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WEEKLY REPORT
The market witnessed rangebound activity with positive bias helping indices to extend gains in the second consecutive week, posting the biggest weekly gain in nearly 3 months on hopes of easing India-US trade tension, expectation of a rate cut by the Federal Reserve, and reports that the EU may reject US tariff proposals on India’s Russian oil imports.
For the week, Nifty50 added 373 points or 1.50 percent to end at 25,114, while the BSE Sensex index added 1193.94 points or 1.47 percent to end at 81,904.70.
During the week, Bajaj Finance added the most in terms of market value, followed by Infosys, Tata Consultancy Services, and Reliance Industries. On the other hand, Trent, Hindustan Unilever, and Titan Company lost most of their market capitalization.
Among sectors, except Nifty Consumer Durables (down 1 percent), all other indices ended in the green with the Nifty Defence index rising 7 percent, the Nifty IT index jumped over 4 percent, Nifty PSU Bank index added 3 percent. In contrast, Nifty Auto, Metal, and Pharma jumped 2 percent each.
All the broader market indices ended with gains; the BSE Large-cap index rose 1.6 percent, the BSE Mid-cap index went up 1.6 percent, and the Small-cap indices also gained 1.5 percent this week.
Foreign Institutional Investors (FIIs) extended their selling in the 11th straight week, as they offloaded equities worth Rs 3,577.37 crore. On the other hand, Domestic Institutional Investors (DII) continued their buying in the 22nd week, as they purchased equities worth Rs 13,703.23crore.
Indian rupee touched a fresh record low of 88.45 against the US dollar. The Indian unit closed flat at 88.27 per dollar on September 12 against the September 5 closing of 88.26. During the week the Indian rupee traded in the range of 87.95-88.45.
ECONOMY
Ethanol blending savings in India
India’s move to increase ethanol blending (from 1.5% in 2014 to 20% now (approx)) has resulted in a foreign-exchange saving of ₹1.44 lakh crore on crude oil imports. Union Minister of Consumer Affairs also stated that he would encourage biofuel producers to increase ethanol production and enhance exports, too. He also mentioned government measures to push renewables, such as lower GST on clean-energy equipment and wider adoption of rooftop solar.
World Oil supply to surge
The International Energy Agency said world oil supply will rise more rapidly this year, and a surplus could expand in 2026 as OPEC+ members increase output and supply from outside the group grows. The forecast by the agency also mentioned that the global oil supply will rise by 2.7 million barrels per day (bpd) in 2025, up from earlier estimates of 2.5 million bpd. Supply growth is expected to continue into 2026, with a further increase of about 2.1 million bpd.
STOCKS IN NEWS
Hindustan Copper
Shares of the company went up 12.12 percent this week, after their plan to increase its capacity by roughly threefold to 12.2 MT by FY31 from 3.47 MT in FY25. India’s leading miner has planned a capital expenditure of around Rs 2,000 crore over the next 5-6 years and will continue to add to the budget for exploration of copper ore reserves, the company said in an investor presentation, shared a day prior.
Trent
The retail company’s shares fell 6.86 percent over the week. This is due to the stock recording strong gains on expectations of rising demand following GST reforms. The stock’s P/E ratio currently stands at around 123.68.
Vikram Solar
The shares went up 5.05 percent from September 8 to September 12 after the company delivered its best quarterly revenue, rising over 79 percent on year, with a multi-fold profit growth during the June quarter. These are the first quarterly results after the company listed onthe bourses.
GMDC
Gujarat Mineral Development Corporation (GMDC) shares rallied upwards of 6.45 percent during the week after Union Minister H D Kumaraswamy said the government is preparing fiscal incentives to encourage domestic production of rare earth magnets. This comes amid recent disruptions caused in their supply, which is currently dominated by China.
Jupiter Wagons
The shares went up 3.06 percent over the week after the company received a bogie supply order of approximately Rs 113 crore. The company’s subsidiary, Jupiter Tatravagonka Railwheel Factory, has received a Letter of Acceptance (LOA) from the Ministry of Railways, Railway Board.
Source – Moneycontrol, Reuters