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WEEKLY REPORT
The Indian market snapped a two-week gaining streak and lost nearly 2 percent as investors remained cautious over fresh US tariffs on Indian exports and continued FII selling. However, expectations of a GST rate cut in the upcoming GST council meeting provided some support.
For the week, the BSE Sensex index shed 1,497.2 points or 1.84 percent to close at 79,809.65, and Nifty50 lost 443.25 points or 1.78 percent to end at 24,426.85. However, in August, the Sensex fell 1.7 percent, and the Nifty index was down 1.4 percent.
During the week, Reliance Industries lost the most in terms of market value, followed by HDFC Bank, ICICI Bank, and Mahindra and Mahindra. On the other hand, ITC, Maruti Suzuki India, and Tata Consultancy Services added the most to their market capitalization.
On the sectoral front, the Nifty Realty index shed more than 4 percent, the Nifty Defence index fell 4 percent, the Nifty PSU Bank index shed 3.5 percent, Nifty Oil & Gas index slipped 3 percent. On the other hand, the Nifty FMCG index added 0.7 percent.
All the broader market indices ended in red with the BSE Large-cap index down 2 percent, the BSE Mid-cap index down 3 percent, and the Small-cap indices also went down 3 percent this week.
The Foreign Institutional Investors (FIIs) extended their selling for the 9th consecutive week, as they sold equities worth Rs 21,151.90 crore. On the other hand, Domestic Institutional Investors (DII) continued their buying in the 20th consecutive week, as they bought equities worth Rs 28,645.04 crore.
Indian rupee snapped a two-week gaining streak, hitting a fresh record low of 88.31 against the US dollar. It ended 68 paise lower at 88.20 per dollar on August 29 against the August 22 closing of 87.52. During the week, the Indian rupee traded in the range of 87.34-88.31.
ECONOMY
Green Energy push in Assam
Power Finance Corporation (PFC) and Japan Bank for International Cooperation (JBIC) have signed a loan agreement worth 60 billion Japanese Yen (about Rs 3500 crore) to fund clean energy projects in India. A key beneficiary is an Assam-based bio-ethanol project, which is expected to receive crucial funding and momentum from this partnership. This collaboration underscores India’s commitment to sustainable growth and highlights the vital role of green finance in supporting renewable energy initiatives.
Turkey’s Inflation cools down
Turkey’s monthly inflation rate is expected to be 1.79% in August, while the annual rate is seen dipping to 32.6%, a Reuters poll showed on Friday.
The monthly inflation is expected to slow to 1.79%, compared to 2.06% in the prior month. The central bank’s earlier liquidity tightening and aggressive rate hikes, previously reaching 49%, appear to be steadily curbing inflationary pressures. While the central bank eased its policy rate by 300 basis points in July, further cuts totaling up to 750 basis points may follow if disinflation persists. Even with these improvements, inflation will remain well above the 24% target. The official data for August inflation will be released on September 3.
STOCKS IN NEWS
Apollo Hospital
The shares went down 3.5 percent over the week. The fall is related to profit booking after recent gains and an uncertain outlook in the healthcare sector. The stock fell as much as 2% during trading today. The drop occurred on the day of the company’s AGM, where a Rs 10 per share final dividend for FY25 was up for approval amid strong prior Q4 growth.
Ola electric
Shares jumped as much as 14.5 percent this week, after the company said all seven S1 Gen 3 scooters had received PLI certification. Gen 3 models account for over half of its sales, making the approval crucial. With both Gen 2 and Gen 3 scooters now eligible for incentives of 13–18 percent of sales value till 2028, the company expects profitability to improve from this quarter as it targets turning its auto business EBITDA positive.
Vodafone idea
The company’s shares went down over 8 percent in the week, after the government ruled out extending any relief package to the struggling telecom operator, and Macquarie gave an ‘underperform’ call. The Department of Telecommunications (DoT) has no plans to offer additional concessions to Vodafone Idea beyond the relief measures already granted, according to Minister of State for Communications Chandra Sekhar Pemmasani.
KPR mills
KPR Mill shares dropped 4.19 percent this week after the United States issued a draft order to impose an additional 25 percent tariff on Indian imports, effective August 27. According to a notice from the US Department of Homeland Security, the tariffs will apply to Indian products “that are entered for consumption, or withdrawn from warehouse for consumption, on or after 12:01 am Eastern Daylight Time on August 27, 2025”.
Interglobe aviation
Shares the parent of budget airline IndiGo, saw its shares sank 7.86 percent over the week as the Rakesh Gangwal family likely pared its stake via the block deal route. Earlier, reports noted that the Rakesh Gangwal family plans to sell up to 3.1 percent stake in InterGlobe Aviation through block deals estimated at about Rs 7,020 crore.
Waaree Energies +9.27
The company’s shares gained 9.27 percent this week. This is due to the company, through its wholly owned subsidiary Waaree Solar Americas, receiving an international order to supply 452 megawatt (MW) solar modules to a leading US-based developer.
Source – Moneycontrol, Times of India, Reuters