Market Metrics: Weekly Roundup Sensex: 74,273.55 Nifty | Angel One

Market Metrics: Weekly Roundup

Sensex: 74,273.55
Nifty 50: 22,528.15
Nifty Bank: 48,572.85
Nifty Smallcap 100: 16,523.55
Nifty Midcap 100: 50,101.55

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Market Performance Key Takeaways For The Week

The Nifty index started the week strong, hitting a new all-time high of 22,775, buoyed by initial optimism. However, geopolitical tensions later in the week led to a significant drop on Friday, erasing earlier gains and resulting in a flat close just above 22,500. Despite the week's volatility, the closing figures showed little change from the previous week.

Technical analysis suggests caution for traders, especially at higher levels where significant resistance is found around 22,700 to 22,800. On the downside, support levels lie between 22,450 and 22,500, with potential for further declines if these are breached. Traders are advised to avoid aggressive buying and consider taking profits on any rallies.

The onset of the earnings season introduces new trading dynamics, with opportunities expected on both sides of the market. However, traders should carefully select sectors and remain vigilant of the geopolitical landscape, which continues to influence market sentiment and dynamics significantly.

Meanwhile, the Bank Nifty showed resilience, posting marginal gains by the week's end, closing just above 48,558 despite some profit-taking. While there was a pullback towards the end of the week, the index managed to hold above critical support levels. The market's direction in the coming week will be crucial, particularly how it reacts to the potential pressures at the 48,200 to 48,400 range.

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News Highlights For The Week

Reliance Industries Ltd (RIL), Larsen and Toubro (L&T), Greenko Group, and Welspun New Energy are planning to establish green hydrogen and green ammonia units at Deendayal Port Authority in Kandla, Gujarat. Industry insiders suggest that the total investment for this project could reach up to ₹1 Lac Cr.

Under the Narendra Modi government, the Indian economy has become the fastest growing in the world, a growth that is reflected in the stock market. The BSE's market cap has surged 300% to ₹400 Lac Cr, with the Sensex climbing from 25,000 to 75,000 points over the past decade. SEBI Chairperson Madhabi Puri Buch attributes this record valuation to foreign portfolio investors' strong confidence in India's growth prospects, noting their continued investment despite higher price-to-earnings ratios compared to other countries.

According to a Crisil report titled "Quickonomics", Maharashtra not only leads in absolute GST collection but also tops the rankings in per capita terms, highlighting the state's high consumption spending. The report contrasts this with states like Bihar, Uttar Pradesh, and Jharkhand, which rank lowest in per capita consumption spending despite having significant absolute GST collections. 

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Disclaimer: https://bit.ly/3usSGoH 
Sources: Angel One Research | Economic Times | Zeebiz | Live Mint
Date: April 12, 2024