Stock Market Weekly Recap - 14 Oct to 18 Oct

The Nifty and Sensex indices displayed a combination of gains and losses, reflecting market volatility influenced by global economic conditions and specific sector performances. The week began with initial gains, followed by a downturn in the middle of the week. However, there was a modest recovery on the final trading day as investor sentiment improved slightly, driven by shifts in sector performance.

Nifty opened the week at 25,023 and after a volatile movement, closed at 24,854, which represents a 0.68% decrease for the week. Similarly, Sensex started the week at 81,576 and finished at 81,224, reflecting a 0.43% weekly decline.

Nifty 50: Top Gainers and Losers

Top Gainers

Top Losers

Important Highlights between 07 Oct to 11 Oct

PGCIL Boosts Power Transmission Sector with Strategic Acquisitions

Power Grid Corporation of India Limited (PGCIL) has strengthened its position in the power transmission sector through two key acquisitions: "Rajasthan IV H1 Power Transmission" for Rs. 188.1 million and "South Olpad Transmission" for Rs. 188.4 million. These moves enhance PGCIL's presence in northwestern India and showcase its competitive edge in expanding the transmission network, supporting India’s power infrastructure development.

Adani Enterprises Raises Rs. 4,200 Crores in Successful QIP to Boost Infrastructure Ventures

Adani Enterprises Limited (AEL) has successfully completed a Qualified Institutional Placement (QIP), raising approximately Rs. 4,200 crores (USD 500 million). The QIP allocated 1,41,79,608 shares at an issue price of Rs. 2,962 each. Launched on October 9, 2024, and closing on October 15, 2024, the offering generated strong demand, attracting bids of 4.2 times the deal size from a diverse array of global and domestic investors.

This milestone reinforces AEL’s status as India’s largest listed incubator of scalable businesses in core infrastructure. The proceeds from the QIP will be utilized for capital expenditure, debt repayment, and general corporate purposes.

ONGC Boosts Stake in OPaL to 94.04%

State-owned Oil and Natural Gas Corporation (ONGC) has increased its stake in ONGC Petro Additions Ltd. (OPaL) to 94.04% by acquiring additional equity shares for Rs. 5,594.80 crore. This investment includes the allotment of approximately 559.48 million shares at a nominal value of Rs. 10 each.

The acquisition is part of ONGC's strategy to enhance its vertical integration into the downstream petrochemical sector, a move that has received approval from the Government of India. ONGC’s board previously authorized investments in OPaL totaling up to Rs. 10,501 crore in multiple tranches. Following the announcement, ONGC’s shares saw a slight decline of 0.99% on the Bombay Stock Exchange.