Indian equity indices maintained their upward momentum in the week ending February 23, building on the gains of the previous week. Despite global concerns, the Nifty50 index surged to a new record high of 22,297.50, driven by positive macroeconomic indicators and support from international markets. Investors remained optimistic despite apprehensions about escalating crude oil prices and US bond yields.
During the week, the BSE Sensex approached its historic peak of 73,427.59, closing at 73,142.8, marking a 1 percent increase. Similarly, the Nifty50 index rose by 172 points or 0.78 percent to reach 22,212.70. The BSE Small-cap index also saw a rise of 0.8 percent, with notable gains observed in stocks like Jubilant Industries and BF Utilities, among others. However, certain stocks, including IFCI and HPL Electric & Power, faced setbacks.
In the large-cap segment, the BSE Large-cap Index recorded a 1 percent growth, propelled by companies like One 97 Communications (Paytm) and ABB India. Conversely, stocks such as Hero MotoCorp and Coal India experienced declines.
The BSE Mid-cap Index remained steady, with varied performances among different stocks. While Indian Hotels Company and Vodafone Idea witnessed gains, Federal Bank and Gland Pharma encountered losses.
Foreign institutional investors (FIIs) continued to be net sellers throughout the week, while domestic institutional investors (DIIs) maintained their position as net buyers. However, FIIs have divested equities worth Rs 15,857.29 crore in February, whereas DIIs have acquired equities worth Rs 20,925.83 crore.
In terms of sectoral performance, the BSE Realty index and BSE Telecom index exhibited growth rates of 4 percent and 3.8 percent, respectively. Conversely, the BSE Oil & Gas index and BSE Information Technology index witnessed declines of 2 percent and 1 percent, respectively.
Reliance Industries witnessed the most substantial increase in market value during the week, followed by ICICI Bank and Sun Pharmaceutical Industries. Conversely, Tata Consultancy Services, Infosys, and Wipro observed declines in their market capitalization.
The Indian rupee concluded the week marginally higher at 82.94 against the US dollar, compared to the previous week’s closing of 83.01.
