The market increased its winning streak for a second week in a row and set new records as a consequence of a robust FII inflow, respectable pre-quarterly updates, positive monsoon development, and expectations for great Q1FY24 results.
The market increased its winning streak for a second week in a row and set new records on the strength of a strong FII inflow, respectable pre-quarterly updates, healthy monsoon progress, and expectations for strong Q1FY24 results. However, escalating US-China tensions and growing worries over the US Fed’s potential to raise interest rates in the near future dampened market sentiment.
The BSE Sensex increased by 0.86 percent, or 561.89 points, to close at 65,280.45 this week, and the Nifty50 increased by 0.74 percent, or 142.75 points, to conclude the week at 19,331.80. The Sensex reached a new record high of 65,898.98 throughout the week, while the Nifty reached 19,523.60.
Zed Media Corporation, HPL Electric & Power, Black Box, Genus Power Infrastructures, Olectra Greentech, Dish TV India, Sunflag Iron and Steel Company, and Action Construction Equipment all had gains of between 21 and 41 percent, helping the BSE Small-cap index increase by 1.6 percent. PTC Industries, TruCap Finance, Abans Holdings, IOL Chemicals and Pharmaceuticals, Surya Roshni, Parag Milk Foods, Transpek Industry, Jay Bharat Maruti, Pearl Global Industries, and Faze Three, on the other hand, saw declines of 8–16%.
SJVN, Zed Entertainment Enterprises, JSW Energy, Hindustan Petroleum Corporation, Union Bank of India, and Canara Bank all contributed to the BSE Mid-cap Index’s 0.77 percent gain. Aarti Industries, Deepak Nitrite, Biocon, PI Industries, Ajanta Pharma, Persistent Systems, Rajesh Exports, and Aditya Birla Capital were the companies who lost money, nevertheless.
Punjab National Bank, Hindustan Zinc, Bank of Baroda, Indian Oil Corporation, and Hero MotoCorp all contributed to the BSE Large-cap Index’s gain of 0.7 percent.
Reliance Industries, Bajaj Finance, ITC, and State Bank of India all saw their market capitalization increase the most on the BSE Sensex, while HDFC Bank, Housing Development Finance Corporation, and HCL Technologies saw their market capitalization decrease the most.
The BSE oil and gas index increased by 4.6 percent, the BSE real estate and auto indices by 2 percent apiece, and the BSE FMCG index by 1.5 percent.
Domestic institutional investors (DIIs) sold shares worth Rs 6,878.21 crore this week, while foreign institutional investors (FIIs) purchased shares for Rs 9164.85 crore.
The Indian rupee hit a six-week low this week, dropping 70 paise to close at 82.74 on July 7 as opposed to 82.04 on June 30.