Indian benchmark indices ended a holiday-truncated week mildly higher on Thursday, marking their third weekly gain in a row. The market lost its momentum following the best week in seven months as gains in consumer and metal stocks were offset by losses in healthcare and PSU banking counters. Broader markets supported the gains in the overall market.
Banking stocks once again hesitant to give the market a lift with the Nifty Bank index falling marginally to snap two back-to-back weeks of gains.
The S&P BSE Sensex index rose 175 points or 0.3 percent for the week to settle at 58,305.07 and the broader NSE Nifty50 benchmark added 46 points to shut shop at 17,369. The market remained shut on Friday for Ganesh Chaturthi.
During the volatile week, investors globally remained cautious amid rising Delta variant Covid cases and the pandemic's impact on economic activity, and the timing of tapering of fiscal support by major central banks.
All eyes were on updates from the European Central Bank's policy meeting after weak jobs data renewed hopes of a delayed withdrawal of stimulus by the US central bank.
The ECB decided to trim its stimulus in the coming quarter, hinting at its first reduction in the emergency aid that was introduced to counter the damage caused by the pandemic. In the past two quarters, the central bank has purchased debt worth 80 billion euros each month.
Among NSE's sectoral gauges, the media index rose the most, finishing the week 3.8 percent higher. The Nifty Consumer Durables and FMCG indices were next, rising 2.6 percent and 0.9 percent respectively. On the other hand, the healthcare and pharma barometers fell more than one percent each, and the Nifty PSU Bank index finished half a percent lower. All sectors had risen last week.
Among blue chip stocks, Grasim, Reliance Industries, Coal India, Titan and Eicher Motors were the biggest weekly gainers, rising 3-7 percent each. On the other hand, SBI Life, HDFC Life, Divi's Labs, Sun Pharma and NTPC, falling 2-6 percent each, were among the top losers.
Broader markets outshined the overall markets, as the Nifty Midcap and Smallcap 100 indices rose one percent and 2.3 percent respectively. Almost 290 stocks stocks in the BSE 500 index -- the broadest gauge on the bourse -- finished the week higher.
Dish TV, Caplin Point, Future Consumer, KPR Mill, Vodafone Idea and IRCTC were among the top gainers. PTC India, Sanofi, Apollo Hospitals, BASF, Adani Power and ICICI Securities were among the top laggards.
The road ahead
Analysts await data on inflation in the country last month for domestic cues. Data on consumer inflation will be released after market hours on Monday and on whole inflation during market hours the next day.
First Published: IST