Week Ahead: Q3 results, Ayodhya event, F&O expiry, global cues among key market triggers this week
recorded their worst week in over two months clocking the biggest weekly losses, tracking mixed earnings and muted global cues. After the subdued start, a sharp cut in the middle derailed the momentum however, resilience in the select heavyweights in the final sessions trimmed losses. Nifty Bank also recorded biggest weekly fall in a year.
The biggest contributor to the fall of Nifty 50 and Bank Nifty was HDFC Bank. HDFC Bank, the heaviest-weighted stock on the indexes, tumbled 8.44 per cent on Wednesday -- a day after reporting its October-December quarter results - in its biggest one-day slide since May 2020, on worries over its stagnant margins. The substantial decline in the stock also predominantly triggered the freefall by equity benchmarks Sensex and Nifty 50 -leading to their biggest single-day percentage loss since June 2022 on January 17, dragged by across the board selling amid weak global cues.
The blue-chip index NSE Nifty 50 closed 0.75 per cent higher to 21,622.60 points on Friday, while the S&P BSE Sensex ended 0.7 per cent up to 71,683.23. They lost 1.24 per cent and 1.22 per cent, respectively for the week. The benchmarks tumbled nearly three per cent from Tuesday to Thursday.
Also Read: Budget 2024 Expectations: From capex target to fiscal deficit, CareEdge predicts these changes for India's economy Eventually, both the benchmark indices, Nifty 50 and Sensex, lost over a per cent each to close at 21,571.80 and 71,423.65 levels respectively. On the sectoral front, banking, realty and financials were badly hit while energy and IT managed to end in the green. Interestingly, the broader indices outperformed for yet another week however, deterioration in the market breadth showed selective participation.
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