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Below the Quote on Weekly Round-Up by Shrikant Chouhan, Head Equity Research, Kotak Securities

The Nifty-50 Index and Sensex declined around 1% each in the past week, following the bullish cues of global markets. While the mid-cap index gained, around 2.3% and small-cap index gained 3.5% outperforming large-caps. Global markets were in a bullish mood, as data-prints supported views of a rate cut in the US. Meanwhile, domestic sentiments remained bullish with investors hoping for a strong earnings recovery, after Q1FY25 earnings reported modest growth on a yoy basis.

Sectoral indices were largely positive on a week-on week basis except for Nifty Real Estate. Sectoral indices like Consumer Durable, Auto, Metal, oil and gas, FMCG, Telecom gained between 1 to 3%. While Bank Nifty gained around 1% during the week. Nifty real estate corrected 2.6%.  Within the Nifty Index, Hindalco (+7.8%), BPCL (+6.7%) and SBI Life (+6.2%) gained the most, while ONGC (-2.9%), M&M (-2.8%) & Tata Motors (-1.3%) lost the most. Meanwhile, both FPIs and DIIs were net buyers during the week.

In Global news, in US, US fed released its minutes on Wednesday and said that the “vast majority” of policymakers felt that, considering the data came according to expectations, the market can expect a September rate cut. All eyes are now on Fed Chair Jerome Powell and whether he would deliver some clarity on the upcoming policy action by the US central bank at his Jackson Hole speech today evening. In Europe, U.K. consumer confidence held steady in August, even as household expectations for the economy dipped slightly, fresh data showed. In Asia, People's Bank of China (PBOC) left the one-year and five-year Loan Prime Rates (LPR) unchanged. Amid recent mixed activity data, China's economy shows signs of a modest recovery. U.S. crude oil rose to $73 per barrel this week after erasing most of its gains for the year as soft demand in China and worries about the U.S. economy weighed on the market.

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