NIFTY50

This week, the Nifty 50 index demonstrated a strong upward trend, closing at 25,790.95 on September 20, 2024. The index opened higher at 25,525.95, touching an intraday high of 25,849.25 and a low of 25,426.6, indicating some volatility in the market. Throughout the week, Nifty showed sustained bullish momentum, supported by robust market sentiment.

In the futures market, Nifty 50 futures showed an initial increase in open interest, signaling positive expectations for continued growth. However, by the end of the week, there was a slight reduction in open interest due to short covering, suggesting that while the market remained optimistic, traders were cautious about sustaining further upward movement. This balance between bullish sentiment and cautious positioning indicates the potential for near-term volatility.

BANK NIFTY

This week, Bank Nifty has experienced a notable upward movement, driven by strong performances from key banking stocks and broader market momentum. Bank Nifty reached a record high, climbing above 54000 on September 20, 2024. This rally followed a consolidation phase after its last peak in July. Factors such as favorable global cues, particularly the Federal Reserve’s interest rate decisions, have contributed to the index’s momentum.

In the recent sessions, private sector banks, including ICICI Bank and HDFC Bank, have played a significant role in pushing the index higher. Additionally, technical indicators suggest that the current trend could face some resistance at higher levels, but the overall sentiment remains bullish.

Throughout the week, Bank Nifty has traded with volatility but managed to maintain its upward trajectory, with significant gains driven by financial sector optimism and increased market participation.

Top Performing Sector of the week

The Nifty Realty was top performing sector this week

Major gainers from sector include:-

Macrotech Developers: up by 13.47%

Sobha Limited: up by 12.05%

Godrej Properties: up by 2.64%

Oberoi Realty : up by 2.34%

Worst Performing Sector of the week

The Nifty IT was worst performing sector of the week

Major losers include:-

LTTS: down by 5.27%

TCS: down by 5.26%

Mphasis: down by 3.74%

HCL Technologies: down by 2.91%

Important News:-

SpiceJet faced a significant setback as the Supreme Court dismissed its appeal, upholding the grounding of leased aircraft engines. This decision forces the airline to ground these engines, impacting its operations
Tata Power is engaged in an ongoing legal dispute with Adaro International over a coal supply contract. The case, which dates back to a 2020 agreement, has escalated to arbitration, with both parties seeking financial compensation
Infosys made a major strategic investment in GalaxEye, a space-tech startup incubated at IIT Madras. This move marks Infosys’ entry into the space technology sector, where GalaxEye focuses on developing multi-sensor satellites
Reliance Capital Acquisition: The Hinduja Group, backed by Barclays, is set to raise ₹4,300 crore in bonds as part of its acquisition of Reliance Capital
Adani Group’s expansion: The Adani Group is planning significant acquisitions across cement, ports, and defense sectors, with an estimated budget of $5-7 billion

Weekly Update-20 September 2024