Week Gone by 28.06.24: Consistent Market Highs: Embracing the New Normal

Setting new record highs as become a routine for Indian major indices as benchmark reached a fresh record high during the week. The Nifty 50 rose 2.2% to close at 24,011 while it rose 6.8% in June marking highest monthly gain since December 2023. Contrary to last week, the broader market outperformed the major indices with the Mid Cap index up 0.4% and the Small Cap index up 0.5%.

NIFTYENERGY led with a 3.3% gain this week, followed by IT gaining 2.7% and Finance up by 1.9%, while Nifty underperformers were REALTY declining by 2.4%, with MEDIA at 2.3% and METAL at 1.8%. This week’s momentum was driven by expectation of policy continuity and return of FII flows.

Economy: India achieved a 0.6% current account surplus in the March quarter, a notable improvement from the 0.2% deficit recorded in the same period last year. This turnaround was driven by robust growth in service exports and increased remittances. Further, India started a telecom spectrum auction on June 25, 2024, offering 10,522.35 MHz across bands valued at Rs 96,238 crore at reserve prices. Telecom operators bought 141.4 MHz of radio waves for Rs 11,341 cr. The auction was one of the shortest, ending on the second day. Only 1.34 percent of the available spectrum was was acquired

The US consumer confidence index decreased marginally to 100.4 from a revised 101.3 in May, suggesting a cautious view of income, employment, and business circumstances. This might have an effect on consumer spending, which is essential for economic growth. China's industrial profits grew by a modest 0.7% compared to April's 4.0% growth YOY.

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#Gainers4week - #Top3

#GRSE +27.7% Received order worth $54 million for construction of cargo ship from German company

#INDIACEM +26.7% Ultratech Cement announced acquisition of 23% stake in the company

#BBTC +20.3% Share price rose after SEBI issued circular to implement a framework for special call auction with no price band for holding companies

#losers4week - #Top3

#FACT -13.0% GST Council referred the recommendation to exempt GST on  fertilizer sector 

#SWANENERGY -10.7% Acquisition Of 49% stake of Triumph Offshore Private Limited ('TOPL')

#CREDITACC -10.2% Telangana cabinet announced farm waiver amounting to Rs 31,000 Cr

#Unlisted Equity : Action on NSE continues, other unlisted companies where interest levels are high - Polymatic, Swiggy, OYO, Vikram Solar and HDB . Get in touch for more …

#Weekahead

With markets continuously reaching new highs, volatility may be observed in the upcoming week. Key moniterables will be FII flows, monsoon progress and domestic political development. The upcoming Union Budget and Earnings season will be the new market stimulus.

On the global front, China's Caixin Manufacturing PMI data and US ISM Manufacturing PMI data for June will be released on Monday. 1July 2024. Further, US Federal Reserve Chair Powell will speak on July 2, 2024, followed by the release of US FOMC Minutes on July 3, 2024.

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