Weekly movers: Hits and misses in the large-cap space during the week!

Here’s a list of the top 5 gainers and losers this week in the large-cap space.

Indian shares gained on the back of strong corporate earnings and anticipation of better US markets. However, the situation in the US banking sector is not favourable. Silicon Valley Bank, a prominent lender in the tech startup world, collapsed due to a bank run by depositors. This triggered a contagion effect, leading to the closure of other banks such as Signature Bank and First Republic Bank due to tightening monetary policies. In contrast, Indian banks have delivered impressive results for Q4FY23 and the fiscal year ending on March 31, 2023. Banks like SBI, HDFC, and BOB have reported excellent performance. SBI became the first Indian bank to exceed Rs 50,000 crore in annual profit.

Despite facing challenges like financial sector turmoil, inflationary pressures, the Russia-Ukraine war, and the ongoing impact of the Covid-19 pandemic, India is projected to be the world's fastest-growing economy, according to the International Monetary Fund (IMF). The IMF's latest World Economic Outlook report forecasts a growth rate of 5.9% for the Indian economy in the current fiscal year. However, the IMF cautions that any disruption in the financial system could negatively impact global growth.

The domestic market remained mostly unchanged, experiencing fluctuations between gains and losses as investors hesitated to commit to a specific direction due to uncertainties in the US market. Internationally, investors exercised caution ahead of US inflation data and a meeting among US political leaders to address fiscal issues. Oil prices declined slightly as industry data unexpectedly showed a surge in US crude stock, suggesting a possible decline in demand.

When looking at the Indian stock market, the S&P BSE Sensex, the frontline index, declined by 0.96% in the last five trading sessions, from 62,027.90 on May 12 to 61,431.74 on May 18. Whereas the Nifty50 went from 18,314.80 on May 12 to 18,129.95 on May 18.

Let's take a closer look at the top gainers and losers in the large-cap space during the last five trading sessions, which took place between May 12 and May 18. 

Top 5 Gainers Return (%)