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Domestic equities started on a positive note on Monday. The thirty-share index (BSE Sensex) extended its gaining spree and was trading at 57,898.02 levels, up 0.58 per cent.

On the other hand, the fifty-share index (NSE Nifty 50) was trading at 17,261.10 levels, up 0.61 per cent Among sectors, the auto index was up more than 2 per cent, while the PSU bank, power and metal indices were up 1 per cent each.

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The headline indices managed to finish the week in the green on Friday. The RBI hiked interest rates and interest rate-sensitive stocks saw mixed moves after the RBI’s policy action. The BSE Sensex settled at 58,387.93 points, while the NSE Nifty settled at 17,397.50 points.

Market Movers

Some of the top gainers during the week were Spicejet Ltd.(29.07%), Nazara Technologies Ltd. (27.35%), Kansai Nerolac Paints Limited (25.36%), PB Fintech Limited (22%) and JSW Energy Limited (19.71%).

On the other hand, some of the top losers were Brightcom Group Ltd. (18.12%), Balrampur Chini Mills Ltd. (11.25%), Triveni Engineering & Industries Ltd. (10.42%), Indus Towers Ltd. (10.04%) and GAIL (India) Ltd. (9.35%).

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The Recap

 In this week’s recap, we shall take a look at the impact of ATF prices on flight fares, the 5G Spectrum auction, the fourth Adani group company to cross a market capitalization of ₹ 3 lakh crores and more.

ATF Price reduced by 12%, will airfares go down?

ATF prices on Monday were reduced by 12 per cent, from ₹138,147.93 per kl to ₹1,21,915.57 reflecting a fall in international oil prices.

International oil prices declined due to fears of a recession in major economies.

ATF prices make up about 40% of the operating cost of an airline and the increase in prices can result in a rise in the cost of flying.

5G spectrum auction ends; total bids are more than ₹1.5 lakh crores

The provisional figure for the sale proceeds from the 5G spectrum sale is ₹1,50,173 crore. 

Mukesh Ambani’s Jio emerged as the top bidder to consolidate its leadership position, followed by rivals Bharti Airtel and Vodafone Idea.

The Adani Group, the new entrant in the auction is said to have bought a 26 Mhz spectrum for setting up a private telecom network.

Adani Enterprises hits a market capitalization of ₹3 lakh crores

Adani Enterprises has become the fourth Adani Group company to join the elite group of Adani Transmission, Adani Total Gas and Adani Green Energy, as it hit a market capitalization of ₹ 3 lakh crores.

Its shares climbed to ₹ 3334.15 on the BSE, close to its 52-week high of ₹3538, on Wednesday.

These companies are in between the 11th to 20th spot in the list of India’s most valuable listed companies in terms of market valuations. 

RBI hiked the repo rates by 50 bps

The Reserve Bank of India on Friday hiked the repo rate by 50bps to 5.4%, crossing the pre-pandemic level.

It retained the real gross domestic product (GDP) growth rate at 7.2 per cent for the current financial year 2022-23 (FY23).

The rupee strengthened and the markets remained in the green.

Paytm’s shares tanked after a four-day winning streak

The shares of Paytm snapped their four-day winning streak as investors booked profits ahead of its quarterly results for the first quarter of FY23.

It was in focus after its digital wallet app for many users went down following which complaints were raised on Twitter.

Its shares recorded a 4% drop on the bourses on Monday.

Written By Simran Bafna

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