Sector-Wise Surge Witnessed In The Indian Market
Ninad RamdasiCategories: DSIJ_Magazine_Web, DSIJMagazine_App, Editorial, Market Moves, Market Watch
The BSE Sensex closed 1,548 points higher at 59,595.85 on Friday, notching a 2.65 per cent gain in the last fortnight. With this surge, the Indian market approached the five-month high hit on September 15 and continued to outperform other major Asian bourses
The BSE Sensex closed 1,548 points higher at 59,595.85 on Friday, notching a 2.65 per cent gain in the last fortnight. With this surge, the Indian market approached the five-month high hit on September 15 and continued to outperform other major Asian bourses. The Nifty also attained stellar returns of 475 points or 2.74 per cent and closed at the 17,786.80 mark. The week’s decline in US government yields and the rupee’s recovery helped riskier shares in India’s dominant auto manufacturing sector, with Maruti Suzuki rising 5 per cent.
In the last two weeks, the BSE MidCap and SmallCap sectors have increased by 0.49 per cent and 1.10 per cent, respectively. Energy stocks also secured gains, led by a 2 per cent rise for GAIL. The power and realty sector saw a jump of more than 3 per cent to 4 per cent individually in the past week to reach a level of 4830.71 and 3472.08, respectively. The Bankex sector on the similar front rose by 2.97 per cent to end the last week at the 47,043.97 mark.
The latest data pointed to an inflation rate of 7.4 per cent in September, marking nine straight months since inflation was last contained under the RBI’s upper target of 6 per cent. According to the most recent statistics available, the credit market indicator (CMI) reached 99 in June 2022, surpassing the previous record of 99 set in December 2019 before the global pandemic struck. The CMI is a comprehensive index of data components like demand, supply, consumer behaviour, and performance to summarise the health of the credit market.
The auto sector saw an increase of 5.16 per cent in the last fortnight and traded at a level of 30,243.68 points. Consumers drove home their dream vehicles amid holiday excitement following mutedfestivities in the previous two years due to the pandemic, according to automakers, who claim to have their best-ever monthly retail sales in October.
The oil and gas index has seen a significant jump of 6.04 per cent and closed at a 19,247.05 level. The World Bank forecasts an 11 per cent drop in energy costs in 2023 following a 60 per cent increase in 2022, with ongoing COVID restrictions in China and slower global development serving as major downside risks.
The metal segment has also seen gaining some traction gaining more than 2 per cent and closed at 18,987.13 levels. The IT sector has seen a surge of more than 0.80 per cent and reached a level of 28,571.26. The FMCG on the same lines also have seen nearly 1.5 per cent increase in the last fortnight and closed at a level of 16,019.37 on October 28.Healthcare sector also closed on the higher side on October 28 improving by 1.36 per cent at the 23,636.60 level.
The Foreign portfolio investors (FPIs) and the domestic institutional investors (DIIs) turned out to be the net buyers of shares worth Rs 5,310.59 crore, and Rs 2,329.02 crore, respectively in the last 15 days in the Indian market.
In the last two weeks, Indian markets outpaced its global counterparts. As a result of gains in auto and oil & gas sectors, benchmark indices managed to mostly withstand negative global indications.
