Sensex, Nifty Log The Second Worst Week Since February
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India's stock benchmarks logged their second worst week in almost 10 months since the week ended February 26, 2021, dragged by broad based losses across sectors barring information technology. Both S&P BSE Sensex and NSE Nifty 50 also posted their steepest single day decline since December 6.
Barring Nifty IT, all the other sectoral indices declined on a weekly basis.
Wipro Ltd. was the top gainer on the Nifty 50 index this week, followed by Power Grid Corp of India Ltd., Infosys Ltd. and Tech Mahindra Ltd. About eight stocks advanced this week while 42 declined.
On Friday's session, the S&P BSE Sensex fell 1.54% (889 points) to 57,011.74. The 30-stock gauge fell 950 points in intraday trade. The NSE Nifty 50 index also fell by the same magnitude to 16,985.20. This is the first time the 50-stock index closed before 17,000 mark since December 6. IndusInd Bank Ltd. had the largest drop, falling 4.9%. Today 44 of 50 shares fell, while six rose.
The broader indices underperformed their larger peers with S&P BSE MidCap and S&P BSE SmallCap slipping over 2%. Barring S&P BSE Information Technology and S&P BSE Teck, all the other 17 sectoral indices compiled by BSE Ltd. declined with S&P BSE Realty leading the losses, as it fell as much as 3.78%.
The market breadth was skewed in the favour of bears. About 1,049 stocks advanced, 2,292 declined and 98 remained unchanged.
"One of the key events during the week ended Dec17, 2021 was the US Federal reserve meeting. While the Fed maintained policy rates, they signalled an increase the pace of tapering from USD 15bn/month to USD 30bn/month. The projections for the path of Fed rate hikes has also moved higher for next three years. The FOMC dot plot now shows three rate hikes now in 2022 as compared to one hike projected earlier. The Bank of England hiked interest rates from 0.10% to 0.25% while the ECB further cut its bond purchases", Shibani Kurian, Senior EVP & Head - Equity Research, Kotak Mahindra AMC wrote in a note, and added that even while the structural drivers of the Indian equity markets are intact over the medium to long term, in the near term given the current valuations (both absolute and relative), Indian equity markets could witness some degree of volatility. Market direction would be largely determined by 1) any third wave of COVID from new variant 2) flows from domestic investor as well as FIIs 3) demand trend over next few months and 4) movement in input cost inflation. RBI’s monetary policy and Union budget (to be presented in February) would be some of the other key events to watch out for.
Wipro Jumps The Most In Two Months; Stock Up 5% In Two Sessions
Shares of Wipro Ltd. rose 4.42%, the biggest intraday rise in two months, to Rs 672.75, amid a rally in information technology stocks.
Over the past two sessions, Wipro's shares have risen over 5%.
Wipro signed an agreement to acquire U.S. based LeanSwift Solutions on December 15.
Source: Exchange Filing
KEC International Shares Rise After Company Bags Orders Worth Rs 1,041 Crore
Shares of KEC International Ltd. rose over 2% in intraday trade to Rs 463.5 apiece after the company secured new orders worth Rs 1,041 crore across its various businesses.
The company's transmission and distribution business bagged order for projects in India, Middle East and Americas.
Civil business received an order for building a data centre in western India while cables business secured orders both on the domestic and overseas front.
With these order, KEC International's year-to-date order intake stood at nearly Rs 12,000 crores, over 100% rise from last year.
Source: Exchange Filing
Of the 32 analysts tracking the company, 24 maintained 'buy', seven maintained 'hold' and one maintained 'sell' recommendations. The overall consensus price of analysts tracked by Bloomberg implied an upside of 14.8%.
Trading volume on the stock was 3.3 times the 30-day average volume, for this time of the day.
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