Share market wrap: Sensex, Nifty log minimal weekly gains amid festivity; macro-data, elections to steer ahead

Sensex and Nifty recorded minimal gains during the truncated week ended Friday amid the festive season and volatility in the global markets. However, easing crude prices provided some relief to the rupee. On Friday, benchmark Brent crude oil fell below $70 a barrel for the first time since early April. The week also marked the end of the Samvat 2074. While Sensex returned 7% and the Nifty only 4% gains in Samvat 2074, IT stocks gave excellent returns with shares of Tech Mahindra, Infosys, TCS returning up to 52% since last Diwali.

“We have had many global events like US midterm state elections. We also had speculation around Brexit. Also, Fed reserve policy and comments which stated no change as final hike may come in December,” Pritam Deuskar, Fund Manager, Bonanza portfolio told FE Online. “Domestically we had NBFC liquidity issue on the rise. Average funding by commercial papers to NBFC had been about 30-35% and most of these papers may not get rollovers. Cash becomes survivor but can not be used for growth in a full-fledged manner by NBFCs,” Deuskar said.

On Wednesday (November 7), the stock market kicked off the new year Samvat 2075 on a good note, with the Sensex climbing 246 points or 0.7% to end the Muhurat-trade session at 35,237.68 points. The Nifty rose 68 points or 0.65% to close at 10,598. Notably, the headline indices posted their best Muhurat-day trading gains in 10 years with rise in most automobile, consumer goods, IT and capital goods stocks. The Indian stock market and currency markets were closed on Thursday (November 8) on the occasion of Diwali Balipratipada.

Bombay Stock Exchange - BSE

National Stock Exchange of India Ltd (NSE)