Market falls 1.5% despite hitting fresh high; Nifty Bank underperform
This week, the Indian rupee ended lower against the US dollar. The local unit fell 14 paise to end at 83.06 in the week ended January 19 against the January 12 closing of 82.92.
Indian market scaled to fresh record high in the extended week ended January 20 but lost 1.5 percent led by banking names post HDFC Bank earnings, escalating tension in the Middle East and worries over delay in US Fed rate cut.
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For the week, the BSE Sensex shed 1.57 percent or 1,144.8 points to finish at 71,423.65, while Nifty50 fell 322.75 points or 1.47 percent to end at 21,571.80.
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The BSE Large-cap Index shed 1.3 percent for the week after hitting new record high of 8495.26 on January 16. Losers included HDFC Bank, LTIMindtree, FSN E-Commerce Ventures (Nykaa), IndusInd Bank and ICICI Prudential Life Insurance Company, while gainers were One 97 Communications (Paytm), Life Insurance Corporation of India, Indian Oil Corporation, Oil and Natural Gas Corporation and Punjab National Bank.
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BSE Mid-cap Index added 1.3 percent and touched new record level of 38,544.70 on January 20. Oracle Financial Services Software, SJVN, NHPC, IDBI Bank, Oil India, Bharat Heavy Electricals and New India Assurance Company added 11-43 percent. However, Vedant Fashions, Zee Entertainment Enterprises, Sun TV Network, Vodafone Idea, Max Financial Services, Solar Industries India, AU Small Finance Bank and Tata Elxsi lost 5-9 percent.
The BSE Small-cap index ended on flat note for the week but hits fresh record high of 44,871.58 on January 15. Sanghi Industries, Angel One, Indian Energy Exchange, Sukhjit Starch and Chemicals, Panacea Biotec, AGI Greenpac, TARC and Dish TV India fell 10-15 percent. On the other hand, Rail Vikas Nigam, Ganesh Housing Corporation, Dredging Corporation India, Ircon International, MSTC, India Tourism Development Corporation, Tourism Finance Corp of India, Housing & Urban Development Corporation and Salasar Techno Engineering added 30-58 percent.
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In terms of the market value, HDFC Bank lost the most in terms of market value, followed by Bajaj Finance, Reliance Industries and Hindustan Unilever. On the other hand, Bharti Airtel, Infosys and Larsen & Toubro added the most of their market-cap.
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Among sectors, Nifty Private Bank index lost 4 percent, Nifty Bank index shed 3.4 percent, Nifty Media down 3 percent and Nifty Realty index down 2 percent. However, Nifty Oil & Gas index up 3.5 percent and Nifty PSU Bank index rose 3.3 percent.
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Foreign institutional investors (FIIs) sold equities worth of Rs 22,972.66 crore between January 15-20, while in the same period Domestic institutional investors (DIIs) bought equities worth Rs 10,712.73 crore.
This week, the Indian rupee ended lower against the US dollar. The local unit fell 14 paise to end at 83.06 in the week ended January 19 against the January 12 closing of 82.92.
