The BSE Sensex and Nifty 50 finished in the red on Friday, recording losses for the second consecutive trading session and finishing the week lower despite indices reaching an all-time highs on Wednesday. The BSE Sensex lost 131.50 points, or 0.21%, during the previous week to close at 61,663, while the Nifty lost 42 points, or 0.23%, to finish the week at 18,307.65. The BSE small-cap index fell 0.81% during the same time period, while the BSE midcap index closed 1.30% lower.
Even as domestic indices reach new highs, the Indian rupee continues to lose ground. The rupee fell 10 paise to close at 81.74 against the US dollar on Friday, extending its three-day losing streak. The Indian rupee fell by 96 paise, or 1.18%, in the previous week, marking the first weekly decline after three weeks of gains. In addition, the rupee's depreciation has continued despite the RBI's ongoing efforts, causing forex reserves to plummet.
The dollar index gained marginally on Friday after US Fed officials suggested that the central bank's funds rate could rise to 5-7%.
Crude oil prices fell sharply last week as the outlook for oil demand was clouded by an increase in Covid-19 cases in China, the world's largest crude importer. Brent crude futures settled 8.49 percent lower at $87.40 a barrel to end the week. West Texas Intermediate (WTI) closed 9.98 percent lower at $80.08 a barrel during the same time period.
Earlier this week, the International Energy Agency lowered its global oil demand growth estimate for next year again, citing weak economic growth in China, Europe’s energy crisis, and a strong dollar. The agency has decreased its previous prediction of 1.7 million barrels per day growth in oil demand to 1.6 million barrels per day growth in 2023.
In the previous week, 12 BSE500 stocks saw gains ranging from 10% to 25%.
In the last week, shares of Rail Vikas Nigam, a railway infrastructure company increased by 25.19%, rising from ₹50.48 to 63.20. The stock began to rise after the company received an order worth ₹137.55 for increasing speed potential to 160 KMPH in the East Central Railway's Dhanbad Division's Pradhankhanta-Bandhua Section.
Timken India was the second-top gainer among BSE 500 stocks last week, with gains of over 23.20%. The stock saw the majority of its gains on Thursday after it announced to set up of a new manufacturing facility at Bharuch, Gujarat. The new facility will manufacture spherical roller bearings (SRB), cylindrical roller bearings (CRB), and the components thereof.
In the last one-year period, the stock has gained more than 81%, in contrast to the movement in the Nifty50 index, which has increased by 3.06% in the same period.
IRCON International, a miniratna public sector enterprise, was another top gainer in the BSE 500 index, gaining nearly 20% last week. The stock hit a fresh 52-week high of ₹62 in Wednesday's trade after the company said it has emerged as the lowest bidder for a construction project worth ₹392.5 crore in Madhya Pradesh.
For the September-ending quarter, the company reported a 38.3 percent YoY rise in its consolidated net profit at ₹174.18 crore compared to a consolidated net profit of ₹125.94 crore in the year-ago period.
HUDCO rallied 15.1 percent to ₹46.9 during the last week after its consolidated net profit jumped 7 percent to ₹396 crore in the September 2022 quarter as against ₹370.45 crore in the corresponding quarter of the preceding fiscal.
The company's gross NPA fell by 28 basis points to 3.80 percent in Q2 FY23 from 4.08 percent in the same period last year. However, net NPAs increased by 8 basis points to 0.60 percent from 0.52 percent in the previous quarter.
IFB Industries was another big mover last week, rallying 13.2%. The stock hit a ten-month high of ₹1,084.50 on the BSE in Friday's trade.
IRFC, another railway stock, rose 12.2% last week. In intra-day trading on Thursday, the stock rose nearly 8.5% to trade above its IPO price for the first time since its listing last year. In October, the IRFC signed an agreement with India Infrastructure Finance Company Ltd. (IIFCL) to finance railway infrastructure projects.
Other stocks, including Redington India, Esab India, IIFL Finance, Indiabulls Real Estate, Union Bank of India, and RHI Magnesita India, have also gained 10% to 13% last week.
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