The Indian market posted its largest weekly gain since July 2022 and reached a new milestone in the week that ended on December 8 thanks to favourable domestic and international cues.
This week, the Nifty50 jumped 701.5 points, or 3.46 percent, to close at 20,969.40, while the BSE Sensex increased 3.47 percent, or 2344.41 points, to close at 69,825.60. On Friday, the BSE Sensex reached a new high of 69,893.80, and the Nifty crossed the 21,000 barrier for the first time at 21,006.10.
Adani Total Gas, Adani Green Energy, Adani Energy Solutions, Adani Ports and Special Economic Zone, and Adani Power all saw increases of 21–64 percent, contributing to the BSE Large-cap Index’s 3.8% gain.
Lead by GMR Airports Infrastructure, ACC, NHPC, Hindustan Petroleum Corporation, REC, Tube Investments of India, and LIC Housing Finance, the BSE Mid-cap Index increased by 2%. Torrent Pharmaceuticals, Aditya Birla Capital, Abbott India, Whirlpool of India, PB Fintech, Lupin, Emami, and Delhivery all saw 3–8% losses.
There was a 1.3% increase in the BSE Small-cap index. New Delhi Television, KIOCL, Ashapura Minechem, Inox Green Energy Services, Sangam (India), Patel Engineering Company, Spencer Retail, BCL Industries, 63 Moons Technologies, Inox Wind, and HLV added 20–51%. Avadh Sugar & Energy, Ethos, Dhampur Bio Organics, Dhampur Sugar Mills, KDDL, Ugar Sugar Works, Indraprastha Medical Corporation, Uttam Sugar Mills, Balrampur Chini Mills, Dalmia Bharat Sugar and Industries, Bajaj Hindusthan Sugar, Triveni Engineering and Industries, and Praj Industries all suffered losses ranging from 10 to 21 percent.
During the week, the Indian rupee fell to a new all-time low of 83.58 against the US dollar. However, compared to its closing value of 83.29 on December 1, the domestic currency lost 10 paise to close at 83.39 in the week ending December 8.
This week, domestic institutional investors (DIIs) purchased stocks worth Rs 4326.47 crore, while foreign institutional investors (FIIs) extended their support by purchasing stocks worth Rs 9,285.11 crore.
Sector-wise, the BSE Bank index increased 5.3 percent, the BSE Energy index increased 5.2 percent, the BSE Power index increased 13 percent, and the BSE Oil & GAs index added 7.6 percent. But the BSE FMCG index decreased by 0.3 percent.
Asian Paints contributed the most to the market value, followed by Bharti Airtel, Bajaj Finance, and Bajaj Finserv. However, the companies with the biggest market capitalization losses were ITC, Bharti Airtel, and Hindustan Unilever.