This week also the market has fallen for the third consecutive week on a weekly basis. Trump government’s policies, continuous FII selling, mixed Q3 results and global market have worked to spoil the market sentiment. For the first time in the last 3 months, the market witnessed a decline for the third consecutive week on a weekly basis. However, the market has got some support due to strengthening of rupee and fall in crude oil prices. In the week ending January 24, the Sensex closed at 76,190.46 with a decline of 428.87 points or 0.55 percent. Whereas Nifty closed at the level of 23,092.20 with a fall of 111 points or 0.47 percent.
BSE’s Largecap index closed 1 percent lower last week. A decline of 8-13 percent was seen in Zomato, Polycab India, Jio Financial Services, Trent, IDBI Bank, ICICI Prudential Life Insurance Company. On the other hand, Wipro, Kotak Mahindra Bank, UltraTech Cement, Britannia Industries, Grasim Industries, Bajaj Holdings & Investment saw a gain of 4-13 percent.
Last week, BSE midcap index saw a decline of 2.3 percent. UNO Minda, Prestige Estates Projects, Oberoi Realty, Oil India, Godrej Properties, One 97 Communications (Paytm) saw a decline of 10-15 percent. On the other hand, Go Digit General Insurance, Coforge, MphasiS, Persistent Systems, Laurus Labs, United Breweries were the top gainers of the midcap index.
BSE’s Smallcap index closed with a decline of 4.2 percent last week. Newgen Software Technologies, Cyient, India Cements, Pearl Global Industries, Netweb Technologies India, Sundaram-Clayton, Sterling and Wilson Renewable Energy, Ramkrishna Forgings saw a decline of 18-26 percent. On the other hand, MPS, Fairchem Organics, Capri Global Capital, Zensar Technologies, SML Isuzu, Jana Small Finance Bank, Ramco System, Vishnu Chemicals, Bombay Burmah Trading Corporation, Globus Spirits saw a rise of 7-24 percent.
The rupee strengthened against the dollar in the week ending January 24. And it gave the best weekly closing in the last 17 months. On January 24, the rupee closed at 86.20 against the dollar with an increase of 41 paise or 0.5 percent. On January 17, the rupee had closed at 86.61 against the dollar.
If we look at the sectoral front, the Nifty Realty index closed with a decline of 9 percent last week. Whereas Nifty Energy index closed with a fall of 4 percent, Nifty Media and Oil and Gas index closed with a fall of 4.5 percent. Nifty IT index closed with a gain of 3.5 percent and FMCG index closed with a gain of 0.5 percent.
In terms of market value, the biggest decline was seen in the market cap of Reliance Industries. After that came Zomato, State Bank of India, Tata Motors. On the other hand, there was an increase in the market cap of Kotak Mahindra Bank, Infosys, UltraTech Cement.
FIIs were net sellers in the Indian market in the week ending January 24. Last week, FIIs sold Rs 22,504.08 crore from the Indian market while DII bought Rs 17,577.36 crore. So far in January, FIIs have sold Rs 69,080.14 crore in the Indian market. Whereas DII has purchased Rs 66,944.50 crore.