Domestic macroeconomic data announcements, global trends and trading activity of foreign investors would guide market sentiments this week, analysts said. After a record rally, markets may face volatile trends this week amid elevated valuations and investors would also keep a track of global oil benchmark Brent crude and rupee-dollar movement for further cues. "Potential volatility in the stock market is anticipated this week. Elevated valuations remain a concern, with investors now focusing on monsoon progress and its impact on the rural economy.
Smaller stocks have emerged as Dalal Street's favourites in 2023 that has turned out to be a "great year" for equities, rewarding investors with big gains, driven by optimism over the country's macroeconomic fundamentals and heavy retail investors participation. Experts said equity markets are experiencing a prolonged bull run and it is during this time that the midcap and smallcap segments tend to outshine their larger counterparts. Till December 22 this year, the BSE smallcap gauge has jumped 13,074.96 points or 45.20 per cent while the midcap index has surged 10,568.18 points or 41.74 per cent.
Investors' wealth plunged over Rs 3.91 lakh crore on Friday amid an extremely weak broader market trend. The BSE benchmark tanked 773.11 points or 1.31 per cent to settle at 58,152.92 after a weak opening. During the day, it tumbled 1,011.93 points to 57,914.10.
The 30-share BSE benchmark jumped 533.74 points or 0.91 per cent to 59,299.32. During the day, it zoomed 783.24 points to 59,548.82.
The stock market is likely to continue with its positive momentum but may face bouts of profit-booking amid lofty valuations in this holiday-shortened week, analysts said. The trading sentiment will be guided mostly by global trends in absence of major domestic events, they said. Markets would remain closed on Friday for 'Ganesh Chaturthi'.
The ongoing consolidation in equities would improve return prospects during the second half of 2021, an American brokerage said on Tuesday. Leading indicators relating to fundamentals including growth, stability, government policy and RBI policy, and corporate earnings are "generally positive" about equity returns, analysts at Morgan Stanley said. It can be noted that since the start of the second wave of COVID-19 infections, which also coincided with inflation worries in the US, there has been an uneasiness within investors. From its levels on March 10, the markets are down by nearly 3 per cent despite the late surge over the last two trading sessions.
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From the BSE 30-share blue chip pack, 27 scrips ended with losses led by SBI and Tata Steel.
Equity markets braved all odds this fiscal and rewarded investors with high returns as the benchmark Sensex surged more than 66 per cent despite COVID-led disruptions and concerns over its impact on the economy. Market analysts termed FY 2020-21 as a roller coaster ride for not only Indian markets but also for equity indices globally due to the pandemic. In an unprecedented come back, the 30-share BSE Sensex has jumped 19,540.01 points or 66.30 per cent so far this fiscal. This extraordinary rally holds significance as markets faced volatile trends this fiscal.
Thus far in FY21, BSE, NSE have rallied 70 per cent and 71 per cent, respectively.
TCS, HDFC Bank, Infosys and Kotak Mahindra Bank were the other firms in the top-10 list which witnessed a rise in their market capitalisation. On the other hand, HUL, HDFC, Bharti Airtel, ITC and ICICI Bank finished with losses.
Investors turned optimistic after better-than-expected macro-economic data and corporate earnings.
The NSE Nifty slid 40.75 points, or 0.39 per cent, to 10,490.75 after scaling a new peak of 10,552.40.
The markets are showing no signs of stability as the economic impact of the coronavirus outbreak is likely to be significant for many major economies.
The 50-share Nifty scaled a high of 10,227.30 intra-day but succumbed to profit-booking to finish at 10,155.25
The BSE 30-share Sensex has plummeted by 1,631.59 points or 6.24% to 24,485.95 so far this month
Stocks continue to outshine gold and silver when it comes to adding to investors' wealth by giving 8 per cent return so far this year.
Sentiment turned weak after data released after market hours on Monday showed that the country's trade deficit, or difference between imports and exports, reached USD 14.88 billion in December, up about 41 per cent year-on-year, as crude oil and gold import bill inflated.
This is its biggest single session gain since April 5, when it had surged 577.73 points.
The Nifty too slipped below the psychologically important 11,000 mark.
An appreciating rupee, unabated buying by domestic institutional investors (DIIs) and encouraging earnings by blue-chips contributed to the uptrend
Subdued Asian and European markets due to escalating trade war between the US and China mainly led to caution on domestic bourses, brokers said.
The broader NSE Nifty went up to a fresh life-time high of 10,494.45, but failed to stay on the top as it slipped and closed down 19 points, or 0.18 per cent, at 10,444.20.
The wider NSE Nifty too fell by 61.40 points or 0.57 per cent to end at 10,618.25.
Yes Bank was the top performer in the Sensex pack, surging 8.26 per cent, after the private lender reported a 29 per cent rise in its net profit
The broader NSE Nifty after shuttling between 10,451.90 and 10,595.75 finally ended 100.30 points, or 0.96 per cent, higher at 10,582.50.
The wider NSE Nifty too slipped from record but managed to close above the crucial 11,550 mark at 11,557.10 points, down 25.65 points or 0.22 per cent.
ITC emerged as the top gainer by rising 3.03 per cent.
The 50-share Nifty scaled a high of 10,207.90 intra-day but succumbed to profit-booking to finish at 10,184.15, up 53.50 points
Losses largely came from the metal index, followed by power, infrastructure, realty, PSU, oil and gas, capital goods, FMCG, healthcare, auto and banking.
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The NSE Nifty settled at 10,454.95, down 121.90 points, or 1.15 per cent.
Diversified group ITC on Thursday surpassed Reliance Industries as the most influential stock on the Sensex, following a spurt in the stock price.
Infosys stock on Friday plunged nearly 9 per cent after the company lowered its rupee revenue guidance, dragging down the BSE Sensex.
Kotak Bank was the top gainer in the Sensex pack, ending 4.31 per cent higher. PowerGrid, TCS, ICICI Bank, SBI, HCL Tech, NTPC, Infosys, Bajaj Finance, HDFC duo, ONGC, Vedanta and IndusInd Bank too rose up to 2.84 per cent.
TCS is the most valued Indian firm with a m-cap of Rs 502,764.54 crore
The total market valuation of all listed firms at the BSE had first hit Rs 100 trillion level on November 28, 2014.
The benchmark index on Wednesday surged 314.92 points or 1.05 per cent to close at 30,248.17 on widespread buying spurred by forecast of a normal monsoon this year.
The NSE Nifty ended at 4,892, up 84 points. The market breadth was fairly positive - out of 2,873 stocks, 1,791 advanced, while 997 declined.
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