On the stock-specific front, 63 Moons Tech, Inox Wind, Cantabil Retail, Asian Energy Services, SpiceJet, KIOCL, RBL Bank, Raymond, Reliance Power, Balaji Telefilms, TV 18 Broadcast, HBL Power, Zee Media Corp, Home First Finance, Bharat Dynamics, and others are among the smallcaps that logged a double-digit rise in their share prices last week.

Markets’ Weekly Print

Domestic equity benchmarks gained for sixth straight week as the NSE Nifty 50 and S&P BSE Sensex indexes rose about 3.5 per cent to log their best week since July 2022. After a strong gap-up start, benchmark indices moved from strengthen to strengthen and finally settled around the week’s high.

Among the key indices, Nifty tested a new milestone of the 21,000 mark and Sensex also reached closer to the 70,000 level. The rotational buying in heavyweights across sectors helped the indices to maintain a positive tone despite overbought readings.

The more-domestically focussed small- and mid-caps underperformed the blue-chips this week, but gained 1.16 per cent and 2.35 per cent, respectively, to fresh record highs. The small- and mid-cap indexes gained 48 per cent and 41 per cent so far this year, outperforming a 15.8 per cent gain in the Nifty 50.

The Bank Nifty, meanwhile, surged by more than 5 per cent, highlighting the strong investor sentiment towards the banking sector. Energy stocks jumped 7.90 per cent, extending gains for the sixth week, on softer crude oil prices.

The fall in oil prices is positive for importers of the commodity like India and its oil marketing companies. Financials climbed about 5 per cent for the week after several analysts reiterated bullish views on the sector in anticipation of a rally before the 2024 general elections.

RBI’s six-member Monetary Policy Committee on Friday decided to keep the benchmark repurchase (repo) rate at 6.5 per cent. The central bank raised its forecast for economic growth to 7 per cent from 6.5 per cent for the current fiscal, maintaining India’s position as the world’s fastest-growing major economy, after a stronger-than-expected 7.6 per cent growth in the July-September quarter.

“Despite the RBI maintaining policy status quo, an upgraded GDP growth forecast for FY24 boosted investor confidence. Measures to address the liquidity deficit, including the reversal of Standing Deposit Facility (SDF) and Marginal Standing Facility (MDF) facilities, positively impacted financials, leading to a 5 per cent gain in Nifty Bank for the week,” said Vinod Nair, Head of Research at Geojit Financial Services.

‘’IT, consumer, auto, and realty sectors performed well due to valuation comfort, festive momentum, and a strong uptick in residential sales. Mid & small caps continued to outperform, driven by a healthy economic outlook, strong Q2 earnings, and corrections in oil prices,” added Nair.

Previous Session

On Friday, the frontline indices ended in positive territory over gains led by banking and IT stocks, including HDFC Bank, Infosys and ICICI Bank, after the RBI’s policy decision and the upside in GDP growth forecast for the financial year. 

Following the policy announcement, the Nifty 50 breached the 21,000 mark for the first time and hit its all-time high of 21,006.10 during the session. The Sensex also hit its fresh record high of 69,893.8 during the session.

Nifty 50 closed at 20,969.40, up 68 points, or 0.33 per cent while the Sensex closed the day at 69,825.60, up 304 points, or 0.44 per cent. The BSE Midcap and Smallcap indices also hit their fresh record highs of 35,523.69 and 41,548.63 respectively, during the session.

However, both erased their gains and ended in the red. The BSE Midcap index settled with a loss of 0.16 per cent at 35,290.91 while the Smallcap index lost 0.44 per cent to close at 41,104.37.

Meanwhile, the turnover of derivatives in BSE Sensex scaled a new milestone of 200 lakh crore on the weekly expiry of Friday. The total turnover was 213.9 lakh crore as 30.6 crore contracts were traded.


Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.



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Published: 09 Dec 2023, 07:59 PM IST

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