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Best week for Nifty50 in more than a month boosted by Psu Banking, Auto Stocks;  Nifty Bank soars 4%

Indian stock indices hit new highs in the four-session trading week ended Oct. 14, boosted by autos, metals and some financial stocks, although losses in computer stocks limited the rise. It was the best week for the two major indices in over a month, and the best in five months for Nifty Bank.

The Sensex and Nifty50 came in at 61,306 and 18,338.6 for the week, both record closing highs. For the week, the 30-script index rose 1,246.9 points or 2.1% and the Nifty50 added 443.4 points or 2.5%.

Larger indices supported the overall market, with the Nifty Midcap 100 and Smallcap 100 barometers increasing by 3.4% and 2.6% respectively.

The week that was

The week opened with Dalal Street’s reaction to Tata Consultancy Services (TCS) earnings for the July-September period, after the IT major’s numbers fell short of Street’s expectations.

The IT pack, however, cut losses later in the truncated holiday week after the results from Infosys, Wipro and Mindtree met analysts’ estimates.

Investors have placed their hopes in the holiday season for an upturn in auto sales. Strong business updates from lenders also boosted investor morale.

Official data showing consumer inflation decelerating also helped market sentiment.

“The IT industry remained under pressure at the start of the week after a weak start to the season. However, it picked up momentum as most of the industry majors reported better-than-expected earnings,” said Vinod Nair , head of research at Geojit Financial. Services.

Globally, investors have lagged behind in the face of inflation concerns. Earnings reports remained on the agenda as investors assessed the pace of the recovery from the pandemic lows.

The PSU banking index posted a weekly gain of 6.5%, increasing the most among sectors tracked by NSE. The Nifty Auto and Metal indices came next, up 6.1% and 5.9% respectively.

The Nifty Bank Index climbed 4.1% – its best week in five months.

On the flip side, IT stocks fell with the onset of earnings as Infosys, Wipro and Mindtree released their quarterly figures, following TCS results last week. The Nifty IT gauge fell 1.8%.

Tata Motors, Adani Ports, Wipro, ITC and Grasim were the best performers among the 39 winners in the Nifty50 universe. In contrast, TCS, HDFC Life, HCL Tech, Coal India and SBI Life were among the main laggards.

Clever winners

Store Weekly change (%)
Tata Engines 32.2
Adani Ports 10.4
Wipro 10.2
TIC 10.1
Grasim 10.1
Electrical network 8.7
Hindalco 8.1
Titan 7.9
SBI 7.1
Steel tata 6.7

Clever losers

Store Weekly change (%)
TCS -7.2
HDFC life -4.4
HCL technology -4.2
Coal India -3.6
SBI Life -2.4
Bharti Airtel -1
CGSB -0.8
HUL -0.7
Cipla -0.5
Shree Cements -0.4

In the Nifty Midcap 100 and Smallcap 100 packs, IDBI Bank, Tata Power, Union Bank, Borosil Renewables and MSTC – growing between 20.1% and 39.1% – were the main weekly winners. Vodafone Idea, Kansai Nerolac, New India Assurance, SREI Infra and Vikas WSP – down 4% to 22.3% – were the big losers.

A total of 353 scripts on the BSE 500 – the widest gauge on the stock market – rose for the week.

The road ahead

Analysts are awaiting India Inc’s next round of quarterly earnings reports for national indices.

Bank stocks will be the main focus in the coming days as the sector prepares to kick off its earnings season, said Vinod Nair, head of research at Geojit Financial Services.

“Pending a strong recovery in corporate earnings, the Indian market is positioned to continue its bullish course. However, any deviation from market expectations may result in a short-term correction in the respective segments,” said he declared.

(Edited by : Aditi Gautam)



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