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WEEKLY MARKET REVIEW
This week, BSE Sensex declined 759.58 points or 0.98 percent to finish at 76,619.33, while the Nifty50 index shed 228.3 points or 0.97 percent to end at 23,203.20.
However, among broader indices BSE Mid-cap and BSE Small-cap indices shed 1 percent each, while BSE Large-cap index was down 0.5 percent.
Among sectors, the Nifty Information Technology index shed nearly 6 percent, Nifty Realty was down 2.5 percent, and the Nifty Healthcare, Media, and FMCG indices fell more than 2 percent each, while the Nifty PSU Bank and Metal indices rose 3 percent each.
Foreign Institutional Investors (FIIs) sold equities worth Rs 25,218.60 crore during the week, while Domestic Institutional Investors (DII) bought equities worth Rs 25,151.27 crore.
So far this month, FIIs have offloaded equities worth Rs 46,576.06 crore, and DIIs have purchased equities worth Rs 49,367.14 crore.
The Nifty-50 Index and Sensex each lost 1% in the past week, and even the mid-cap and small-cap indexes lost around 1%.
ECONOMY
Indian economy to grow at 6.5% in FY26 and FY27: IMF
Indian economy is likely to grow at 6.5 percent over the next two fiscals, the International Monetary Fund said in its latest World Economic Outlook update released on January 17.
The multilateral institution kept the growth forecast unchanged from the October update. For 2024-25, the international organization projects 6.5 percent growth, a tad higher than the 6.4 percent growth estimated by the government.
“In India, growth is projected to be solid at 6.5 percent in 2025 and 2026, as projected in October and in line with potential,” IMF said.
Centre approves Rs 11,440-crore revival plan for debt-laden RINL
The Union Cabinet has approved a Rs 11,440 crore revival plan for debt-laden Rashtriya Ispat Nigam Ltd (RINL), according to a statement released on Friday.
The Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Narendra Modi, has approved the revival plan for RINL for Rs 11,440 crore, it added.
The infusion includes Rs 10,300 crore as equity capital into RINL and conversion of Rs 1,140 crore working capital loan as 7 percent non-cumulative preference share capital redeemable after 10 years to keep RINL as a going concern, the official statement said.
STOCKS IN NEWS
Hindalco: Shares of Hindalco gained in trade after Nuvama Institutional Equities upgraded its stance on Hindalco to buy from hold. The brokerage believes that Hindalco’s European arm Novelis shall mitigate the impact of tightness in scrap spread via volume growth and improved product pricing.
Kalyan Jewellers: Kalyan Jewellers India’s stock extended losses, sinking over 5 percent in trade for the third consecutive session. The shares of the jewelry brand have fallen during 9 out of the past 10 sessions. Since the correction in the share price started, the market cap of Kalyan Jewellers has declined from Rs 82,000 crore to Rs 50,000 crore.
Axis Bank: Private lender Axis Bank Ltd.’s earnings for the October-December 2024 period saw higher slippages and lagging deposit growth, leading to brokerages slashing their target price on the bank’s stock. Axis Bank reported a 3.8 percent rise in its net profit to Rs 6,304 crore in the third quarter of the current financial year 2024-25. On a sequential basis, the net profit of the lender declined 9 percent.
Varun Beverages: Shares of PepsiCo bottler Varun Beverages have been seeing a sharp correction on the bourses, tumbling in 9 of the past 10 sessions, down almost 20 percent from its 52-week high. The weakness in the stock comes amid the strong uptick seen in competitor RIL-promoted Campa Cola sales.