Table of Contents

NIFTY50

This week began on a cautious note with the Budget scheduled on Tuesday, 23^rd July, with the Nifty opening this week at 22445 levels. The Budget Day remained volatile with the Nifty sliding down to touch level of 24000 during the day to finally close 0.12% lower than Monday. There wasn’t much of movement on Wednesday immediately following the Budget Day, but the Nifty witnessed a sharp rise in the last two trading days of this week to soar nearly 600 points to close the week 1.24% higher than the previous week.

After the sharp move on Friday’s trade, it is expected that Nifty will continue its upward trend and is likely to cross levels of 25000 during the week and may even test 25200 as the highest point during the coming week. However, in case of a reversal of the trend, 24400 will act as a strong support which is unlikely to be broken at this point.

Nifty Weekly chart

BANK NIFTY

Like the Nifty50, the Banknifty also began on a subdued note of Monday closing virtually flat at 52280. The Budget and its reactions saw a strong reaction on this index with a sharp fall over the next three days. However, on Friday it started showing signs of recovery with a strong move opening at the lowest point of this week at 50500, closing 0.8% over the previous day.

For the coming week, if the Banknifty continues the upward momentum, it could easily test levels of 52500 by the end of the week. In case it starts any weakness, level of 50500 is expected to act as strong support level, which in all likelihood may not be broken this week.

Bank Nifty weekly chart

Top Performing Sector of the Week

The Nifty Pharma index was the top performing sector this week

Major gainers from this sector includes

Granules India: up by 12.0%

Biocon: up by 9.9%

Sun Pharmaceutical Industries: up by 9.3%

Natco Pharma: up by 9.1%

Pharma Weekly chart

Worst Performing Sector of the Week

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

Major losers from this sector include:

Axis Bank: down by 8.9%

ICICI Bank: down by 3.3%

IDFC First Bank: down by 2.0%

RBL Bank: down by 1.9%

Private Bank Weekly chart

Important News

Phoenix Mills board to consider bonus issue on July 31.
Maruti Suzuki India gets tax demand of Rs 779.2 crore from I-T authorities
Aditya Birla Group eyes $25 bn rev from consumer ops in 5 years as it enters crowded jewellery market
ITC plans investment outlay of Rs 20,000 crore in next five years: CMD Sanjiv Puri
DLF plans to launch Rs 1.04 lakh crore worth real estate projects in medium term

Results Corner

MCX consolidated revenues rise by 60.78% YoY to Rs 234.37 crore and net profits rise 464.19% YoY to Rs 110.92 crore in Q1FY25.
Anant Raj consolidated revenues rise by 49.24% YoY to Rs 471.83 crore and net profits rise by 79.66% YoY to Rs 91 crore in Q1FY25.

Weekly Performance Update