The Indian equity markets closed higher on Friday trading session thanks to active buying in the banking and IT stocks. Taking positive cues from the US markets, Indian equity markets jumped off to a strong start on Friday. Following a 430-point loss on Thursday, the Sensex opened Friday's trading session with a 698-point gain at 60,524 and ended the day with a 1,180 point or 1.95% higher, at 61,795. Similarly, the Nifty opened at 18,272 points, up 244 points from the previous close of 18,028, and surged to an intraday high of 18,362. The index eventually closed at 18,350, up 321.50 points, or 1.78%.
Following a 1.86% gain in the first week of November, the Indian equity benchmark indices Nifty and Sensex extended their rally for the second week, gaining 1.28% and 1.39%, respectively, and marching towards an all-time high set on October 20, 2021.
The Indian rupee, on the other hand, strengthened 16 paise to 80.47 against the US dollar on Friday. The rupee has gained 2.77% thus far in November and was marked as one of the best month after December 2021, when it strengthened 0.83% against the US dollar. The rupee recovered after falling to a record low of 83.26 on October 19. However, the Indian currency has still down 8.45% against the US dollar so far in 2022.
On Friday, crude oil prices increased by almost 2.52%. Last week, Brent crude futures ended at roughly $96 per barrel, down 2.58%. WTI crude futures were down by 3.94% to end the week at $88.96 per barrel.
The US dollar index, which gauges the greenback's strength against a basket of six currencies, dropped 1.77% in a single day. The drop came after the US annual inflation rate came below market expectations. In October, the annual inflation rate in the US was recorded at 7.7%. So far in November, the dollar index has dipped 4.71%.
Meanwhile, only one stock in the Nifty 500 index gained more than 20% in the second week of this month, while six others gained 10% to 15%.
Last week, Union Bank of India topped the chart with gains of more than 23%. From ₹54.20, the stock has risen gradually to ₹66.85 levels, delivering a return of nearly 23.33%. Since the beginning of 2022, the stock has returned 54% to date. The stock reached a new 52-week high of ₹69.4 during Friday's trading session.
| Scrip Name | % Weekly gains |
| Union bank of India | 23 |
| Zomato | 15.6 |
| Swan Energy | 15.5 |
| Nykaa | 12.9 |
| Bank of Baroda | 11.9 |
| Bank of India | 11.4 |
| Rail Vikas Nigam | 11.1 |
| Amara Raja Batteries | 9.8 |
| Brightcom Group | 9.5 |
| Allcargo Logistics | 9.4 |
Zomato was the second-top gainer among NSE 500 stocks last week, with gains of over 15.6%. The stock gained the most in Friday's trading session after the company's net loss came down to ₹251 crore for the September-ending quarter from ₹429.6 crore in the year-ago period. Zomato's revenue jumped 62.2% in Q2 FY23 YoY to ₹1,661 crore from ₹1,024 crore in Q2 FY22.
The company said this is the first quarter in which it has crossed the billion-dollar annualised revenue mark.
The stock ended strong in Friday's trade with a gain of ₹8.85 at ₹72.80. During intraday trading, the stock hit an five-month high. For the last month, the stock has risen 11.06%, from ₹65.55 to the current market price.
Swan Energy emerged as the third-top gainer in the NSE500 Index. The stock has climbed from ₹211.95 to ₹244.25, generating a return of over 15.%.
Shares of FSN E-Commerce Ventures (Nykaa) soared nearly 20% on Friday's trade after the stock went ex-bonus on Thursday. The company will issue a bonus of 5 shares for every 1 share held as on the record date (November 11). In the last week, the stock delivered a 12.9% return.
On a year-to-date basis, the stock is still down nearly 40% and more than 50% from its all-time high of ₹428.95 on the day it was listed.
Earlier in November, global brokerage HSBC said it sees Nykaa as the structural winner of large-scale beauty and personal care (BPC) and lifestyle opportunities. According to HSBC, the stock has corrected partly due to the global tech sell-off on rising yields and more recently due to the imminent lock-in expiry (10 Nov).
The brokerage believes the valuation is now even more appealing and under-appreciates the structural growth opportunity in beauty and personal care.
For the September quarter, the company posted a 344% year-on-year (YoY) jump in its September quarter net profit at ₹5.2 crore vs. ₹1 crore in the year-ago period.
Bank of Baroda and Bank of India were other top gainers in the Nifty 500 index, with returns of 11.9% and 11.4%, respectively, in the last week.
Rail Vikas Nigam rose 11.1% During Friday's trading session, the stock ended 4.18% higher at 51.15. The stock skyrocketed after it received an order worth ₹137.55 for increasing speed potential to 160 KMPH in the Pradhankhanta-Bandhua Section of East Central Railway's Dhanbad Division.
Other stocks, including, Amara Raja Batteries, Brightcom Group, Allcargo Logistics, Adani Enterprises, SKF India, and Samvardhana Motherson International also witnessed returns between 9 and 10%.
Meanwhile, Teamlease Services was the top loser in the Nifty 500 Index, dropping 17.3% last week. The stock fell 5.49% on Friday to a new 52-week low of ₹2,322 after the company's revenue growth slowed for the third quarter in a row.
After four quarters of revenue growth in excess of 30 per cent, the metric slowed to 28.3 per cent in the September quarter. On a sequential basis, the company's revenue grew 4 per cent, according to a report by CNBC-TV18.
The company's EBITDA declined 7 per cent from last year, while its margin fell to 1.6 per cent from 2.2 per cent in the year-ago period, the report said.
Other stocks include Campus Activewear, Gujarat Narmada Valley fertilizers, Divi's laboratories, Dhani Services, The Ramco Cements, Aurobindo Pharma and Quess corp also fell 11-16% during the week.
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