Market ended the week with substantial gains, extending rally for 3rd consecutive week. On weekly basis the Nifty 50 hits record high and settled above 25,200 level while the Sensex touched all-time high and ended above 82,300 mark. The broader market advanced.

In the week ended on Friday, 30 August 2024, the S&P BSE Sensex added 1,279.56 points or 1.58% to settle at 82,365.77. The Nifty 50 index rose 412.75 points or 1.66% to settle at 25,235.90. The BSE Mid-Cap index gained 1.54% to close at 49,065.36. The BSE Small-Cap index added 0.61% to end at 56,021.55.

Weekly Index Movement:

The key equity indices ended with strong gains on Monday, boosted by Federal Reserve Chair Powell's hint of potential interest rate cuts in the near future. In the barometer index, the S&P BSE Sensex jumped 611.90 points or 0.75% to 81,698.11. The Nifty 50 index surged 187.45 points or 0.76% to 25,010.60.

The equity benchmarks settled with minor gains. In the barometer index, the S&P BSE Sensex rose 13.65 points or 0.02% to 81,711.76. The Nifty 50 index added 7.15 points or 0.03% to 25,017.75.

The key equity indices closed with modest gains on Wednesday. In the barometer index, the S&P BSE Sensex rose 73.80 points or 0.09% to 81,785.56. The Nifty 50 index added 34.60 points or 0.14% to 25,052.35, its record closing high level. The 50 unit index has climbed 3.78% in ten sessions.

The domestic equity indices ended a volatile session with decent gains on Thursday, rising for the eleventh session in a row. In the barometer index, the S&P BSE Sensex jumped 349.05 points or 0.43% to 82,134.61. The Nifty 50 index added 99.60 points or 0.40% to 25,151.95. Both the indices attained record closing highs. The 50-unit index has risen 4.20% in eleven sessions.

The domestic equity barometers ended with moderate gains on Friday. The barometer index, the S&P BSE Sensex gained 231.16 points or 0.28% to 82,365.77. The Nifty 50 index added 83.95 points or 0.33% to 25,235.90. The Sensex and Nifty clocked an all-time high of 82,637.03 and 25,268.35, respectively in early trade.

Economy:

India’s forex reserves jumped by $4.546 billion to $674.664 billion during the week ended August 16, according to the latest RBI data. Gold reserves increased by $865 million to $60.104 billion during the week ended August 16. The special drawing rights (SDRs) were up by $60 million to $18.341 billion.

Ratings agency Fitch affirmed India’s rating at 'BBB-' with a stable outlook on August 29, on the back of strong medium term growth outlook and strengthening fiscal credibility.

The rating agency noted that the Indian economy is expected to expand 7.2% in FY25 and projected inflation to cool down to 4.6% for the year, further falling to 4.4% in FY26.

Stocks in Spotlight:

Reliance Industries rose 0.66%. The company announced that its board will consider a 1:1 bonus share on September 5. RIL held the 47th annual general meeting on Thursday (29 August 2024). RIL chief Mukesh Ambani on Thursday announced that they are aiming to double its revenue as well as EBITDA of its telecom offering Reliance Jio in the next 3-4 years.

Bharat Heavy Electricals (BHEL) fell 1.89%. The company announced that it has received orders worth over Rs 11,000 crore from Adani Power and its subsidiary Mahan Energen, to set up three supercritical thermal power projects.

Akums Drugs and Pharmaceuticals declined 8.2%. The company reported consolidated net profit of Rs 60.17 crore in Q1 FY25 compared with net loss of Rs 188.23 crore reported in Q1 FY24. Revenue from operations was at Rs 1,019 crore in Q1 June 2024, up 5.06% against the corresponding quarter last year.

JSW Energy added 1.09%. The company said that that its wholly owned subsidiary, JSW Neo Energy has received letter of award (LoA) for setting up 250 MW grid-connected wind power project from Adani Electricity Mumbai.

Meanwhile, the company's wholly owned subsidiary JSW Neo Energy has received letter of award (LoA) for setting up a wind-solar hybrid power project from Maharashtra State Electricity Distribution Company (MSEDCL).

Shyam Metalics & Energy shed 0.89%. The company’s wholly-owned subsidiary, Shyam Sel and Power (SSPL) has acquired a 100% stake in SMEL Steel Structural, a promoter group company, for total consideration of Rs 1 lakh. SSPL purchased 10,000 equity shares in SMEL Steel Structural, which were previously held by Sheetij Agarwal and Shubham Agarwal (5000 shares each).

Symphony slipped 4.38%. The household appliances company announced that its wholly owned subsidiary (WOS) in China, Guangdong Symphony Keruilai Air Cooling Co, has incorporated a China-based unit, Dongguan GSK Appliances.

Zee Entertainment Enterprises (ZEEL) rallied 3.07%. The firm has entered into settlement agreement with Culver Max Entertainment (CMEPL) (Sony India) and Bangla Entertainment (BEPL) to mutually terminate transaction documents. The company will settle all disputes related to the Transaction Documents entered into with CMEPL and BEPL regarding the Scheme. All parties will mutually terminate these agreements and release each other from any and all claims related to the transaction documents.

UltraTech Cement fell 0.29%. The company announced that it has raised $500 million through a sustainability-linked loan (SLL) with participation from six banks. SLLs are loans where the interest rate is linked to the borrower's sustainability performance. This transaction represents second sustainability-linked financing raised by UltraTech, following its inaugural sustainability-linked bond issuance in 2021

NBCC (India) surged 4.49%. The company said that its board will meet on 31 August 2024 to consider a proposal for issue of bonus shares to equity shareholders.

Indian Oil Corporation rose 2.28%. The firm said that it has entered into a memorandum of understanding (MoU) with Rashtriya Ispat Nigam (RINL) for suppling of hydraulic and lubricating oils & greases for a period of 5 years from 2024 to 2029.

Global Markets:

Euro zone inflation fell to a three-year low of 2.2% in August, according to flash figures released by statistics agency Eurostat on Friday.

The U.S. economy saw stronger growth in Q2 than initially reported, driven by robust consumer spending and corporate profit rebounds. GDP increased by 3.0% in the last quarter, an upward revision from 2.8%. Consumer spending rose 2.9% annual rate last quarter, and corporate profits surged by $57.6 billion, supporting economic expansion.

The number of Americans filing for unemployment benefits declined by 2,000 to 231,000 for the week of Aug. 24, the Labor Department reported Thursday (August 29).

Australia's Consumer Price Index (CPI) rose 3.5% year-on-year, down from the previous quarter's 3.8% increase.

Nvidia's shares plunged. The company delivered a profit beat and announced a $50 billion buyback, investors were disappointed by the weaker-than-expected outlook for the current quarter's revenue and gross margin.