• TGIW

  • Jul 14 2024
  • Length: 8 mins
  • Podcast

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TGIW

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  • Summary

  • Domestic equity indices continued their upward trajectory for the sixth consecutive week. Investors now look forward to the Q1 earnings season that started this week and the upcoming budget announcement scheduled for July 23rd, which could provide further direction for the market. Multiple tailwinds led the market to come out of its range-bound trajectory. The strong result from the IT bellwether and a drop in US inflation to a one-year low added optimism to the market. Sensex advanced 0.65% and Nifty added 0.73% over the week. The markets edged higher in 2 out of 5 trading sessions during the week. In the broader markets BSE Midcap index was up 0.15% and the BSE Smallcap index fell 0.23%. Market breadth was in favour of losers with 9 shares advancing for every 10 losers. Average cash turnover on NSE was 6% higher as compared to previous week. Sectoral indices were mixed with Realty down 2.3%, Telecom down 1.6% and Auto down 1.1%. On the positive side IT rallied 3.5%, FMCG was up 3.3%, and Oil & Gas gained 2.9%. Among Nifty 100 stocks, Zomato surged 7.2%, ONGC was up 6.6%; ITC gained 5.9%; Marico added 5.6%; and Godrej Consumer rose 5.1%. On the downside, Bank of Baroda fell 8.5%; M&M slipped 6.1%; ABB was down 5.4%; Vedanta fell 5.4% and Canara Bank declined 4.3%. As per provisional figures, FIIs were net buyers of Rs 3844cr in the equity markets during the week and DIIs were net buyers of Rs 5391 crore.
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