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Sensex rises over 1% in Diwali week, makes a comeback after 2 weekly losses

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Sensex and Nifty50 rose more than one percent each in the holiday-shortened week that ended with a special one-hour session on Diwali.

Sensex rises over 1% in Diwali week, makes a comeback after 2 weekly losses
Indian equity benchmarks made a comeback last week after two straight weekly losses. Both Sensex and Nifty50 rose more than one percent in a four-day week that ended with a special, one-hour Muhurat trading session on Thursday. Real estate and PSU banking stocks were in high demand in a week that saw across-the-board gains. Broader markets also saw significant buying interest.
For the week ended November 4, the Sensex index rose 760.7 points or 1.3 percent to settle at 60,067.6 and the broader Nifty50 benchmark added 245.2 points or 1.4 percent to shut shop at 17,916.8.
The Nifty Midcap 100 gained 3.1 percent for the week, and its smallcap counterpart 2.5 percent.
Highlights of the week gone by
It was a busy, holiday-truncated week with another set of quarterly earnings from India Inc, monthly auto sales and three IPOs: PB Fintech, SJS Enterprises and Sigachi Industries.
Auto sales were mixed as the sector continued to struggle against a global shortage of semiconductors.
Robust GST collections amid favourable global cues led to a strong start to the week, though investors globally remained cautious ahead of a key policy review by the US central bank.
Central bank meetings remained in spotlight after the Federal Reserve decided to start to scale back its massive, pandemic-era bond buying, and the Bank of England held interest rates steady, dashing investors' expectations for a hike.
The troubled Chinese property developer Evergrande completed the delivery of 184 property projects in the July-October period. That allayed some of the concerns about China's property market and its potential impact on global financial markets.
All of NSE's sectoral indices finished the week with gains, with the Nifty Realty surging 9.9 percent. The Nifty PSU Bank, Media, Consumer Durables, IT and Metal indices rose 2.4-4.5 percent.
In the Nifty50 universe, as many as 35 scrips clocked weekly gains. UltraTech, SBI, Eicher Motors, Grasim and Larsen & Toubro were the biggest gainers. On the other hand, Reliance Industries, Bajaj Finserv, ICICI Bank, Kotak Mahindra Bank and Tech Mahindra were the top laggards.
Nifty gainers
StockWeekly change (%)
UltraTech5.8
SBI5.8
Eicher Motors5.3
Grasim Industries5.2
L&T5.2
Maruti Suzuki5.1
Indian Oil4.7
Dr Reddy's4.3
Adani Ports3.7
Shree Cements3
Nifty losers
StockWeekly change (%)
Reliance Industries-3.8
Bajaj Finserv-2.2
ICICI Bank-2.1
Kotak Mahindra Bank-2
Tech Mahindra-1.8
Sun Pharma-1.5
Mahindra & Mahindra-1.2
Britannia-0.8
Aaxis Bank-0.7
Nestle-0.5
Wipro-0.5
In the Nifty Midcap 100 and Smallcap 100 packs, Canara Bank, Oberoi Realty, Varun Begerages, Mazagon Dock and Lux Industries -- rising between 10.9 percent and 17.1 -- were the biggest gainers. On the other hand,
IRCTC, Whirlpool, Laurus Labs, Sequent Scientific and Radico -- taking cuts of between 7.1 percent and 10.8 percent -- were the top losers.
About 390 scrips on BSE 500 -- the broadest gauge on the bourse -- rose for the week.
The road ahead
In the coming week, macroeconomic data, quarterly earnings and activity in the primary market will be in focus.
More than 2,000 companies are due to report their financial results during the week, including Mahindra & Mahindra, Tata Steel, MRF, Petronet, Britannia, Aurobindo Pharma and IGL.
Digital payments startup Paytm will launch its IPO on Monday, November 8.
Official data on industrial production and inflation will be released on Friday.
Analysts expect the market to continue to be volatile during the week. Data on inflation in the US and China will also be watched for cues.
"As long as inflation remains a concern, even D-Street investors will closely monitor domestic inflation rate, which has remained within the RBI’s comfort zone. However, an inflation rate that is sustainably higher than its tolerance level coupled with the stance adopted by the Fed on the interest rate hike last week may nudge the RBI to consider adopting a hawkish stance and begin policy tightening sooner than anticipated," said Yesha Shah, Head of equity research at Samco Securities.
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