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WEEKLY REPORT
The Indian benchmark indices extended the winning run on their third consecutive week ended November 28 amid rangebound activity led by uncertainty over India–US trade discussions, Russia-Ukraine ceasefire developments, positive global markets, rupee depreciation, and expectation of interest rate cut by Fed and RBI in December.
For the week, the BSE Sensex index rose 474.75 points or 0.55 percent to end at 85,706.67. Nifty50 jumped 134.8 points or 0.51 percent to end at 26,202.95.
During the week, Reliance Industries added the most in terms of market value, followed by Bajaj Finance, HDFC Bank, and ICICI Bank. On the other hand, Bharti Airtel, Power Grid Corporation of India, and ITC lost most of their market cap.
On the sectoral front, Nifty Pharma, Nifty Media, Nifty PSU Bank, Nifty Bank, Nifty Metal, Nifty IT, and Nifty Private Bank added 1-2 percent. However, Nifty Defence, Oil & Gas are down 1% each.
Among the broader market indices, all the indices, the BSE Large-cap, BSE Mid-cap index and the Small-cap indices went up +0.5, +1.2 and +0.5 percent respectively this week.
The Foreign Institutional Investors (FIIs) sold equities worth Rs 3659 crore, while Domestic Institutional Investors (DIIs) continued their buying as they purchased equities worth Rs 22,762.62 crore.
In Friday’s trade, the Indian rupee has touched a fresh record low of 89.49 per dollar, finishing at 89.45 per dollar against the previous week’s close of 89.40. During the week, the Indian rupee traded in the range of 89.04-89.49.
ECONOMY
Unified Portal for Unclaimed Financial Assets
The government is building a single unified digital portal to help citizens track and recover unclaimed financial assets spread across banks, insurers, mutual funds, and other regulated institutions, Department of Financial Services (DFS). A nationwide campaign called “Aapki Poonji, Apka Adhikar,” was introduced to help people verify and claim stagnant funds. To date, the initiative has returned around ₹1,887 crore to rightful citizens.
BIS warns of Hedge Fund Leverage in Govt Bond Markets
The head of the Bank for International Settlements (BIS) has warned that hedge funds’ ability to make highly leveraged bets in government bond markets should be a key priority for policymakers, given rapidly increasing public debt levels. Because this could create instability with sudden market change and with governments globally issuing more debt and yields remaining compressed, leveraged trades have become more aggressive.
STOCKS IN NEWS
Hindustan Zinc
The shares of Hindustan Zinc jumped 5.5 percent over the week, supported by a sharp rise in silver prices boosted investor sentiment for the stock. Silver futures on the Multi-Commodity Exchange of India (MCX) with December expiry rose nearly 2 percent to Rs 1.65 lakh per kilogram. The company is the largest producer of silver in India, and produces refined silver with a minimum 99.9 percent purity.
Patel Engineering
Shares of Patel Engineering rose 7.29 percent this week, after the company got orders worth Rs 798 crore from Hyderabad-based Saidax Engineers and Infrastructures. The company received two Letters of Intent for excavation and transportation of coal at a project located at Jhiria West OCP of Hasdeo Area, Bilaspur, in Chhattisgarh and for South Eastern Coalfields Ltd.
Swiggy
Food delivery platform, Swiggy shares went down over 2.26 percent over the week after India’s new labour codes came into effect, raising concerns over higher operating costs for platform companies. Brokerages have quantified the estimated cost implications for food-delivery and quick-commerce firms following mandatory social-security contributions for gig and platform workers under the new codes.
Ashok Leyland
Ashok Leyland shares went up 9.35 percent this week, after its subsidiary Hinduja Leyland Finance Ltd (HLFL) approved a merger with real estate firm NDL Ventures. After this, shareholders of NDL Ventures will receive 25 shares for every 10 shares of Hinduja Leyland Finance under the proposed scheme. The stock has now gained 43.23 percent year-to-date.
Hindustan Copper
The shares of Hindustan Steel ended almost 2.5 percent higher this week, after the Steel Secretary hinted at the government being close to a decision on safeguard duty on some steel imports. Hopes for an interest-rate cut by the Reserve Bank of India (RBI) and Supportive global macroeconomic cues, including expectations of rate cuts by the Federal Reserve.
Source – Moneycontrol, Reuters