Sunday 13 November 2022

Market extends rally in fourth week on cooling US inflation, FII buying, strong rupee

The market ended higher for the fourth consecutive week and rose more than 1 percent in the week ended November 11 on the back of a strong comeback by global markets after lower-than-expected US inflation data, continued FII support, rising rupee and robust earnings from India Inc.

For the week, BSE Sensex gained 844.68 points or 1.38 percent to end at 61,795.04, while the Nifty50 rose 232.55 points or 1.28 percent to close at 18,349.7 levels. The BSE Large-cap Index rose 1 percent led by Zomato, FSN E-Commerce Ventures (Nykaa), Bank of Baroda, Britannia Industries, HDFC Bank and Punjab National Bank.

BSE Mid-cap Index slipped 0.7 percent dragged by Ramco Cements, Aurobindo Pharma, Tube Investments of India, Deepak Nitrite, and Jubilant FoodWorks. However, Union Bank of India, Bank of India, Samvardhana Motherson International, Supreme Industries, and Endurance Technologies rose 7-21 percent.

The BSE Small-cap index shed 0.4 percent. TCPL Packaging, Honda India Power Products, Kamdhenu HLV, Future Retail, Sanghvi Movers, Neuland Laboratories, SMS Pharmaceuticals, FIEM Industries, Lumax Industries, MPS, Indraprastha Medical Corporation, Hindustan Foods, Timex Group India, KPI Green Energy, Swan Energy, Dhunseri Ventures and Ajmera Realty rising 15-23 percent. However, Cressanda Solution, TeamLease Services, NR Agarwal Industries, DMCC Speciality Chemicals, Campus Activewear, Renaissance Global, Everest Industries, NRB Bearings, and Fairchem Organics lost 15-18 percent.

On BSE Sensex, HDFC Bank added the most in terms of market cap followed by Tata Consultancy Services, Housing Development Finance Corporation, and Reliance Industries. On the other hand, Bajaj Finserv, Asian Paints, and Titan Company lost most of their market cap.

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