Weekly Market Hightlights: Market rallies for 3rd straight week,amid volatility,IT stocks worst hit, Realty gains.
Ira Singh
13 April’23
The Indian equity market indices clinched modest gains during the week, rising for the third week in a row.
The market ended with marginal gains registering the winning streak for the ninth consecutive session on April 13, with the BSE Sensex rising 38.23 points to close at 60,431.00 and the Nifty at 17,828 up 15.60 points.
After a negative start, the market extended losses as the day progressed, dragging Nifty below 17,750 amid weakness in the information technology stocks after disappointing numbers from TCS and ahead of Infosys earnings later in the day. However, final-hour buying erased the losses and the indices closed flat, according to reliable sources.
Economy
The International Monetary Fund (IMF) has cut its GDP growth forecast for India for the financial year 2023-24 by 20 basis points to 5.9 per cent, according to the recent reports.
India’s retail inflation fell to (5.66 percent in March from 6.44 in February),within the central bank’s target range for the first time in three months as a series of interest rate increases since last year.
While US inflation cooled to 5 percent, anxieties grew globally after the FOMC minutes hinted at a possible “mild recession” due to the impact of banking turmoil, according to sources.
For the week, the Sensex and the Nifty rose 1 percent each.
Stock and Sectors
Top gainers on the Nifty were IndusInd Bank, HDFC Life, Eicher Motors, Apollo Hospitals and Power Grid Corp, while losers included Infosys, HCL Technologies, Tech Mahindra, NTPC and TCS, according to sources.
Among sectors,the information technology index shed 2 percent, while capital goods, pharma and oil & gas indices were down 0.5 percent each. Besides, PSU bank and realty indices rose a percent each.
The BSE smallcap index closed 0.33 percent higher and the midcap index added 0.16 percent.
On April 13’23 the rupee close at 81.68 against US dollar.
The market will remain closed on April 14 on account of Ambedkar Jayanti.
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