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WEEKLY MARKET REVIEW
The Indian equity market continued its winning run for the second consecutive week, led by FIIs buying during the week, robust auto sales data, and better GST collections. However, Friday’s sell-off erased some of the weekly gains.
This week, BSE Sensex rose 524.04 points or 0.66 percent to close at 79,223.11, while the Nifty50 index added 191.35 points or 0.80 percent to finish at 24,004.75.
The BSE Large-cap Index jumped 1 percent while the BSE Mid-cap Index rose 1.3 percent and the BSE Small-cap index added 2 percent.
Among sectors, the Nifty Auto index surged 4 percent, the Nifty Oil & Gas index rose 3.4 percent, while the Nifty Energy and FMCG index added 2.4 percent each, while the Nifty Realty index shed 2.5 percent.
Reliance Industries added the most of its market value, followed by Maruti Suzuki India, and Bajaj Finance. On the other hand, HDFC Bank, ICICI Bank, and Tata Consultancy Services lost most of their market cap.
Foreign Institutional Investors (FIIs) sold equities worth Rs 11,041.59 crore, while Domestic Institutional Investors (DII) bought equities worth Rs 9253.7 crore.
The rupee depreciation continued this week also as the currency ended 24 paise lower at 85.78 per dollar on January 3 against the December 27 closing of 85.54.
ECONOMY
The economy sputters in Q3, as data throws mixed signals
India’s economic performance was sputtering in the third quarter of the year, with consumption and capex showing signs of pick-up, even as GST sales growth slowed and manufacturing activity dipped during the month, according to data released at the start of the year.
Goods and Services Tax collections remained above the Rs 1.7 lakh crore mark for the tenth month in a row in December, but the pace of growth declined further to 7.3 percent.
A working group set up for Wholesale Price Index revision
The government has set up a working group to revise the Wholesale Price Index base year to 2022-23 from 2011-12 and bring it in line with other economic data.
The Niti Aayog member Ramesh Chand-led working group will also recommend changes to the price collection mechanism and computational methodology.
STOCKS IN NEWS
Marico: Marico’s third quarter business update shows the FMCG sector witnessed steady demand on the back of improving rural consumption, and stable sentiment in the urban category, the company said in an exchange filing on January 3. The company posted a sequential uptick in volume growth for the December quarter, and the consolidated business has posted ‘mid-teen revenue growth’ compared to a year ago.
ONGC: ONGC shares surged 5.11% on Friday, fueled by a four-day rally in crude oil prices and breaking out of a prolonged trading range. While Jefferies reiterated its buy call on ONGC, projecting a 58% upside, the anticipated production ramp-up in the KG basin is another factor supporting the bullish sentiment.
ITI Ltd: Shares of ITI Ltd. surged significantly on Friday, by about 20%. Therefore, reaching a nine-month high of Rs 456.50, marking the biggest single-day gain in that period. Trading volumes soared to nearly 9 crore shares. The shares have witnessed a remarkable 70% increase since April 2024.
Titan: Titan Company shares gained nearly 2% to Rs 3,457 as the highest on the BSE in Friday’s intra-day trade. It stood 1.80% higher at closing, extending gains from the previous day as investors eagerly awaited the release of the company’s Q3 FY 2025 business update.
Wipro: The shares were down by 2.83% on the weekend, following continued influence on investor sentiments with the release of CLSA’s downgraded rating on the stock stating the company’s outperformance as a reason.