Weekly Market Wrap: SENSEX, NIFTY50 gain nearly 2% as Nifty IT leads; Max Healthcare, HCL Tech soar

Market investors took cues from global trends while anticipating the start of the July–September quarterly earnings season. IT major Tata Consultancy Services (TCS) kicked off the second-quarter earnings season on Thursday, October 9. Rising commodity prices also played a key role in driving market movements this week.

Further, renewed buying by foreign investors further boosted market sentiment. Since the start of the week, the foreign institutional investors (FIIs) have turned net buyers, acquiring shares worth ₹2,517 crore in the cash market since Monday, October 6, according to data compiled by Stockedge.

On the NIFTY50 index, Max Healthcare emerged as the top gainer of the week, climbing 8.2%. HCL Technologies and Eternal were also among the main contributors, gaining 7.3% and 6%, respectively. Infosys (4.7%) and Tata Consultancy Services (4.4%) also added strong momentum to the index.

On the flip side, Tata Motors (-5.2%), Trent (-2.6%), HDFC Life Insurance Company (-1.6%), Tata Consumer Products (-1%), and Hindalco Industries (-0.8%) ended as the week’s biggest losers.

Sectoral watch this week

On the sectoral front, Nifty IT (4.9%) led the gains, followed by Nifty Pharma (2.1%), Nifty Realty (2.3%) and Nifty Consumer Durables (2.1%). Nifty Bank also climbed 1.8%.

HCL Technologies (7.3%), LTIMindtree (6.9%), and Coforge (6.8%) led the Nifty IT index gains during the week.

Nifty Media led the declines, slipping 2.7%, followed by Nifty FMCG (-0.4%) and Nifty Metal (-0.2%).

How the broader market performed this week

During the week, the Nifty Midcap 100 outperformed the benchmark indices, advancing 2.1%, while the Nifty Smallcap 100 rose 1.4%.

On the Nifty Midcap 100, Tata Communications (15.9%), BSE Limited (13.9%), Nykaa parent FSN E-Commerce Ventures (10.6%), YES Bank (9.8%) and The Federal Bank (8.3%) were the main contributors.

On the flip side, Cochin Shipyard (-4.6%), Jubilant Foodworks (-4.2%) and Coromandel International (-3.5%) were the top losers.

On the Nifty Smallcap 100, PG Electroplast (14%), Karur Vysya Bank (8.3%), CDSL (7.7%), Neuland Laboratories (7.3%), and Go Digit General Insurance (7.2%) led the gainers.

In contrast, Ola Electric Mobility (-7.9%), Aegis Logistics (-7.8%) and Deepak Fertilisers (-4.8%) were the main losers on the index.