Market this week: The market was finally broken by the market for 2 weeks and it broke 2 per cent in the week ended August 29. In fact, investors were seen vigilant about the new American tariffs and continuous selling of FIIs on Indian exports. However, the market got some support from the hope of cutting the GST rate in the upcoming GST Council meeting.
In the week ended August 29, the Sensex closed 1,497.2 points, or 1.84 per cent, to close at 79,809.65. The Nifty closed at 24,426.85 with a decline of 443.25 points, or 1.78 per cent. However, in August, the Sensex fell 1.7 percent and the Nifty index 1.4 percent.
Last week, BSE’s Laj Cap index lost 2 per cent. IDBI Bank, Interglobe Aviation, Union Bank of India, Cholamandalam Investment and Finance Company, REC, HDFC Asset Management Company, Mahindra and Mahindra, Mahindra, Waaree Energies, Waa Motor India, Maruti Suzuki India Loser of Lozcap.
BSE’s midcap index saw a decline of 3 per cent last week. Nippon Life India Asset Management, PB Fintech, Solar Industries India, Emcure Pharmaceuticals, Max Healthcare Institute, Bandhan Bank, Rail Vikas Nigam, Crisil, Emami, Emami, TA Emami, TA EMAMI, TA EMAMI, TA EMAMII, TAE Stay pharma midcap loser. At the same time, Ola Electric Mobility, Crompton Greaves Consumer Electrical, Dalmia Bharat, Kansai Nerolac Paints were the top gainer.
Last week, the BSE Smallcap index slipped 3 percent. Blue Jet Healthcare, Vishnu Prakash R Pungglia, Angel One, Sterlite Technologies, Panama Petrochem, Ethos, Shankara Building Products, Shiva Cement, SAI LIFE SCEENCES, NELCATEST, NELCARFTT Industries (India), Gokaldas Exports, GOCL Corporation, Faz Three, Ramky Infrastructure saw a decline of 10-13 per cent.
On the other hand, Sadhana Nitrochem, Kabra Extrusion Technik, RattanIndia Enterprises, Permanent Magnets, Jindal Poly Films, Timex Group India, Edelweiss Financial Services, Advanced Enzylogies, Apollo Micro Systems, Kolte-Patil Developers, Sh Kelkar & Company, Seamec saw a 10-21 percent increase.
If you look at the sectoral front, the Nifty Realty Index slipped more than 4 percent. At the same time, the Nifty Defense Index lost 4 per cent, the Nifty PSU index 3.5 per cent, the Nifty Oil & Gas Index lost 3 per cent. On the other hand, the FMCG index saw an increase of 0.7 percent.
Last week, the market cap of Reliance Industries saw the biggest decline. After that HDFC Bank, ICICI Bank, Mahindra and Mahindra were number. On the other hand, the market cap of ITC, Maruti Suzuki India, Tata Consultancy Services saw an increase in the market cap.(Disclaimer: Network 18 Media and Investment Limited is owned by Independent Media Trust. It is a benefit company Reliance Industries.)
Foreign institutional investors (FIIs) continued their selling for the 9th consecutive week and sold shares worth Rs 21,151.90 crore. On the other hand, domestic institutional investors (DIIs) continued their purchases for the 20th consecutive week and bought shares worth Rs 28,645.04 crore.
The Indian rupee reached a new record low of 88.31 against the US dollar, breaking the continuation of two weeks. On August 29, it fell 68 paise to close at 88.20 per dollar, while on 22 August it closed at 87.52 per dollar. The Indian rupee continued to do business within the radius of 87.34-88.31 throughout the week.