NIFTY50

This week the Nifty ended its winning streak after eight weeks of witnessing a rise every week, closing 0.47% lower than the previous week. The week began on a flat note with the Nifty opening higher only to close at the previous week’s close. This was followed by an upswing for the next three days, with the Nifty testing its all-time high at 25078 on Thursday. However, Friday saw a sharp drop with the Nifty opening gap down and closing 1.17% lower than the previous day.

Based on weak global cues on Friday, it is likely that the Nifty may further correct during this week. This would also be healthy for the markets as the markets have seen a sharp run up of nearly of nearly 3000 points in the last two months. The next support for the Nifty remains at 24400, which might be broken by the end of the week if weakness continues. In case of any change in sentiment during the week, Nifty may test its all time by the end of the week.

BANK NIFTY

As opposed to the Nifty, the Banknifty has been correcting for the past three weeks and ended this week on a flat note closing nearly at the same level as last week at 51350. The Banknifty remained bay and large within a tight range without any significant movement towards either side.

For the coming week, if weakness persists across the board, the Banknifty is also likely to correct further. However, it has a strong support at 50500, which may be tested this week. Though the sentiment remains weak at the moment, any change may see an upward movement in the Banknifty and it has the potential to test levels of 51800 in such a scenario.

Top Performing Sector of the Week

The Nifty Energy index was the top performing sector this week
Major gainers from this sector includes
Adani Energy Solutions: up by 20.0%
NTPC: up by 5.9%
Bharat Petroleum Corporation (BPCL): up by 5.6%
Adani Green Energy: up by 4.3%

Worst Performing Sector of the Week

The Nifty Private Realty index was one of the worst performing sectors this week.

Major losers from this sector include:

Macrotech Developers (Lodha): down by 12.3%
Prestige Estates Projects: down by 7.5%
Brigade Enterprises: down by 4.2%
Godrej Properties: down by 4.1%
Nifty Realty Index Weekly Chart

Important News

Nestle India invests ₹705.6 crore in JV that will operate in nutritional health solutions space with Dr Reddy’s, to hold 49% stake
NTPC scouting for technology partners for Bharat Small Reactors to set up nuclear power plants
Foreign banks expect RBI MPC to keep policy rate unchanged at Aug 6-8 meet
Hindustan Zinc plans battery manufacturing partnership with US company: CEO
Govt approves 8 national high-speed road corridor projects for Rs 50,700 crore
Alembic Pharma gets USFDA nod for cancer drug

Results Corner

Britannia Industries consolidated revenues rise by 5.97% YoY to Rs 4,250.29 crore and net profits rise 10.51% YoY to Rs 505.64 crore in Q1FY25.
Titan consolidated revenues rise by 11.51% YoY to Rs 13,266 crore and net profits fall by 5.05% YoY to Rs 715 crore in Q1FY25.
Divis Lab consolidated revenues rise by 19.12% YoY to Rs 2,118 crore and net profits rise 20.79% YoY to Rs 430 crore in Q1FY25.

Weekly Update – 02 August 2024