Weekly Market Wrap: Indices end mildly higher; FMCG top sectoral loser

Indian equity benchmarks for the week to February 7, 2025 ended mildly higher after the Union Budget 2025 with focus on fiscal discipline aimed at spurring consumption. For the review week, the NSE Nifty50 gained 0.22 per cent or 51.55 points to 23,559.95, while the 30-share BSE Sensex added 0.46 per cent or 359.6 points to settle at 77,860.19. Broader markets ended on a mixed note, with the Nifty Midcap 100 index ending a tad lower, with the Nifty Smallcap 100 index advanced 0.6 per cent. Meanwhile, Bank Nifty also ended on a positive note with gains of over 1 per cent.

The gains in the headline indices come even as the markets fell in 4 out of 5 trading sessions as the Nifty50 index recorded a substantial uptick of 1.6 per cent on February 4. Nevertheless, investor sentiment remains cautious amid mixed to subdued earnings and relentless selling of domestic shares by the FIIs.

Top Nifty gainers and losers for week to January 3, 2024

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Top gainers during the week to February 7 include stocks like IndusInd Bank (up over 8 per cent), Bajaj Finance (up over 7 per cent), Mahindra & Mahindra (up 7 per cent), Maruti Suzuki ( up 6 per cent) and ITC Hotels ( up 6 per cent).

While top laggards during the week were stocks including Power Grid Corporation (down 8 per cent), L&T (down over 6%), Bharat Electronics ( down over 5 per cent), Trent and ONGC (down over 5 per cent each).

Top Sectoral gainers and losers

Sectorally, pharma, auto and metal stocks led the gains during the week, with gains of up to 3 per cent. Other sectoral gainers included media and IT stocks. However, the FMCG and PSU Bank indices saw the most drag, with the former ending lower by as much as 3 per cent.

Other indices like Nifty PSE and Nifty Energy also saw sharp cuts of up to 4 per cent.

Technicals

Rupak De, Senior Technical Analyst at LKP Securities said, "The Nifty remained volatile as the RBI Governor announced the monetary policy. However, the volatility did not push the index below the 21 EMA on the daily timeframe, signifying a positive short-term trend. The trend is likely to remain positive as long as the index stays above 23,450. On the higher end, resistance is placed at 23,700. A decisive move above 23,700 could lead to a rally toward 24,050."