Weekly Update-29 November 2024

NIFTY50

The Nifty 50 index exhibited a strong rebound this week, closing near 24,130 points, marking a roughly 2% gain. Early in the week, the market faced downward pressure due to global uncertainties and inflation fears. Geopolitical concerns, especially related to ongoing international conflicts, initially weighed on investor sentiment. However, as these factors stabilized midweek, markets recovered. The broader market showed optimism, with mid-cap and small-cap stocks participating in the rally.

Overall, the week highlighted the Indian equity market’s strength, with positive domestic data and positive Maharashtra election results along with strong sectoral performance helping the Nifty 50 outperform despite global headwinds.

BANK NIFTY

For the week ending November 29, 2024, the Bank Nifty index showed a steady performance, closing marginally higher at 52,055.60, up 1.8 compared to the previous week. The index oscillated within a narrow range, with a weekly high of 52,760 and a low of 51,759.45, reflecting a cautious sentiment among investors. While global market uncertainties, including concerns over U.S. interest rates, created some headwinds, domestic factors like Maharashtra election results helped support the banking sector.

Large private banks such as HDFC Bank and ICICI Bank contributed positively to the index, registering modest gains during the week. Public sector banks like Punjab National Bank and Canara Bank, however, faced mild declines, capping the overall upside. Despite subdued global cues, the banking sector maintained resilience, supported by stable liquidity conditions and optimistic growth prospects.

Top Performing Sector of the week:-

The Nifty Media was best performing sector of the week 

Major gainers include:-

Saregama India: up by 11.93%

Nazara Technologies: up by 8.79%

PVR Inox: up by 5.07%

Dish Tv: up by 4.65%

Worst Performing Sector of the week:-

The Nifty Auto was worst performing sector this week:-

Major loser are:-

Bajaj Auto: down by 4.72%

Eicher Motors: down by 3.10%

Samvardhana Motherson: down by 1.68%

Mahindra & Mahindra: down by 1.55%

Important News:-

• Reliance’s retail segment continued its growth trajectory, while its telecom arm Jio expanded 5G network coverage. However, the energy segment faced headwinds due to subdued global crude oil prices.
• SBI remained stable with minor gains, supported by robust credit growth and optimism around India’s economic performance. Analysts continue to view it as a strong performer among PSU banks.
• Tata Motors announced robust sales figures for its electric vehicles, reinforcing its leadership in India’s EV market. The stock saw some gains due to optimistic growth forecasts.
• The stock was among top gainers in the metals and mining sector due to increased demand and better pricing trends, with analysts projecting further upside.
• Dr. Reddy’s and Sun Pharma performed well this week, with demand for pharmaceuticals rising both domestically and globally. Positive U.S. FDA approvals supported the sector.