Weekly Market Round-Up by Shrikant Chouhan, Head of Equity Research, Kotak Securities
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Below the Quote on Weekly Market Round-Up by Shrikant Chouhan, Head of Equity Research, Kotak Securities
The Nifty-50 Index and Sensex gained around 1.7% each in the past week, while the mid-cap index gained around 1.7% and small-cap index gained just 0.6% underperforming large-caps. Markets followed the bullish cues of global markets. US Fed Chair Jerome Powell’s statement in Jackson Hole signaling imminent rate cuts, as well as greater confidence in soft landing, helped prop up emerging markets, including India.
Sectoral indices were largely positive a week-on week basis except for Nifty FMCG, Capital Goods and Power. Nifty IT was the top sectoral gainer with gains of 3.8%. Other Sectoral indices like Consumer Durable, Auto, Metal, Reality, Pharma, Media and oil and gas list between 1 to 3%. While Bank Nifty gained around 1% during the week. Within the Nifty Index, Bajaj Finserve (+8.9%), LTI Mindtree (+8.5%) and Bajaj Finance (+6.9%) gained the most, while Adani Enterprise (-2.1%), Grasim Industries (-1.8%) and Coal India (-1.8%) lost the most. Meanwhile, both FPIs and DIIs were net buyers in the same period. Going forward, D-street will focus on the macro trends, inflation and global situation including geo-political concerns.
In Global news, in US, weekly jobless claims fell from the prior week, further easing recession concerns. In addition, second-quarter gross domestic product was revised higher to 3% growth from an initial 2.8% rate. In Europe, France’s preliminary, EU-harmonized consumer price index came in at 2.2% for August on an annual basis, down from the 2.7% print of July. Even, German and Spanish CPI reports released Thursday showed that inflationary pressures in the two countries are easing. In Asia, Bank of Japan is widely expected to stick to its monetary policy tightening campaign as inflationary pressures in its capital city of Tokyo reaffirm the bank’s economic projections.
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