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.

Countries all over the world continue to grapple with the woes of rising inflation. Persisting high oil prices and the prolonged Russia- Ukraine war is the leading cause of this problem.

Responding to the requests of US President, OPEC countries have agreed to increase oil production by 100,000 barrels a day in September. This is one of the smallest oil production increases in its history. This decision shall offer very little respite to all the countries dealing with inflationary pressures driven mainly by soaring oil prices.

Besides India, UK is among the latest countries to raise key interest rates. On Thursday, the Bank of England announced a rate hike of 0.5%, making it the biggest hike in over 27 years. Further, the bank also predicted a recession in the UK by the end of this year.   

On the domestic front, the services industry's growth fell to a 4-month low in July. This was caused by elevated inflation, unfavorable weather and competitive pressures which led to a decline in demand. The S&P Global India Services Purchasing Managers’ Index (PMI) fell to 55.5 in July from 59.2 in June.

In contrast, India’s manufacturing sector climbed to an 8-month high rate. The S&P Global India Manufacturing Purchasing Managers’ Index (PMI) rose to 56.4 in July from 53.9 in June. 

Further, the RBI MPC’s 3-day meeting concluded today. The RBI Governor announced a repo rate hike of 50 bps to 5.4%, putting an end to the rate-hike quantum debate. Further, the GDP growth forecast was retained at 7.2%. 

Looking at the Indian equity markets, in the last 5 trading sessions (between 29 July and 04 August), the frontline index S&P BSE Sensex climbed 1.26% where NIFTY surged 1.3% in the last 5 trading sessions (between 22 July and 28 July).

Let us have a look at the top gainers and losers in the large-cap space during the last 5 trading sessions.