Weekly Update-27 September 2024

NIFTY50

In the week of September 22-27, 2024, Nifty 50 showed a fluctuating trend, largely influenced by global market conditions, foreign portfolio investment (FPI) flows, and macroeconomic data. The index hovered around the 26,000 level, reflecting a mix of cautious optimism and market volatility ahead of t

he futures and options (F&O) expiry. Key factors such as crude oil price fluctuations and global economic indicators added to the uncertainty in the market.

Although Nifty experienced intermittent dips, it managed to stay resilient amid market pressure, with investors closely monitoring global economic cues and domestic financial data. The market movement indicated a delicate balance between risk aversion and cautious optimism, as traders anticipated significant triggers that could shape the direction in the upcoming sessions​.

 

 

 

 

 

 

 

 

 

 

BANK NIFTY

In the week of September 22-27, 2024, Bank Nifty exhibited a mixed performance with periods of volatility driven by both domestic and global factors. The index remained sensitive to macroeconomic conditions such as rising interest rates, liquidity concerns, and external market influences. Despite the uncertainty, Bank Nifty managed to stay above key psychological levels, demonstrating resilience in the face of fluctuating global cues.

Investor sentiment remained cautious ahead of the F&O expiry, contributing to intra-week volatility. The banking sector’s performance reflected broader market dynamics, with traders closely monitoring global and domestic economic data. Overall, Bank Nifty’s movements suggested a wait-and-watch approach by market participants, who are keenly observing the economic environment for future direction.

 

 

 

 

 

 

 

 

 

 

Top Performing Sector of the week

The Nifty Metal was top performing sector this week

Major gainers from sector include:- 

Vedanta: up by 14.01%

National Aluminium: up by 12.50%

Sail: up by 11.29%

Tata Steel: up by 9.56%

 

 

 

 

 

 

 

 

 

 

Worst Performing Sector of the week

The Nifty Private Bank was worst performing sector of the week 

Major losers include:-

Bandhan Bank: down by 3.25%

Rbl Bank: down by 2.50%

Icici Bank: down by 2.38%

City Union Bank: down by 2.33%

 

 

 

 

 

 

 

 

 

 

Important News:-

• ICICI Lombard received an income tax demand of ₹1,388 crore and plans to appeal against it with the appellate authorities
• IndusInd Bank board approved the reappointment of Sumant Kathpalia as Managing Director & CEO for another three years, pending RBI and shareholder approval​
• Apollo Hospitals reduced its holding in its subsidiary AHL after Advent International acquired a stake, decreasing Apollo’s stake from 94.9% to 78.8%
• Escorts Kubota received a favorable decision in the High Court, dismissing the Excise Department’s appeal related to tax demands on inter-unit transfers
• Avi Ansh Textile IPO was finalized, with allotment statuses available for investors. The company’s IPO witnessed high interest, signaling a strong debut in the market​