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WEEKLY REPORT
The Indian equity indices extended the gains in the second consecutive week ended November 21 amid volatility led by the delay in the US-India trade deal, uncertainty about the Fed rate cut after better US non-farm payroll data, falling rupee and soft manufacturing PMI data.
For the week, the BSE Sensex index added 669.14 points or 0.79 percent to close at 85,231.92, and Nifty50 rose 158.1 points or 0.61 percent to finish at 26,068.15.
Among the broader market indices, all the indices, the BSE Large-cap index ended with marginal gains, while the BSE Mid-cap index and the Small-cap indices went down -1.00 and -2.00 percent respectively this week.
During the week, Bharti Airtel added the most in terms of market value, followed by Reliance Industries, Infosys, and Tata Consultancy Services. On the other hand, Tata Motors Passenger Vehicles, Bajaj Finance, Bharat Electronics, lost most of their market capitalisation.
On the sectoral front, the Nifty IT index surged 1.6%, the Nifty Auto index added 1%, and the Nifty Bank index rose 0.6%. On the other hand, the Nifty Realty index fell 3.7%, the Nifty Metal index fell 3.3%, and the Nifty Media shed 2.4%.
The Foreign Institutional Investors (FIIs) reduced their selling this week as they sold equities worth Rs 188 crore, while the Domestic Institutional Investors (DIIs) continued their buying as they bought equities worth Rs 12,969.03 crore.
The Indian rupee extended the losing streak in the second week, hitting a fresh record low of 89.48. The domestic unit ended 74 paise lower at 89.40 per dollar on November 21 against the November 14 closing of 88.74. During the week, the Indian rupee traded in the range of 89.48-88.42.
ECONOMY
Online Securities-UPI Payment declines for the fifth month
UPI transactions routed through securities platforms and brokerages contracted for the fifth consecutive month in October, falling 8.6 percent year-on-year. This downturn reflects persistent volatility in the equity market and a decline in retail participation. In contrast, overall UPI volumes grew by 26.4% year-on-year, driven by strong retail consumption during the festive season. This marks a clear break from the frenetic activity of 2023 and early 2024, when retail participation surged and demat additions touched record highs.
Germany’s Private Sector growth reduces
Germany’s private sector growth lost momentum in November, as the manufacturing sector unexpectedly contracted and the service sector did not expand as quickly as expected. The decline in new orders, especially exports, signals rising headwinds for Europe’s largest economy, and job losses in manufacturing are beginning to show.
STOCKS IN NEWS
Avanti Feeds
The shares of shrimp company Avanti Feeds sharply surged over 11.92 percent this week after China notified Japan that it will ban all imports of Japanese seafood. Indian shrimp-feed companies export products to China. Hence, the ban on Japanese seafood may have increased expectations of higher demand in China.
Mangalam Drugs and Organics
The shares of Mangalam Drugs and Organics dropped more than 25 percent over the week. This comes after the company announced that it has defaulted on its loan obligations to Bank of Baroda and Bank of Maharashtra for a period exceeding 30 days. The company also lost over Rs 20 crore in valuation.
Hindalco
The shares went down 3.45 percent during the week after the government extended exemptions from the mandatory quality control orders for select steel and stainless-steel grades, a move that could allow more imports to flow into the country and pressure domestic prices.
Mankind Pharma
Indian drugmaker Mankind Pharma, shares went down by over a percent this week as the company saw a rough patch due to lacklustre domestic revenue, margin pressure, and finance costs associated with the acquisition of Bharat Serums and Vaccines (BSV) and related integration challenges, all of which have weighed down its guidance.
Sammaan Capital
The shares of Sammaan Capital ended 10.68 percent down this week, which is due to the Supreme Court’s case related to alleged irregularities at the NBFC, but the company clarified that the irregularities related to an erstwhile promoter who is no longer associated with the company.
Source – Moneycontrol, Reuters