Market Overview
As of September 13, the Indian stock market has witnessed substantial growth, buoyed by strong global cues and persistent buying from both domestic and foreign institutional investors. The BSE Sensex reached a new record high of 82,890.94, marking an impressive increase of 1,707.01 points or 2.10%. Similarly, the Nifty50 index also recorded significant gains, closing at 25,356.50, up by 504.35 points or 2.02%. Notably, on September 12, both indices hit their all-time highs with the Nifty50 at 25,433.35 and the BSE Sensex at 83,116.19.
Sectoral Performance
Midcap and Smallcap Indices
In the midcap segment, the BSE Midcap index closed with a gain of 1.5% last week. Key contributors to this rise included prominent stocks such as Gujarat Fluorochemicals, Oracle Financial Services Software, Linde India, JSW Energy, and Jindal Steel & Power. However, Power Finance Corporation, REC, Oil India, and others faced downturns as the top losers in this index.
Meanwhile, the BSE Smallcap index also saw a positive performance, gaining 2% over the week. Stocks such as Hardwyn India, Panacea Biotec, and Sadhana Nitrochem made significant strides, with gains ranging from 20% to 30%. Conversely, Abans Holdings, Granules India, and others experienced declines between 7% and 12%.
Largecap Index Movements
The BSE Largecap index demonstrated a robust growth of 2%, driven by gains in key stocks like One 97 Communications (Paytm), Bajaj Auto, and Bharti Airtel. On the downside, significant declines were observed in stocks such as ICICI Lombard General Insurance Company and Tata Motors, which dropped between 4% and 6%.
Sector-wise Insights
In a broad analysis, all sectoral indices ended positively except for the Oil and Gas index, which fell by 2.6%. Among the other sectors, the Nifty FMCG, Nifty IT, and Media indices gained approximately 3%, showcasing resilience amidst varying market conditions.
Institutional Buying Trends
Last week, foreign institutional investors (FIIs) invested a total of Rs 15,199.6 crore in the Indian markets, while domestic institutional investors (DIIs) added Rs 2,444.19 crore. Cumulatively in September, FIIs have injected Rs 16,600.88 crore, and DIIs have contributed Rs 7,990.18 crore, indicating a strong bullish sentiment in the market.
Currency Movement
In currency markets, the Indian rupee appreciated slightly, closing at 83.89 against the US dollar, improving from 83.94 noted earlier in the month. This movement reflects the overall positive sentiment in the domestic markets.
Conclusion
The current market momentum, driven by substantial foreign and domestic investments coupled with positive global cues, suggests a robust outlook for Indian equities. Investors are encouraged to remain vigilant and informed as the market dynamics evolve.
