Market Metrics: Weekly Roundup Sensex: 73,651.35 Nifty | Angel One

Market Metrics: Weekly Roundup

Sensex: 73,651.35
Nifty 50: 22,326.90
Nifty Bank: 47,124.60
Nifty Smallcap 100: 15,270.45
Nifty Midcap 100: 48,075.75

………………………………………………………

Market Performance Key Takeaways For The Week

The trading week for Nifty kicked off with a gap-down opening on Monday, setting a cautious tone amidst adjustments to domestic and global factors. Despite this, bullish sentiment prevailed, driving prices steadily upwards throughout the week. Thursday saw a surge towards all-time highs, narrowly missing the milestone by a mere 10 points. However, a late-hour profit booking tempered gains, with Nifty closing at 22,327, marking a respectable gain of over a percent from the previous week's close.

The week witnessed an overall improvement in broader market sentiments, signalling the conclusion of the mid-March correction and a resumption of the primary uptrend. Attention is now focused on surpassing the all-time high levels above 22,500, with 22,200 serving as immediate support. Traders are advised to monitor these levels closely for potential rallies in April.

Bank Nifty experienced a positive week of trading, gaining nearly six-tenths of a percentage point in a truncated week. Despite a sluggish start, the index gradually climbed higher, concluding the week above the 47,100 level. However, despite the optimistic close, the index remains sideways, with ongoing consolidation over the past three months.

The current consolidation phase, coupled with significant domestic events in the coming weeks, suggests potential volatility without clear directional movement. Participants are advised to avoid chasing prices and enter positions only at predetermined trade levels. Short-term support for Bank Nifty is situated around the 46,800 - 46,500 zone, with a more critical support level around 46,000 - 45,750. Immediate resistance is identified around 47,400 - 4,750, with a major hurdle at 48,100 - 48,250.

………………………………………………………

News Highlights For The Week

On Thursday, Jio Financial Services announced that its subsidiary, Jio Leasing Services, along with its nominees, has invested ₹2.50 Cr in Reliance International Leasing IFSC Ltd (RILIL). RILIL, incorporated on 1-Feb, is a 50:50 joint venture between Jio Leasing and Reliance Strategic Business Ventures Ltd, a subsidiary of Reliance Industries.

The Adani family, promoters of Ambuja Cements, injected ₹6,661 Cr into the company, boosting the stock by nearly 2%. This increased their stake by 3.6% to 66.7%. This follows a previous infusion of ₹5,000 Cr via warrants in Oct’22. In total, the promoters have invested ₹11,661 Cr in Ambuja since taking control from Holcim. The fund infusion is aimed at expanding the group's cement capacity to 140 Mn tonnes per annum by 2028, as per the company statement.

India's largest conglomerate, Tata Group, plans to launch more public offerings to finance new ventures. According to an Economic Times report, potential companies for this strategy include Tata Capital, Tata Autocomp Systems, Tata Passenger Electric Mobility, BigBasket, Tata Digital, Tata Electronics, Tata Housing, and Tata Batteries over the next three years. The recent sale of a 0.65% stake in TCS, raising ₹9,300 Cr, hints at this shift. The report suggests careful consideration will be given to businesses matured over two decades, now ready for monetization.

———————x———————

Disclaimer: https://bit.ly/3usSGoH
Sources: Angel One Research | Business Standard | MoneyControl | Business Today
Date: March 28, 2024