Nifty – Weekend High!

Nifty 50 up by 0.40 percent during the week and closed at 18028.

Nifty 50 up by 0.40 percent during the week.

The NSE Nifty 50, a stock market index that represents the performance of the 50 largest companies listed on the National Stock Exchange of India, opened lower on Monday at 895 points. Despite closing in the red on Friday, the index ended the week in positive territory, closing up 0.40 percent at 18028. This suggests that the index overall performed positively despite daily fluctuations in the market.

Similarly, the Nifty Bank index also opened lower on Monday, but managed to close in positive territory on Friday. Despite the volatility, the index ended the week higher by 0.32 percent, closing at 42507. This suggests that the banking sector in India performed positively despite the market fluctuations.

The Indian rupee appreciated against the US dollar, closing at 81.12 per dollar on January 20. This was a 22 paise increase from its closing on January 13 at 81.34 per dollar. The markets also ended the week higher despite ongoing volatility.

The markets experienced extreme volatility but ended higher for the second consecutive week ended January 20. The positive performance was driven by a combination of factors, including better-than-expected Q3 earnings, the reopening of the Chinese economy, and weak US consumer data. However, there were also renewed concerns over a possible interest rate hike by the Federal Reserve and continued selling by foreign institutional investors. Overall, the market was impacted by mixed cues.

Market breadth and Volatility

During the week, the market breadth was unfavourable, with a weekly advance-decline ratio of 0.77. Further, it is lower than the previous week’s figure of 0.96. The volatility index India Vix further increased during the week and closed at 13.79.

Top Gainers and Losers of the Week

The top gainers in the Nifty 50 were Coal India (+5.58%), LT (+4.51%), Tech Mahindra (+4.39%), Power Grid (+4.21%) and HDFC Bank (+3.75%).

The top losers in the Nifty 50 were Bajaj Finserv (-4.17%), Asian Paint (-4.16%), JSW Steel (-3.64%), Nestle India (-2.95%) and Hindustan Unilever (-2.86%).

Nifty Sectors and Broader Indices

NIFTY SECTORS – WEEKLY ACTION
Metal -0.94%
Media -4.26%
Oil and Gas +1.38%
IT +2.06%
Auto -1.10%
FMCG -0.13%
Consumer Durables -1.86%
Realty +0.25%

Weekly Pivots

As per the above pivots data, 17850 to 18200 is the Nifty 50 trading range for the next week.

Read our earlier blogs here.
Downturn in Market
Market Closes in Red
Wedge Pattern Stocks

This article is only for educational purposes and is not an investment advice. Please consult with your investment advisor before investing.