Stock Market Weekly Recap - 09 Sep to 13 Sep

Stock Market Weekly Recap - 09 Sep to 13 Sep

by Aaron Vas
15 September 20243 min read
link-whatsapplink-telegramlink-twitterlink-linkdinlink-redditlink-copy
Stock Market Weekly Recap - 09 Sep to 13 Sep
Stock Market Weekly Recap - 09 Sep to 13 Sep
link-whatsapplink-telegramlink-twitterlink-linkdinlink-redditlink-copy
audio icon

00:00 / 00:00

prev iconnext icon

Between September 9 and September 13, 2024, the Indian stock indices, Sensex and Nifty, experienced notable fluctuations. Overall, the week was characterized by a strong upward trend initially, followed by a slight pullback towards the end, with both indices achieving record highs earlier in the week before closing marginally lower on September 13.

On Friday, September 13th, the Nifty 50 closed at 25,356.50, after opening at an all-time high of 25,430.50, marking a 2.15% weekly increase, while the Sensex closed at 82,890.94, after opening at an all-time high of 83,091.55, marking a 2.37% weekly increase.

Nifty 50: Top Gainers and Losers

Top Gainers

Stock

LTP (Rs.)

Weekly Increase

Bajaj Auto Ltd

11737.15

8.38%

Divi's Laboratories Ltd

5498.65

7.02%

Bharti Airtel Ltd

1634.65

6.18%

Wipro Ltd

550.6

5.76%

Axis Bank Ltd

1217.45

5.07%

Top Losers

Stock

LTP (Rs.)

Weekly Decrease

Oil and Natural Gas Corporation Ltd

291.45

5.62%

Tata Motors Ltd

992.1

5.46%

HDFC Life Insurance Company Ltd

705.4

4.47%

Bharat Petroleum Corporation Ltd

342.3

2.80%

Sbi Life Insurance Company Ltd

1846.5

2.63%

Important Highlights between 09 Sep to 13 Sep

LIC Increases Stake in IRCTC to 9.3%, Strengthening Position in Railway Sector

State-owned insurance giant Life Insurance Corporation (LIC) has recently boosted its stake in Indian Railway Catering and Tourism Corporation (IRCTC), further strengthening its role as a major institutional investor in the railway sector. On September 12, 2024, LIC revealed that it had increased its shareholding in IRCTC to 9.3%, representing a 2.02% rise between December 16, 2022, and September 11, 2024. This growth was achieved through open market purchases, reflecting LIC's ongoing confidence in the future prospects of this ‘miniratna’ public sector enterprise.

RBI Maintains Caution on Interest Rates Despite Inflation Dip

RBI Governor Shaktikanta Das has indicated that the central bank is not planning to lower interest rates, despite inflation staying below the 4% target for two consecutive months. Speaking at a forum in Singapore, he stressed the need for a cautious approach to inflation control, aiming for a stable 4% rate. While India’s growth has dipped to 6.7%, sectors like consumption and investment remain strong. Das also mentioned that the RBI’s forex market interventions are aimed at managing volatility, not controlling the rupee’s value.

Tata Motors Sees Upside as BofA and JPMorgan Set Bullish Targets

Bank of America and JPMorgan have reaffirmed their positive stance on Tata Motors, setting price targets of ?1,280 and ?1,250, respectively, which implies an upside of around 30% from current levels. JPMorgan highlights that Jaguar Land Rover (JLR) remains a key factor in the company’s future, with strong performances in the US and UK offsetting concerns in China. Bank of America is also optimistic about Tata Motors' commercial vehicle cycle and ongoing balance sheet deleveraging, alongside corporate restructuring, including a demerger.

Gravita India Expands into Europe with Acquisition of Tyre Recycling Plant in Romania

Gravita India Limited plans to acquire a waste tyre recycling plant in Romania through its subsidiary, Gravita Netherlands BV (GNBV). This will be the company's first European recycling facility with a capacity of 17,000 MTPA. The acquisition will be done via a Special Purpose Vehicle (SPV) in Romania, where GNBV will hold 80% equity and invest around ?32 crore out of the total ?40 crore. This expansion supports Gravita's strategy to grow its recycling operations in Europe, complementing its existing facilities in Africa and enhancing its global presence.


Want to start investment?
Want to start investment?

Open Rupeezy account now. It is 100% free and secure.

Get started
background_image_blog