In a week fraught with volatility and uncertainty, the Indian stock market struggled to regain its footing, marking its fourth consecutive session in the red. Amidst a mix of corporate announcements and global cues, investors grappled with headwinds that weighed on both benchmark indices.

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The benchmark indices, Sensex and Nifty, struggled to maintain their upward momentum. BSE Sensex shed 221 points to close at 66,009, while Nifty 50 slipped by 68 points to settle at 19,674. This was Nifty 50's worst week since February 2023 leaving investors poorer by nearly Rs 6 lakh crore

One notable trend of the day was the surge in buying interest among Public Sector Undertaking (PSU) banks. JPMorgan's announcement of India's bond inclusion set off a wave of optimism in the financial sector, with banks such as Punjab National Bank (PNB), State Bank of India (SBI), Bank of Baroda (BoB), Canara Bank, and Union Bank leading the charge, notching gains ranging from 3 percent to 6 percent.

In addition, the Nifty Bank, closely watched by investors, saw a slight decline of 12 points, closing at 44,641. The Midcap Index also faced headwinds, shedding 46 points to close at 40,139.

Top gainers on the Nifty 50 were Induslnd Bank, Maruti, SBI, Mahindra and Mahindra, Asian Paints while the losers were Wipro, DR Reddy, UPL, Cipla and Bajaj Auto.

The pharmaceutical sector experienced a turbulent day, with Glenmark Pharma closing in the red but showing resilience by bouncing back from its lows. The market was abuzz with discussions surrounding Glenmark's sale of Glenmark Life.

In contrast, power finance stocks continued their upward trajectory, with gains ranging from 3 percent to 5 percent, buoyed by rising power demand.

Vodafone Idea emerged as a standout performer, gaining 4 percent on the back of reports suggesting a potential fund infusion. Indus Towers also joined the rally, closing 3 percent higher.

In the automotive sector, Maruti Suzuki recorded a gain of more than 2 percent following a positive brokerage note. Mahindra & Mahindra (M&M) also joined the upward trend.

Despite weak global cues, the information technology (IT) sector displayed resilience, with many IT stocks ending the day in the green. Tech Mahindra emerged as the top gainer in this sector.

However, Wipro faced a setback, falling by more than 2 percent due to the resignation of its Chief Financial Officer (CFO).

Lux Industries faced challenges as its stock slipped by 3 percent amid reports of income tax department searches on the company's premises.

Market this week

For the entire week, the Indian stock market recorded its most significant weekly loss in seven months, with both Sensex and Nifty falling by nearly 3 percent each, snapping a three-week gaining streak. Financials, particularly PSU banks, underperformed during the week, with the Nifty Bank index recording a decline of more than 3 percent, and the Midcap Index down by nearly 2 percent.

Across the board, all indices posted losses for the week, with PSU and PSU banks among the notable underperformers. A total of 34 Nifty stocks recorded losses, with HDFC Bank, UltraTech Cement, Dr. Reddy's Laboratories (DRL), and Wipro emerging as the top losers.

Power Grid, Asian Paints, Coal India, NTPC, and HDFC Life were among the top Nifty gainers for the week. In the midcap segment, Berger Paints, REC, Power Finance Corporation (PFC), Union Bank, and Canara Bank emerged as the top gainers. However, GNFC, Syngene, Zydus, and Godrej Properties faced losses in the midcap category.

First Published:Sept 22, 2023 3:40 PM IST