Market weekly wrap-up: Sensex, Nifty gain for second week amid stable rupee, IT stock buying

The domestic equity benchmark indices gained for the second consecutive week amid the easing of crude oil prices a stable rupee and strong quarterly performances of IT companies that boosted investor sentimentDuring the week the Sensex jumped 225694 points or 311 per cent The Nifty rose 62570 points or 278 per centIndian equities staged a firm recovery this week despite inflation concerns weighing on sentiment early on Consumer inflation hovering near the upper end of the RBIs tolerance band and a hotterthanexpected WPI print pushed the benchmark bond yield to a multiyear high reviving fears of further monetary tightening Vinod Nair Head of Research Geojit Investments saidWhile the RBIs move to raise the daily CRR maintenance requirement to absorb surplus liquidity added to the caution sentiment improved steadily as the central banks special dollar window for oil marketing companies and tighter hedging norms drove a rebound in the rupee Expectations of a review of LTCG tax and STT softer crude prices and easing bond yields further revived risk appetite he addedOn Friday The 30share BSE Sensex advanced 41366 points or 056 per cent to settle at 7472927 The 50share NSE Nifty rose 14880 points or 065 per cent to end at 2314615Sector wise performanceAmong sectoral indices IT was the top performer rallying over 10 per cent In contrast despite the strong market momentum the Healthcare and FMCG indices declined by more than 1 per cent Amol Athawale VP Technical Research Kotak Neo saidThe IT sector emerged as a strong performer led by strong Q2FY27 results while FMCG came under pressure amid concerns over margin pressure from elevated input costs FMCG major Nestle India while reporting a growth in the September quarter had said rising inflation particularly food inflation is a realityFII outflowsForeign Institutional Investors FIIs were the net buyers on Friday purchasing equities worth Rs 116592 crore as per the exchange data During the week FIIs sold equities worth Rs 8991 crore in the Indian equity market according to Pabitro Mukherjee Deputy Vice President Research Bajaj BrokingDomestic Institutional Investors DIIs were net buyers during the week purchasing equities worth Rs 7813 crore he said On Friday they were net sellers offloading equities worth Rs 366128 crore as per the exchange dataMarket outlookInvestors will track the domestic October PMI while the US jobless claims and Japans inflation print will provide insights to global rate expectationsGoing ahead the sharp moderation in FII selling and Fridays reversal in flows suggest sentiment is stabilising though elevated crude keeps the recovery vulnerable Investors will track Brent crude and USndashIran developments while domestic focus stays on Q2FY27 earnings and the RBI MPC minutes due midweek which should shed light on the 42 split over the shift to a calibratedtightening stance Mukherjee saidJio Platforms IPOBesides in the primary market Reliance Industries digital services arm Jio Platforms will be launching its initial public offering IPO on October 21 which will close for subscription on October 23 The company will offer 27 crore fresh equity shares at a price band of Rs 1065 to Rs 1119 per share for the public issueAt the upper limit of the price band the company will raise about Rs 30213 crore making it the largest public issue in the country Hyundai Motor Indias Rs 27870crore IPO in 2024 is the largest issue in India so far