The major indices concluded the week with a slight gain. Buying in domestic equities was aided by favourable global trends, declining oil prices, and steady FII inflows.
The Nifty closed over the 17,800 mark. The Sensex increased 989.81 points, or 1.68%, in the week ended September 9, 2022, to conclude at 59,793.14. The Nifty 50 index rose 293.90 points, or 1.68%, to 17,833.35.
The BSE Mid-Cap index increased 1.86% to 25,937.22. The BSE Small-Cap index rose 2.53% to 29,528.74 points.
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How equity benchmarks performed on a weekly basis:
Monday, September 5, 2022
The major equity indices saw significant increases despite weak global indications. The Sensex rose 442.65 points, or 0.75%, to 59,245.98. The Nifty 50 gained 126.35 points, or 0.72%, to 17,665.80.
Domestic stock indices lost their early gains and finished Tuesday with marginal losses. The Sensex, fell 48.99 points, or 0.08%, to 59,196.99. The Nifty 50 dropped 10.20 points, or 0.06%, to 17,655.60.
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The equity indices concluded with minor losses after a tumultuous session. The Sensex fell 168.08 points or 0.28% to 59,028.91. The Nifty slipped 31.20 points, or 0.18%, to 17,624.40.
Thursday, September 8, 2022
The equity benchmarks finished the day with significant increases. The Sensex increased by 659.31 points, or 1.12%, to 59,688.22. The Nifty 50 rose 174.35 points, or 0.99%, to 17,798.75.
Friday, September 9, 2022
The major market indices closed with modest gains after a volatile session. The Sensex increased 104.92 points, or 0.18%, to 59,793.14. The Nifty 50 rose 34.60 points, or 0.19%, to 17,833.35.
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What happened in the Global markets:
The country’s foreign exchange reserves, according to the most recent statistics from the RBI, were $553.105 billion for the week ended September 2, down $7.941 billion from the week before and at their lowest level since October 9, 2020. The forex reserves stood at $561.046 billion in the week ended August 26, 2022.
The seasonally adjusted S&P Global India Services PMI Business Activity Index improved from 55.5 in July to 57.2 in August, indicating a recovery in growth. Meanwhile, the S&P Global India Composite PMI Output Index increased from 56.6 in July to 58.2 in August, indicating a rapid rate of growth.
Total vehicle retail grew by 8% year on year (YoY) in August 2022, according to a statement issued by the Federation of Automobile Dealers Associations (FADA) on September 8, 2022. Except for tractors retail, which fell 32% year on year, all other categories increased last month.
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The People’s Bank of China stated on Monday that it will reduce the foreign exchange reserve requirement ratio or the number of FX reserves that financial institutions must retain, in order to boost financial institutions’ capacity to utilise foreign exchange money.
Meanwhile, China’s exports increased 7.1% in August compared to the same time a year ago, according to official figures. Imports increased 0.3%, compared to a 2.3% gain in July. After a record $101.26 billion trade surplus in July, the country had a trade surplus of $79.39 billion in August, owing to lower import numbers.
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Japan’s economy grew faster than expected in the second quarter, due to the relaxation of local Covid-19 restrictions, which increased consumer and corporate spending. The world’s third-largest economy’s GDP increased by 3.5% year on year in the second quarter, above the earlier forecast of 2.2% growth, according to figures released last Thursday. The seasonally adjusted au Jibun Bank Japan Services Purchasing Managers’ Index fell to 49.5 in August, down from 50.3 in July.
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The Reserve Bank of Australia hiked interest rates by half a percentage point to 2.35%. This is the fifth hike since the central bank began hiking rates in May. In Australia, inflation was 6.1% in the June quarter, much over the target range of 2% to 3%.
Jerome Powell, Chairman of the Federal Reserve, underlined that the central bank would do whatever it takes to combat inflation. He also indicated that a pause in interest rate rises or a shift to lower rates is not near.
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The European Central Bank raised interest rates by 0.75 percentage points on Thursday, lifting the deposit rate to 0.75% from zero, in a move that was widely anticipated as a way of containing inflation.