Top stocks last week: Tech Mahindra, HDFC Bank, Bharti Airtel; check full list
Domestic equity benchmarks Sensex and Nifty suffered significant losses on Friday amid weak global cues as investors remained concerned over sticky inflation, rate hikes and their impact on global economic growth. Fears over China’s growth prospects, stubborn UK inflation, hawkish cues from US Fed Chair Jerome Powell and an unexpected 15-year high rate hike by Bank of England kept investors on their toes.
However, BSE Sensex touched a fresh record high of 63,601.71 on June 22, while Nifty remained just one point away from its record high of 18,887.60. On Friday, Sensex closed 260 points, or 0.41 per cent, lower at 62,979.37 with 23 stocks in the red and only seven in the green. The Nifty50 closed the day at 18,665.50, down 106 points, or 0.56 per cent.
“Domestic indices extended the losses for the second consecutive day amid weakness globally. Nifty opened lower and remained in negative territory throughout the session to close with a loss of 106 points at 18666. The broader market too ended in red with Nifty midcap and smallcap 100 down 1% each,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services Ltd.
“Except for Pharma, all sectors ended in red with Metals, Consumer Durables, Auto, and Oil & Gas down between 2-1%. Indian equities have gained 8% from the low made in April with Sensex touching new high during the week. Weak commentary by global IT giant Accenture, a rate hike by BOE and hawkish commentary by US Fed Chair led to profit booking at higher levels that stopped Nifty from making a new high as the index fell short of just 1 point on Thursday. We expect the market to consolidate in the near term, although investors should use corrections as buying opportunity,” he added.
Top stocks last week:
Tech Mahindra, HDFC Life Insurance, HDFC, HDFC Bank and Dr Reddy’s Laboratories were the stocks in the Nifty 50 universe that rallied.
The shares of Tech Mahindra was the top gainer in the Nifty 500 universe last week as they rallied 3.6 per cent. In the last one month, the stock has risen 2.3 per cent.
HDFC Life Insurance scrip was also among the top gainers in the Nifty 500 as it rose 2.9 per cent. In the last one month, the stock has rallied 11.4 per cent.
The scrip of HDFC surged 2.7 per cent last week, while it rose marginally 0.6 per cent in the last one month.
The shares of HDFC Bank rose 2.5 per cent and 0.4 per cent in the last one month.
Bharti Airtel stock rose 2 per cent while Dr Reddy’s Laboratories was up by 1.6 per cent.
Where is Nifty50 headed?
“The domestic market sailed through a rough week, facing unexpected ups and downs as it hovered around its historical peaks and exhibited cautiousness stemming from weak global cues. This volatility was more evident in mid- and small-cap stocks, which witnessed increased selling as investors booked profits following a strong recent rally,” said Vinod Nair, Head of Research at Geojit Financial services.
“In the global context, central banks worldwide are currently focused on addressing inflation and have reiterated their commitment to achieving their target levels.This is reflected in the hawkish commentary from the Fed Chair and the rate hikes by the central banks. Conversely, the decision of Chinese central banks to cut rates after a 10-month pause has raised concerns about the health of the Chinese economy. Despite these global concerns, the domestic market is not anticipated to undergo a significant correction. This is due to favourable domestic economic indicators and a correction in international commodity prices, which are expected to sustain earnings growth on a QoQ basis,” he added.
Know your inner investor
Do you have the nerves of steel or do you get insomniac over your investments? Let’s define your investment approach.
Download The Mint News App to get Daily Market Updates.
Updated: 24 Jun 2023, 10:34 PM IST
