It was a volatile week and a complete reversal of the previous week. Markets lost on four of the five trading sessions and kept their prestige by gaining on the fifth day, Friday, which happened to be the first day of a new June series and was the shining star during the week.
BSESENSEX lost 1,449.08 points, or 1,92 percent, to close at 73,961.31 points, while NIFTY lost 426.40 points, or 1.86 percent, to close at 22,530.70 points. The broader markets saw BSE100, BSE200, and BSE500 lose 1.09 percent, 1.83 percent, and 1.73 percent, respectively.
BSEMIDCAP was down 1.53 percent, and so was BSESMALLCAP, a similar 1.53 percent. It may be mentioned here that in the previous week, from May 20 to May 24, BSESENSEX gained 1,404.45 points, or 1.90 percent, while NIFTY gained 455.10 points, or 2.02 percent. Effectively, the two weeks scored
out. The Indian rupee was under pressure and lost 36 paise, or 0.43 percent, to close at Rs 83.46 to the US dollar. Dow Jones gained on Friday after a continuous losing streak. This week, it lost 383.27 points, or 0.98 percent, to close at 38,686.32 points. Dow lost on three of the four trading sessions and gained
on one.
The week saw May futures expire on Thursday. At the end of the previous week, the series was up 386.75 points, or 1.71 percent. NIFTY surrendered all of this and closed with losses of 81.70 points, or 0.36 percent, to close at 22,488.65 points.
In the economic data released over the weekend, there was great news from the GDP front, the economic front, and the GST tax collection front.
GDP for the fourth quarter was at 7.8 percent, which brings FY24 GDP to 8.2 percent. The fiscal deficit at 5.6 percent of GDP has bettered the government’s estimate. GST collection for May 24 is Rs 1.71 lakh crore and continues the strong showing.
The week ahead has an RBI meeting for its first policy meeting of FY24–25. It is widely expected that there would be no change in stance or interest rates as inflation is easing off.
Shares of Awfis Space Solutions, which had issued shares at Rs 383, were listed on the bourses on Thursday, May 30. Shares closed day one at Rs 419.10, a gain of Rs 36.10, or 9.42 percent. On Friday, the share corrected sharply and closed at Rs 402.50, a reduced gain of Rs 19.50, or 5.09 percent.
The seventh and final phase of voting concluded on Saturday, June 1. The exit polls at the end of the same period indicate a strong performance of the ruling BJP and NDA-led alliance across the country. While numbers suggest that they would have a more than comfortable majority on their
own and may touch the magic number of 400 if the exit polls are to be believed.