Market Metrics: Weekly Roundup Sensex: 74,248.22 Nifty | Angel One

Market Metrics: Weekly Roundup

Sensex: 74,248.22
Nifty 50: 22,513.70
Nifty Bank: 48,493.05
Nifty Smallcap 100: 16,355.35
Nifty Midcap 100: 50,022.85

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Market Performance Key Takeaways For The Week

The FY25 financial year kicked off on a high note with the Nifty50 index reaching new heights, closing slightly above the 22,500 zone, marking the highest-ever weekly closure with a 0.84% gain. This performance came amid global and domestic events, with positive momentum in the banking sector after the Monetary Policy Committee's expected status quo. With the Nifty index now in unexplored territory, further gains of 200 - 300 points are anticipated if global conditions remain favourable, supported by strong technical indicators and robust market participation.

Despite the initial optimism, the week's trading showed cautious bullishness, with the Nifty50 maintaining higher levels without strong conviction. Technical analysis suggests the Nifty faces immediate strong support around the 22,350 - 22,300 range, with critical support at 22,200. Market watchers are advised to monitor global developments closely as they could influence the market's immediate direction, with the domestic market poised to continue its upward trajectory barring any significant adverse events.

Bank Nifty also mirrored the positive start to the new fiscal year, closing at an all-time high of 48,493 after a week of narrow range trading and a significant surge towards the end. The index showed resilience, overcoming selling pressure at higher levels and signalling a bullish sentiment post-RBI monetary policy announcement. However, it faces resistance around its all-time high levels, suggesting a potentially sideways movement with a positive outlook in the short term.

For Bank Nifty, traders might adopt a "buy the dip" strategy, with short-term supports identified at the 47,700 - 47,450 zone and more substantial support at 46,900 - 46,550. Immediate resistance is expected around the 48,650 - 48,800 area. Both indices indicate a cautiously optimistic market environment, with recommendations for traders to maintain a pragmatic, stock-centric approach to capitalise on potential opportunities.

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News Highlights For The Week

In a significant move by the Reserve Bank of India, third-party apps have now been authorised to facilitate UPI payments via Prepaid Payment Instruments (PPI) wallets. This development also extends UPI's utility to include cash deposits at cash-deposit machines, enhancing the flexibility and accessibility of digital payments across the country.

Kia Motors plans to invest $28 Bn in future mobility, including electric vehicles and robotics, by 2028. This updated investment, up from last year's $33 Tn won, responds to slowing EV sales and aims to diversify its technology and vehicle offerings. The announcement was made at Kia's CEO Investor Day.

On April 5, 2024, Zomato's market capitalisation soared to a new high of over $20 Bn, marking a near fourfold increase in its share price to ₹191 since January 2023. This surge positioned Zomato as India's most valuable internet company, trailing only behind the privately held Flipkart, valued at $35 Bn.

Vedanta plans to raise up to ₹2,500 Cr ($299.6 Mn) via non-convertible debentures. This follows similar fund-raisings in fiscal 2024, with the company's net debt rising to ₹62,493 Cr and cash reserves declining as of 31st December, 2023.

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Disclaimer: https://bit.ly/3usSGoH
Sources: Angel One Research | NDTV Profit | Investment Guru | thearcweb | Business Standard |
Date: April 5th, 2024