Markets Made New Highs Again - Small Hiccup on Friday ??

The budget is going to be presented next week and there are a lot of expectations from salaried individuals who are hoping to get relief. For the past 6 weeks, the stock market has been making fresh all-time highs. Indices have made fresh all-time highs this week as well. Nifty 50 and Sensex rose by 0.12% and 0.11% respectively. The Nifty 50 crossed 24,800 while making an ATH of 24,855 and the Sensex crossed 81,500 for the first time, making an ATH of 81,588.

There was a small hiccup on Friday as the Nifty 50 index fell more than 1%. Especially, there was a major sell-off in the Mid-cap and small-cap indices as investors looked to book profits on exaggerated valuations. All eyes are now on the budget ??

Stock Spotlight:

Top Gainers

Tata Teleservices - ?102.14 (+33.19%)

Mphasis - ?2,873.55 (+6.80%)

SBI Life Insurance - ?1,647.70 (+5.43%)

LIC India - ?1,108.25 (+5.39%)

Emami - ?799.80 (+4.75%)

Top Losers

Hindustan Aeronautics - ?4,800.25 (-12.55%)

Zee Entertainment - ?137.52 (-11.56%)

Siemens - ?6,850.20 (-10.03%)

Cummins India - ?3,559.45 (-9.98%)

BHEL - ?294.10 (-9.76%)

Sectors in Focus:

Agriculture ??

Rural consumption is still sluggish. The government will take critical measures to improve the rural infrastructure. Moreover, BJP's vote share in the recent general elections dipped in semi-urban and rural areas, with 36.6% and 35% respectively. Hence, the government will be focused on creating positive sentiments among the rural population.

The farmers are facing 2 major challenges - inflation and climate change. The government may announce incentives on key crops along with a robust crop insurance policy to increase farmers’ income and hedge them from major losses. The farming-related resources such as agrochemicals, seeds, FMCG, etc. stocks might see a positive movement.

IPO Insights:

There is nothing much in the mainboard IPO market this week.

Only, 1 IPO opened on 19th Jul’24 - Sanstar Limited. The IPO size is ?510 crore. The IPO has a strong anchor book with investments from Bank of America, SBI General Insurance, Bank of India, etc.

As the market has seen profit booking yesterday, investors should be cautious while applying for new IPOs.

That’s all for this week.

We’ll see you again next week ??

Happy Investing!