Market This WeekThe broader indices touched their record highs and outperformed the main indices in the week ended July 5 with benchmarks also hitting fresh highs, rallying for the fifth straight week.
The BSE Mid and Small-cap indices touched record highs on July 4, gaining 3 percent and 4 percent, respectively.
Amid the positive market momentum, most of the sectoral indices reported positive gains this week.
"Over the next few weeks, the key events for the market includes macro factors, Union Budget and the Q1FY25 earnings.
Individual stocks will be in focus on Q1FY25 earnings and management commentary over coming few weeks," he added.
Market This Week
The broader indices touched their record highs and outperformed the main indices in the week ended July 5 with benchmarks also hitting fresh highs, rallying for the fifth straight week.
The BSE Mid and Small-cap indices touched record highs on July 4, gaining 3 percent and 4 percent, respectively. However, the large-cap index added 1.5 percent, hitting fresh on July 4.
Story continues below Advertisement Remove Ad
This week, BSE Sensex rose 963.87 points or 1.21 percent to close at 79,996.60, while Nifty50 index gained 313.2 points or 1.30 percent to close at 24,323.80. On July 5, BSE Sensex and Nifty50 touched record highs of 80,392.64 and 24,401, respectively.
Among sectors, the Nifty Information Technology index jumped 4.3 percent, the Nifty Pharma index rose 3.6 percent, the Nifty Media index gained 2.7 percent and the Nifty Oil & Gas index rose 2.6 percent.
Foreign institutional investors (FIIs) continued extending their support this week as they bought Rs 6,874.66 crore worth of equities. Meanwhile, Domestic Institutional Investors (DII) remained net sellers as they sold equities worth Rs 385.29 crore.
"Indian equity market sentiments remained positive with both the Sensex 30 and the Nifty 50 index reaching a new high this week. On a weekly basis, BSE 30 and Nifty 50 index gained more than 1%, while the BSE Midcap and the BSE Smallcap index outperformed the large-caps index. Amid the positive market momentum, most of the sectoral indices reported positive gains this week. BSE IT services performed strongly ahead of the upcoming Q1FY25 earnings season. Oil prices have been gradually inching upwards over the past one month, which needs to be monitored," said Shrikant Chouhan, Head of Equity Research, Kotak Securities.
"Over the next few weeks, the key events for the market includes macro factors, Union Budget and the Q1FY25 earnings. Individual stocks will be in focus on Q1FY25 earnings and management commentary over coming few weeks," he added.
The BSE Small-cap index surged nearly 4 percent with GM Breweries, Refex Industries, Veranda Learning Solutions, Mazagon Dock Shipbuilders, Wockhardt, Rane Holdings, AGI Greenpac, Roto Pumps added more than 30 percent. However, Jaiprakash Associates, Motilal Oswal Financial Services, Angel One, PNB Gilts, Allcargo Gati, ITD Cementation India lost 8-19 percent.
Story continues below Advertisement Remove Ad
Where is Nifty50 headed?
Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services
After a run-up of ~7% in the last month we expect the market to consolidate at a higher zone. In the coming week, we expect stock and sector-specific action as the market starts taking cues from Q1FY25 earnings. On the macro front, investors will look out for inflation data that will be released by India, the US, and China.
Osho Krishan, Senior Analyst - Technical & Derivatives, Angel One
Despite the Nifty remaining technically stretched, there are no indications of the vertical rally losing steam. It is crucial to approach this scenario cautiously and avoid being swayed by the prevailing trend. As far as levels are concerned, 24200 is likely to provide a cushion for any short-term blips, followed by robust support at the 24000 mark for the upcoming week. On the higher end, we anticipate 24400-24500 to provide resilience for the index in the comparable period.
In the coming days, we anticipate the benchmark index undergoing a period of consolidation, potentially alleviating the stretched parameters. Market sentiment remains positive, with sectoral rotation contributing to a strong undertone. We expect this trend to persist, barring any unexpected developments in global markets. In the meantime, we encourage traders to remain vigilant and consistently secure profits at regular intervals.
Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
