Market gains for third week in a row; rupee, too, ends marginally stronger

The Indian equity benchmarks started the week and Samvat 2080 on a positive note, overcoming volatility. The benchmark indices ended the week a percent higher on expectations of a longer pause by the central banks, falling crude oil prices and the moderation in US yields.

In the week ended November 17, the Sensex rose 1.37 percent, or 890.05 points, to end at 65,794.73, while the Nifty50 gained 306.45 points, or 1.57 percent, to close at 19,731.80.

The BSE smallcap index gained 3 percent. AGS Transact Technologies, Veranda Learning Solutions, Apollo Micro Systems, Wockhardt, Orient Green Power Company, GE Power India, Jayant Agro-Organics, RattanIndia Power, TITAGARH RAIL SYSTEMS, Tata Investment Corporation, Kovai Medical Center and Hospital, Vikas WSP and Jayaswal Neco Industries rose 20-41 percent. Losers included Nucleus Software Exports, La Opala RG, Rama Steel Tubes, Honda India Power Products, TGV Sraac, Cholamandalam Financial Holdings, Esab India, Sanmit Infra, Kalyan Jewellers India and Tamil Nadu Newsprint and Papers.

The BSE midcap index rose 2.5 percent supported by Solar Industries India, New India Assurance Company, Power Finance Corporation, Bharat Heavy Electricals, PB Fintech, Torrent Power, TVS Motor Company and Oberoi Realty.

The BSE largecap index added 1.6 percent supported by FSN E-Commerce Ventures (Nykaa), Eicher Motors, Hero MotoCorp, ICICI Lombard General Insurance Company, Coal India, Info Edge India, Tech Mahindra, ICICI Prudential Life Insurance Company and Bosch.

In terms of market value, India’s biggest IT services firm Tata Consultancy Services added the most, followed by rival Infosys, Reliance Industries and HCL Technologies. On the other hand, State Bank of India, Bajaj Finance and ICICI Bank were among the firms to see the biggest erosion of market cap. (Disclaimer: Moneycontrol is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.)

Among sectors, the Nifty information technology index added 5 percent, realty 4.7 percent, auto 4 percent and the Nifty metal index was up 3 percent.

Domestic institutional investors (DIIs) continued buying, as they bought equities worth Rs 1,675.7 crore during the week. Foreign institutional investors (FIIs) sold shares worth Rs 404.82 crore, far lower than the previous week when they sold equities worth Rs 3,105.27 crore.

The Indian rupee ended marginally higher against the US dollar at 83.27 in the week against November 10 close of 83.34.