Weekly Update – 13 September 2024

NIFTY50

This week, the Nifty 50 index witnessed a robust rally, reaching new record highs driven by positive global cues and strong domestic market sentiment. On September 13th, the Nifty 50 closed at 25,356.50. It also touched an all-time high of 25,433.35. The rally was largely supported by bullish global trends and optimism around potential rate cuts by central banks like the European Central Bank (ECB) and the US Federal Reserve. This environment provided a strong impetus for Indian markets, helping the Nifty 50 break out of a recent consolidation phase. Additionally, the index has been maintaining levels above the critical 21-day Exponential Moving Average (EMA), which has further reinforced the bullish sentiment​.

BANK NIFTY

This week, the Bank Nifty index experienced a mix of upward momentum and consolidation, reflecting the interplay of bullish and cautious sentiment among traders. Over the course of the week, the Bank Nifty showed resilience, managing to close in positive territory despite some intraday volatility and profit-booking pressures. Starting the week on a positive note, the index continued to gain momentum as global and domestic cues remained favourable.

On the derivatives front, Bank Nifty futures remained in a bullish posture, trading around the 52,000 mark with a slight increase in open interest. The rise in open interest, coupled with higher prices, is generally considered a bullish signal, indicating that traders are adding long positions in anticipation of further gains. However, the market also witnessed some cautious trading, with profit-taking at higher levels evident from the intraday volatility.

Top Performing Sector of the week

The Nifty Consumption was top performing sector this week

Major gainers from sector include:- 

Bajaj Auto: up by 8.38%

Bharti Airtel: up by 6.18%

Britannia: up by 4.96%

Indian Hotel: up by 4.84%

Worst Performing Sector of the week

The Nifty Oil and Gas was worst performing sector of the week 

Major losers include:-

Oil India: down by 6.60%

ONGC: down by 5.62%

Hindustan Petroleum: down by 5.41%

BPCL: down by 2.80%

Important News

• The Bajaj Housing Finance IPO has set a new benchmark in the market, with bids exceeding Rs 3.2 lakh crore, making it one of the largest ever
• Bajaj Finance, Bajaj Finserv rise up to 3% ahead of Bajaj Housing Finance listing
• India’s coal sector records 5.85% growth in FY 2024-25, reaches 411.62 MT despite challenges
• Gravita India shares fly 9% on high volumes, acquiring first recycling plant in Europe
• Godfrey Phillips shares surge 11% to record high ahead of board meet for bonus issue
• Bernstein hikes target price on Zomato, bullish on quick-commerce prospects