Nifty50 falls 4% amid Middle East tensions and FII outflows. BASF India and BSE are the top gainers, while Sterling & Wilson Renewable lead the losers.
The NSE benchmark index, Nifty50, experienced a significant setback this week, snapping its three-week winning streak by recording its steepest weekly decline in over two years. The index plunged by over 4%, driven by escalating tensions in the Middle East, which caused a sharp spike in crude oil prices. Another key factor behind the decline was persistent selling by Foreign Institutional Investors (FIIs), driven by a tactical shift in their allocations from India to China. This shift was prompted by China’s recent announcement of its most aggressive stimulus package since the Covid pandemic.
Nifty500
The Nifty500 index, which represents a broader market picture, saw only about 20% of stocks closing in positive territory for the week. Here’s a look at the top gainers and losers from the Nifty500 index.
Top Gainers of the Week
- BASF India
BASF India, a 73.33% subsidiary of BASF SE and the flagship company of the BASF group in India, emerged as the top gainer for the week. The stock surged by 12.87%.
- BSE
Bombay Stock Exchange (BSE) witnessed an impressive gain of 12.86%, crossing a market cap milestone of INR 50,000 crore. The stock received a major boost following SEBI’s announcement of a new framework to regulate the F&O market, which is expected to provide BSE with a competitive advantage over its larger rival, NSE, in the derivatives segment.
- Vijaya Diagnostic Centre
Vijaya Diagnostic Centre, a leading diagnostic medicare services provider in Southern India, also made it to the list of top gainers, with a 12.47% rise in its stock price this week. Positive investor sentiment around healthcare services amid rising health awareness contributed to its gains.
Top Losers of the Week
- Sterling & Wilson Renewable Energy
Sterling & Wilson Renewable Energy, a global provider of end-to-end solar EPC solutions, saw its shares plunge by 15.65%.
- Nuvama Wealth Management
Nuvama Wealth Management, which engages in broking and trading in equity securities and derivatives, recorded a 13.51% decline in its stock price. The stock suffered as investors grew wary of near-term headwinds, including the volatile market environment and reduced trading activity.
- RITES
RITES, a Navratna Public Sector Enterprise involved in transport consultancy and engineering, also ended the week with a significant decline of 11.59%.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.
