results.
Consumer supplies fell 2.27 percent for the week, led by a 5.7 percent drop in heavy ITC, which posted its worst week since October 2021. Information technology (IT) stocks, however, added one percent for the week after resilient services and labor market data raised hopes of a soft landing for the US economy — a key source of revenue for the sector.
Oil and gas stocks added around four percent for the week, helped by continued post-result rally in oil marketing companies such as Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporatio Ltd (HPCL).
Foreign institutional investors (FIIs) were buyers for three out of five sessions last week with total disinvestment of ₹5,871.45 crore, while domestic institutional investors also bought for three sessions with a total investment of ₹5,325.76 crore, according to stock market data.
more to come
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Published: 10 Feb 2024, 21:23 IST