Indian share market weekly news, updates, and highlights

 

The Market news: Indian share market started with a negative note on Monday and closed in negative territory on the last day of the week. Weekly basis the Nifty was down 313.75 points or 2.70% and close at 11333.85 while the Sensex declined in 1110.13 or 2.81% and close at 38357.18.

The Bank Nifty performed superbly in the last week fell the most in the current week. It was down 1512.3 points or 6.17% and close at 23011.5 levels. 

The Nifty midcap and smallcap 100 indices also closed in the red on a weekly basis. The midcap index down 442.85 points or 2.55% and close at 16926.2 levels. The Nifty Smallcap down 188.4 points or 3.19% and close at 5678.9 levels.

The news that influenced the share market this week

 

Indian share markets started with the pessimistic note on last Monday due to the news of Indo-China cross border tension and cautiousness ahead of GDP data. The GDP data contracted 23.9% in April-June end quarter and it was the sharpest fall in 41 years.

The market volume got decrease after the new pledge and repledge system introduced in the market from 1st September. The Depositories and Brokers backend system was not ready and hence many traders were stopped to take new positions in the market.

The Market sentiments got positive on 1st and 2nd September due to positive PMI data and support from the global markets. India’s manufacturing PMI data stood above 50 levels for the first time after March 2020.

On 3rd September, India’s service PMI data was announced at 41.8. Though there is some improvement in the service industry still the data says it is in the contraction zone.

The overnight sharp fall in the US market has corrected the Asian markets on Friday. The fall was due to the concern about higher valuation in Technology-driven stocks in the US. 

 

Nifty weekly top gainers and losers

 

Weekly NSE Nifty50 Gainers
Company Name	LTP	Previous Close	Change (%)
Bharti Infratel	214.85	201.50	6.63
Tata Motors	147.80	142.80	3.50
Zee Entertainment	220.40	213.85	3.06
TCS	2288.80	2238.55	2.24
Titan Company	1159.25	1134.10	2.22
Weekly NSE Nifty50 Losers
Company Name	LTP	Previous Close	Change (%)
Axis Bank	455.20	509.20	10.60
ICICI Bank	372.55	409.70	9.07
State Bank Of India	206.60	224.85	8.12
Sun Pharma	512.45	555.75	7.79
IndusInd Bank	616.15	665.65	7.44

 

Weekly NSE Nifty Midcap 100 Gainers
Company Name	LTP	Previous Close	Change (%)
Vodafone Idea	12.05	10.10	19.31
Aditya Birla Cap	72.05	64.80	11.19
Weekly NSE Nifty Midcap 100 Losers
Company Name	LTP	Previous Close	Change (%)
Future Retail	112.50	135.30	16.85
India Bulls Hous	192.75	223.90	13.91
Weekly NSE Nifty Smallcap 100 Gainers
Company Name	LTP	Previous Close	Change (%)
India mart Inter	4092.80	3531.55	15.89
Granules Ind	346.65	309.30	12.08
Weekly NSE Nifty Smallcap 100 Losers
Company Name	LTP	Previous Close	Change (%)
TV18 Broadcast	30.20	33.75	10.52
Indiabulls Real	62.40	69.60	10.34

 

Weekly global share market news

 

The US markets closed lower on a weekly basis. After August’s rally profit booking was seen in the US markets particularly in the Technology-driven stocks. The US unemployment rate fell 8.4% in the month of August. It fell more than expected in the market.

The European markets fell sharply after correction in the US Technology stocks however the merger talks between the Spanish lenders Bankia and CaixaBank helped to curb losses. An early estimate of Eurozone consumer prices showed inflation of -2% in August, this will increase pressure to European Central Bank to increase stimulus for the next week’s meeting.

In other Asian markets, the Japanese market posted gains on a weekly basis, whereas the Chinese market fell on 4th September ended week. China’s PMI reading for August says that the manufacturing activity is continually increasing.

 

Quarterly results

 

ONGC

Last Tuesday ONGC reported an 84.7% decline in consolidated net profit for the quarter ended June to Rs 1090 cr. This is as compared to the net profit of Rs 7120 cr in the same period last year. The company’s consolidated revenue from operations dropped 42.9% to Rs 62,496 cr from Rs 109546 cr reported a year back for the same period.

The ONGC share price reacted positively after the Q1FY21 but could not sustain at a higher level for a longer time.

 

Coal India

On Wednesday Coal India posted a 55% drop in its net profit for the April-June end quarter to Rs 2079.60 cr. This is as against the net profit of Rs 4629.67 cr in the same period last year. The Company’s revenue from the operation dropped 25.9% to Rs 18486.77 cr from Rs 24938.99 cr in the same period last year.

The Q1FY21 results of Coal India beat street estimates. The share price of Coal India has seen some correction after the April-June end quarterly results announced.

Derivative market news-Nifty and Bank Nifty futures

 

The Nifty futures opened higher on 31st August last Monday at 11764.90 levels. It has touched a weekly high on the same day at 11794.45 and Low on Friday at 11309.80. During the week the Nifty future has given movement of 484.60 points. On a weekly basis, the Nifty futures fell 323.5 points.

The Bank Nifty futures opened at 24900.05 last Monday 31st August. It has touched a weekly high at 25270 on the same day and a low at 22853.90 on last Friday. During the week the Bank Nifty future has given movement of 2416.1 and in the end, it fell 1512.7 points on a weekly basis.

 

Conclusions:

Indian share markets closed lowers due to Indo-China border tension, global market cues, and the mixed macroeconomic data. The Nifty closed above 11300 levels on last Friday and can take support from these levels. 

Traders need to be extra cautious now for next week’s trade. Traders can also read our Nifty and Bank Nifty futures technical levels and key factors that will influence the market next week.

 

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Happy weekend!!

Editor’s Desk