Indian equity markets closed with marginal gains on Friday. The Nifty50 ended with a gain of 36.45 points, or 0.21%, at 17,558.90, while the Sensex closed at 58,833.87, up 59.15 points, or 0.10%.
On a weekly basis, the Sensex fell 1.36 percent, while the Nifty lost 1.12 percent. However, the BSE Small-cap index gained 0.85 percent in the same period, while the BSE Midcap index surged 0.61 percent.
On the other hand, crude oil prices rose 4% last week. WTI crude futures traded above $93 per barrel on Friday, gaining 3% on the week as investors weighed uncertain supply levels against the outlook of lower energy demand. Brent crude futures rose above $100 per barrel on Friday, gaining more than 4% on the week.
After nine months of massive outflows, FPIs began to become net buyers for the first time in July, and they continued to do so in August. According to data from depositories, FPIs pumped a net amount of ₹49,254 crore into Indian equities during August 1–26. This is the highest investment made by them so far in the current year, Business Standard reported.
In addition to that, FPIs infused a net amount of ₹4,370 crore into the debt market during the same time period.
On Friday, Federal Reserve Chair Jerome Powell said in his Jackson Hole speech that the central bank won’t back off in its fight against rapid inflation and will continue to raise interest rates. The US Federal Reserve has announced 225 basis-point rate increases so far in 2022. The dollar index rose after his speech on Friday, and it is now trading near a 20-year high of 109.
While the markets were volatile last week, 12 Nifty100 stocks are 1-5% away from their 10-year highs, Trendlyne data showed.
Shares of NTPC went from ₹157.50 to ₹163.40 in the last week, delivering a return of 3.74%, and it is currently trading near its 10-year high of ₹166.35.
The other stock which is trading close to a 10-year high is the State Bank of India. The stock has risen from around ₹512.68, a week ago to currently trading at around ₹523.80 gaining as much as 2.16 percent in this period. The stock ended with 0.65 percent gains on Friday, and with Friday's closing price, it is just 4.81 percent away from its 10-year high of ₹549.
SBI reported a 6.70 percent drop in its standalone profit after tax at ₹6,068 crore for the quarter that ended June on account of mark-to-market (MTM) losses. It reported a profit after tax (PAT) of ₹6,504 crore on a standalone basis in the April-June quarter of fiscal 2022.
Similarly, private-sector lender ICICI Bank jumped 9.36 percent in the last week. Since June the stock has seen a one-way rally. From June 16 to August 26, the bank's share price surged from ₹678.50 to the current level of ₹870.85, ascending to the tune of nearly 29 percent in this period.
ICICI Bank's share price fell 0.17% in Friday's trade to ₹870.85, taking it just 1.85% away from its 10-year high of ₹887. In the last decade, ICICI Bank's shares have risen 430.90 percent, from around ₹164.03 to ₹870.85.
M&M shares, on the other hand, have risen 37.09% in the last three months, 2.84 percent in the last week, and 12.21 percent in the last month.
The stock began to rise after the company reported a 109 percent increase in its consolidated profit after tax to ₹2,237 crore for the quarter that ended March 31, 2022.
For the quarter ending June, the company reported a consolidated profit after tax of ₹2,195.05 crore, up 418 percent driven by the strong performance of its automotive and farm sector.
Shares of M&M closed at ₹1,274.65/share (up 1.19%) on the BSE in Friday's trade. The stock is now trading near its 10-year high of Rs. 1,299.
Meanwhile, Cholamandalam Investment & Fin, SBI life insurance company, Pidilite Industries, Siemens, Adani Enterprises, Eicher Motors, PI Industries, and Adani Transmission are currently 1–5% away from their 10-year highs.
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