New Delhi, 15 November (H.S.): The domestic stock market witnessed an overall positive and buoyant trading week from November 9 to 13, with both benchmark indices managing to close firmly in the green despite a decline on the final trading day. Regular trading was restricted to four days due to the Diwali Balipratipada holiday. The market maintained strong upward momentum during the first three sessions. However, on Friday, profit-booking at higher levels, a surge in crude oil prices and October retail inflation crossing the 6 per cent mark exerted pressure on equities. Despite the late-week setback, both key indices registered gains on a weekly basis.
Investors had faced selling pressure during the traditional Diwali Muhurat trading session on Sunday. During the one-hour special trading window, the Bombay Stock Exchange’s Sensex closed 0.04 per cent lower. Similarly, the National Stock Exchange’s Nifty 50 declined 0.18 per cent during the special Muhurat trading session. However, despite the weakness witnessed during Muhurat trading, the stock market managed to deliver a positive performance during the regular trading sessions of the week.
On a weekly basis, the Sensex gained 593.05 points, or 0.73 per cent, to settle at 81,592.45. Likewise, the Nifty 50 advanced 157.90 points, or 0.63 per cent, to close at 25,144.30. The weekly rally received considerable support from aggressive buying by foreign institutional investors (FIIs) and an initial easing of international crude oil prices.
At the sectoral level, banking and financial services stocks emerged as the strongest performers during the week. The Nifty Bank index surged 3.71 per cent on a weekly basis, with public sector bank stocks making the most significant contribution to the gains. Automobile and real estate stocks also attracted healthy buying during the middle of the week. In contrast, information technology (IT) and fast-moving consumer goods (FMCG) stocks remained under pressure throughout the week, limiting their overall gains.
Market experts believe that the sustained return of foreign capital to domestic equity markets has strengthened investor confidence. However, the rise in retail inflation has heightened concerns that the Reserve Bank of India (RBI) may adopt a more hawkish stance on interest rates during its December monetary policy review.
According to analysts, market movements in the coming week will largely depend on global cues, crude oil prices and the investment approach of institutional investors.
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Hindusthan Samachar / Jun Sarkar
