Abans Holdings, Transformers & Rectifiers, Waree Renewable Tech, IIFL Finance, KEI Industries, Anand Rathi Wealth, Llyods Metals, Force Motors, Suryoday Small Finance Bank, Motilal Oswal Financial Services among other smallcap stocks logged a double-digit growth in their share prices last week.
Markets’ Weekly Print
Domestic equity benchmarks traded mixed and finally settled almost flat, taking a pause after three weeks of advance. The beginning was upbeat, followed by modest gains in the following sessions however profit taking in the last session engulfed all the gains. Weakness in global markets combined with caution ahead of the earnings continues to weigh on the sentiment.
Also Read: FPIs pump ₹13,347 crore in Indian equities, debt flows reduce in April so far: Will inflows continue in FY25?
The broader indices too witnessed a similar trend as smallcap gained nearly a per cent while midcap closed flat. Metal stocks rose 2.90 per cent and were the top weekly sectoral gainer by percentage. Pharma stocks dropped 1.94 per cent this week, hurt by a 4.29 per cent drop in Sun Pharma following an order by the US drug regulator related to the company’s Dadra facility.
Among stocks, Eicher Motors, Hindalco, Tata Consumers were the top Nifty gainers for the week while Sun Pharma, Titan, and Cipla were the top losers for the week. Gold rose to 73,958 hitting an all-time high and delivering a gain of 1.71 per cent whereas crude fell by 1.33 per cent closing below the 7,200 level.
Foreign institutional investors (FIIs) were net sellers in Indian markets while inflows led by domestic institutional investors (DIIs) balanced the outflows by foreign investors. FIIs were sellers for four out of five sessions last week and the net outflow stands at ₹6,526.71 crore, while DIIs were buyers for all sessions, with a total investment of ₹12,232.61 crore, according to stock exchange data.
Global market ended the week on a negative note as higher-than-expected US retail inflation for March has delayed expectations of the Fed interest rate cuts to beyond June. The US consumer price index (CPI) rose 0.4 per cent month-on-month and 3.5 per cent year-on-year, accelerating from 3.2 per cent in February.
Tata Consultancy Services (TCS) kicked off the earnings season with its January-March quarter results for fiscal 2023-24 (Q4 FY24). The tech major reported a growth in both profit and revenue. India’s latest March CPI print came in 4.85 per cent which is at its lowest level since June 2023.
‘’Uncertainty over the US Fed rate cut timing and concerns about rising tensions between Iran and Israel led to a decline in global markets. The rise in bond yields due to hotter-than-expected US inflation and amendment in the India-Mauritius tax treaty likely to impact FII flow dampened the sentiments,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services Ltd.
Previous Session
The frontline indices witnessed substantial profit booking on April 12 and plunged by one per cent weighed down by financial and information technology (IT) stocks, as hot US inflation data dampened expectations of early and imminent interest rate cuts by the US Federal Reserve. The drop on Friday erased weekly gains for the NSE Nifty 50 and S&P BSE Sensex indexes.
Investors’ wealth on Friday eroded by ₹2.52 lakh crore as Sensex tanked 793.25 points due to heavy selling after its earlier record-breaking rally. In the broader market, the BSE smallcap gauge declined 0.60 per cent and midcap index dipped 0.49 per cent.
Sensex dropped 1.06 per cent to settle at 74,244.90 with 27 of its components ending in the red. During the day, it dropped 848.84 points or 1.13 per cent to 74,189.31. Nifty declined 234.40 points or 1.03 per cent to close at 22,519.40 with 45 of its constituents settling lower. All Nifty sectoral indices closed in the red.
‘’The upcoming general elections in 2024 and the commencement of the key earnings season, contributed to a heightened sense of volatility in the market, prompting investors to secure their profitable positions in anticipation of increased market volatility,” said Arvinder Singh Nanda, Senior Vice President, of Master Capital Services Ltd.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.
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Published: 13 Apr 2024, 09:54 PM IST