Investors continue to celebrate as Nifty ends higher for 3rd straight week.

*The Week That Was @ 9:00 AM – Saturday, September 28th 2024*

September 23rd to September 27th 2024.

Investors continue to celebrate as Nifty ends higher for 3rd straight week.

Most importantly, Nifty scaled new record historic high at 26277.35, up 1.50% on weekly basis.

The Gyan Mantra: The Markets continues to move higher as the economy is on solid footing.

Nifty (+1.50%, 26179)
Sensex (+1.22%, 85572)

Before we get into detail, first things first…

# Dow Jones scaled fresh record highs in Friday’s trade after the Fed’s preferred inflation gauge i:e the US PCE Inflation report adds to case for another big Fed rate cut in November.

Net-net, investors’ now hope that the Federal Reserve will be successful in piloting the US economy to a soft landing.

The CME Group’s FedWatch suggests the Fed’s dovish signals and now indicates a 52.6% chance of another 50-basis point rate cut from the Fed’s November meeting.

# Now, here the other key positive catalysts in the week gone by:

1) China’s stimulus boosts metal stocks across globe. There are also signs of recovery in the Chinese economy.
2) A new Japanese prime minister who is committed to lower rates
3) A dovish European central bank.
4) Increasing bets that the Reserve Bank of India (RBI) could take over the theme of slashing interest rates from the Federal Reserve.
5) Oil prices tumbled 4% for the week now at $68.18 a barrel.

# Long story short: Ladies and Gentlemen, Nifty’s meteoric rise shall continue to be the preferred theme in the near term and most importantly, the dramatic rally should lift Nifty above the key historic 26,500 milestone.

Weekly Recap:
Instruments LTP Weekly % Change
Nifty 26179 +1.50%
Sensex 85572 +1.22%
Bank Nifty 53834 +0.08%
Nifty Midcap 16988 +1.31%
India VIX 11.96 (-6.47%)

Dow Jones 42313 +0.59%
Nasdaq 20009 +1.10%
Bovespa 132730 +1.27%
Crude Oil 68.18 (-3.97%)
Gold 2658 +1.40%
Silver 31.62 +1.43%
USD/INR 83.72 +0.30%

# Here are how indices performed in the week gone by:

Nifty scaled new record historic high at 26277.35.

Bank Nifty too scaled a new all-time-high at 54467.35, but was up only 0.08% on weekly basis.

Nifty Private Bank index inched -0.38% lower while Nifty PSU Bank index rebounded 3.41% higher on weekly basis.

In broader markets, the Nifty Mid-cap 100 index scaled fresh record high, up 1.31% while the Nifty Small-cap index inched 0.47% lower.

Bullish Sectors:
Nifty Metal (+7.02%)
Nifty PSE Index (+5.11%)
Nifty Oil & Gas Index (+5.01%)
Nifty Auto Index (+4.61%)
Nifty Media (+2.51%)
Nifty Infra Index (+2.47%)
Nifty Pharma (+2.23%)
Nifty Reality Index (+1.47%)
Nifty IT (+0.26%)

Bearish Sectors:
Nifty FMCG Index (-0.04%)

STOCK SPECFIC NEWS:

1) Auto stocks were the biggest outperformers and on the top gear, with the Nifty Auto index scaling a record high on reports that SEBI has approved Hyundai Motor India’s Rs 25,000-crore initial public offering (IPO). M&M stock price hit new high, was up 8% on weekly basis as its m-cap neared Rs 4 trillion; and most importantly has zoomed 100% in 10 months.

Maruti Suzuki India zoomed 7% at 13495, Tata Motors (+2.28%, 993). Bajaj Auto was another notable gainer, up 6%

2) HUL hits new record high at Rs 3035; market cap well above Rs 7 trillion on a healthy demand outlook.

3) Reliance Power continues to be in limelight, up 27.55% on weekly baisis driven by key contract wins and favorable corporate developments.

4) Zomato slipped 4% to end at Rs 278 on Swiggy’s IPO move that had investors buzzing about the competitive landscape in the food delivery market.

5) Senco Gold shares climbed 14 to scale an all-time high of Rs 1,500.

6) NTPC gained 3% after NTPC’s green energy arm files for $1.2 bln India IPO. (The company, a unit of state-owned power producer NTPC, will only issue new shares, and existing shareholders will not sell any stake, the draft papers showed).

# In the week gone by, notable gainers amongst Nifty 50 were:
BPCL +10.90%
TATA STEEL +9.56%
M&M +7.89%
HINDALCO +7.60%
MARUTI SUZUKI +6.98%

# And the losers were:
LTI MINDTREE (-3.72%)
ICICI BANK (-2.38%)
LARSEN (-2.33%)
KOTAK BANK (-1.68%)
TATA CONSUMER (-1.26%)

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DISCLAIMER

SEBI study dated January 25, 2023 on ‘Analysis of Profit & Loss of Individual Traders dealing in equity Futures and Options (F&O) Segment’ wherein Aggregate Level findings are based on annual Profit/Loss incurred by individual traders in equity F&O during FY 2021-22.

*RISK DISCLOSURES ON DERIVATIVES:*

# 9 out of 10 individual traders in equity Futures and Options Segment, incurred net losses.

# On an average, loss makers registered net trading loss close to 50,000.

# Over and above the net trading losses incurred, loss makers expended an additional 28%of net trading losses as transaction costs.

# Those making net trading profits, incurred between 15% to 50% of such profits as transaction cost.

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