Nifty, Sensex Gain Backed by Auto and FMCG Stocks – Weekly closing report
Moneylife Digital Team 24 June 2022
The previous week, Nifty, Sensex registered their biggest weekly loss in two years. Last week, the indices rebounded a bit. Sector-wise, Nifty Auto and Nifty FMCG were the biggest gainers with 6.95% and 4.18% respectively and Nifty Metal was the only loser this week.
 
The major indices opened higher this week and closed with gain.
 
 
On Monday, the indices opened gap up and ended with gain. On the National Stock Exchange (NSE), 396 stocks advanced, 1,744 declined and 45 remained unchanged with advance decline ratio of 0.23, indicating major weakness in broader markets.
 
On NSE, 16 stocks advanced and closed at a new 52-week high whereas 489 stocks sank to close at their new 52-week lows. In sectorial indices, Nifty Metal and Nifty Oil & Gas were the biggest losers whereas Nifty FMCG and Nifty Financial Services were the biggest gainers. The broader market indices underperformed their larger peers with BSE Midcap and BSE Small cap losing 1.4% and 2.9%, respectively.
 
Vodafone Idea is considering to raise Rs500 crore from its promoters in a board meeting on 22nd June. Action Construction Equipment received order worth US$24.98 million to set up an assembly plant for tractors. According to CRISIL, duty related measures by government will result in 40% decline in exports.
 
On Tuesday, the indices opened gap up and ended with strong gains on short-covering. On the National Stock Exchange (NSE), 1,759 stocks advanced, 366 declined, and 37 remained unchanged with advance decline ratio of 4.81.
 
On NSE, eight stocks advanced and closed at a new 52-week high, whereas 118 stocks sank to 52-week lows. All sectoral indices ended 1% higher with Nifty FMCG and Nifty Private Bank gaining the least while Nifty Media and Nifty Oil& Gas were the biggest gainers. The broader market indices outperformed their larger peers with BSE Midcap and BSE Small cap adding 2.42% and 2.99% respectively.
 
SEBI has banned mutual funds from bundling insurance with mutual fund schemes. According to World Gold Council, India is now the fourth largest gold recycling country and processed 75 tons in 2021. According to Ericsson report, 39% of mobile users in India will be using 5G services in the next five years.
 
On Wednesday, the indices opened gap down and ended with loss. On the NSE, 623 stocks advanced, 1,458 declined, and 67 remained unchanged with advance decline ratio of 0.43.
 
On NSE, seven stocks advanced and closed at a new 52-week high whereas 91 stocks sank to close at their new 52-week lows. All sectorial indices closed in red, Nifty Metal and Nifty Media were the biggest losers and Nifty PSU Bank and Nifty Auto were the most resilient. The broader market indices declined in line with their larger peers with BSE Midcap and BSE Small cap ending 1.53% and 1.11% down. Indian rupee closed at a record low of 78.39 per US dollar.
 
The department of telecom (DoT) has removed the floor of minimum spectrum usage charge (SUC) of 3% of adjusted gross revenue (AGR). There will be no spectrum usage charge on spectrum assigned post September 2021.
 
UK May CPI was at 9.1%, a fresh 40-year high. In the NSE co-location case, the Central Bureau of Investigation (CBI) has arrested Sanjay Gupta of OPG Securities. In DHFL bank fraud case, CBI has booked former CMD Kapil Wadhawan and director Dheeraj Wadhawan.
 
On Thursday, the indices opened higher and ended with gain. On the National Stock Exchange (NSE), 1,426 stocks advanced, 629 declined, and 80 remained unchanged with advance decline ratio of 2.27.
 
On NSE, six stocks advanced and closed at a new 52-week high whereas 84 stocks sank to close at their new 52-week lows. Nifty Auto and Nifty IT were the biggest gainers whereas Nifty Oil& Gas was the only loser. The broader market indices outperformed their larger peers with BSE Midcap and BSE Small cap gaining 1.4% and 1.18% respectively.
 
Hero Motocorp is set to revise prices of its vehicles by up to Rs 3,000 from 1 July citing cost inflation including commodity prices. RBL Bank board has appointed Subramaniakumar as CEO for three years and Rajeev Ahuja as Executive Director. Route Mobile will consider share buyback proposal on 28th June.
 
On Friday, the indices opened higher and ended with gain. On the NSE, 1,620 stocks advanced, 459 declined, and 53 remained unchanged with advance decline ratio of 3.53.
 
On NSE, 13 stocks advanced and closed at a new 52-week high whereas 28 stocks sank to close at their new 52-week lows. In sectorial indices, all indices ended with gain except Nifty IT. Nifty Media and Nifty PSU Bank were the biggest gainers. The broader market indices outperformed their larger peers with BSE Midcap and BSE Small cap gaining 1.53% and 1.60% respectively.
 
Canara Bank has approved capital raising plan for FY22-23 of up to Rs 9,000 crore. Dwarikesh Sugar has commissioned 175 kl per day capacity distillery in Uttar Pradesh. Nazara Technologies closed almost 20% higher after 50:50 share split. 
 
Parameswaran Iyer has been appointed as CEO of NITI Aayog. Fineotex Chemical Board has approved raising of funds of up to Rs200 crore.
 
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