GST rate cuts, frequent purchases of DIIs, better PMI figures managed to close the Indian market with an edge, ignoring the volatility in the market this week. In this boom of the market, the expectation of deducting interest rates by Fed was supported by global markets. However, market experts believe that exporters remain concerned about the decline in exports after the US imposes 50% tariffs on Indian goods.
The Sensex closed at 80,710.76 with a gain of 901.11 points, or 1.12 per cent, in the week ended September 05. At the same time, the Nifty closed at 24,741 with 314.15 points, or 1.28 per cent.
Last week, BSE’s Lajcap index saw a rise of 1.4 per cent. Mahindra and Mahindra, Jindal Steel, Tata Steel, Eicher Motors, Swiggy, Bajaj Finance, and Tvs Motor should be the top gainer of the company company.
Last week, BSE’s midcap index rose 2 percent. Aditya Birla Fashion & Retail, Ola Electric Mobility, Brainbees Solutions, Steel Authority of India, Rail Vikas Nigam, and NMDC.
BSE’s smallcap index was seen showing a rise of 2.5 per cent last week. Netweb Technologies India, One Mobikwik Systems, Jai Corp, Hemisphere Properties India, Vimta Labs, Atul Auto, Gujarat Mineral Development Corporation, Rategaain Travel Technologies, Zydus Wellness saw a 20-39 percent increase.
Last week, BSE’s metal index gained 6 percent. At the same time, BSE’s auto index was 5.2 percent, BSE’s consumer durable index increased 3.6 percent. At the same time, BSE’s IT index slipped 1 percent.
Last week, the market cap of Mahindra and Mahindra saw the biggest lead. After that Bajaj Finance, Reliance Industries, and HDFC Bank were number. On the other hand, there was a decline in the market cap of Tata Consultancy Services, Infosys, and HCL Technologies.
Foreign institutional investors (FIIs) continued to sell for the 10th consecutive week and sold shares worth Rs 5,666.90 crore. On the other hand, domestic institutional investors (DIIs) continued purchasing for the 21st consecutive week and bought shares worth Rs 13,444.09 crore.
The Indian rupee closed down the second consecutive week and reached a new record low of 88.36 against the US dollar. On September 5, the domestic currency fell by 6 paise to close at 88.26 per dollar, while on August 29 it closed at 88.20 per dollar. During the week, the Indian rupee continued to trade within the radius of 87.98-88.36.