Market Review: Stock market will get direction from global factors, investors will keep an eye on global factors in the coming week.
Mumbai. Domestic stock markets witnessed a decline last week due to pressure on IT companies and now in the coming week, investors will focus more on global factors. Domestic import-export figures are to be released next week. This may affect the investment sentiment in the market. Investors can decide their strategy by taking cues from global factors. Last week a big decline was seen in IT companies.
The main reason for this is the news of the development of an AI-supported tool by an American company, which is expected to affect the orders received by Indian IT companies. BSE’s 30-share sensitive index Sensex closed at 82,626.76 points on Friday, a weekly decline of 953.64 points (1.14 percent). There was a rise in the first two days and a decline in the next three days. The Nifty-50 index of the National Stock Exchange also declined by 222.60 points or 0.87 percent to stand at 25,471.10 points on the weekend.
The Nifty Midcap-50 index of medium companies declined by 0.37 percent, while the Nifty Smallcap-100 index of small companies closed up by 0.56 percent. The four companies that suffered the highest weekly losses in the Sensex were from the IT sector. Infosys shares fell 9.12 per cent, HCL Technologies 8.70 per cent, TCS 8.48 per cent and Tech Mahindra 5.18 per cent. Among FMCG companies, shares of Hindustan Unilever fell by 4.89 per cent and ITC by 3.82 per cent while Trent rose by 3.22 per cent.
Among banking and financial companies, State Bank of India’s share rose the most in Sensex by 12.42 percent. Bajaj Finance was up 4.32 percent, ICICI Bank was up 0.55 percent and Bajaj Finserv was up 0.01 percent. HDFC Bank suffered the maximum loss of 3.77 percent. Shares of Axis Bank fell 0.58 percent and Kotak Mahindra Bank fell 0.34 percent.
Among power companies, shares of PowerGrid closed down by 1.88 percent and that of NTPC closed down by 0.59 percent. Shares of Reliance Industries, which trades in various sectors, fell by 2.13 percent. Adani Ports fell by 1.97 percent, telecom company Bharti Airtel fell by 1.66 percent and Asian Paints fell by 1.60 percent.
Shares of Maruti Suzuki rose 1.51 percent due to good sales figures while Mahindra & Mahindra fell 1.2 percent. Shares of steel maker Tata Steel closed up 3.12 per cent and those of construction company L&T closed up 2.59 per cent. UltraTech Cement gained 1.88 percent and BEL gained 1.36 percent. Shares of Titan were up by 0.95 percent and Eternal’s were up by 0.62 percent. Shares of airline company IndiGo rose by 0.37 percent and pharmaceutical company Sun Pharma rose by 0.20 percent.
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