Weekly Market Recap: Nifty Gains, Jackson Hole Insights, and Top Stocks to Watch

Liquide -

Markets continued to march upward, stabilizing around the 24,800-24,850 band by the end of the week. Here's our take on this week gone by, some stories you might have missed out on, and our thoughts on what to do going ahead, in your weekly report.

Weekly Recap

Climbing to a plateau

  • Markets began the week on a strong note, driving the Nifty higher from Monday to Wednesday, contributing most of the week's 1.15% gain. 
  • Between Thursday and Friday, the markets stayed relatively flat, maintaining caution as attention shifted towards the Federal Reserve's comments at the Jackson Hole conference.

The big stories

  • All eyes were on the Federal Reserve as its annual Jackson Hole conference began on Thursday, with Chairman Jay Powell addressing the gathering on Friday evening. 
  • In his address, which occurred after Indian markets closed for the weekend, Powell suggested that the Fed is increasingly confident that the time is nearing for a significant policy easing. Read more: Jackson Hole Symposium | Wall Street Rallies as Fed Chair Powell Signals Potential Rate Cut

The winners

  • Hindalco led the week with an 8% gain, driven by significant domestic expansion plans and its intention to list its US subsidiary, Novelis, only at a favourable valuation. 
  • In addition to Hindalco and the metals sector, SBI Life Insurance also stood out, buoyed by positive brokerage ratings due to its robust ROCE figures and strategic investments.

The losers

  • ONGC struggled with sector-wide volatility in oil & gas, dropping 3.3% over the week despite reduced windfall taxes. 
  • Mahindra and Mahindra also faced a tough week, declining 2.9% as competition in the SUV market intensifies.

Meanwhile…

  • The Finance Ministry's July economic review revealed a notable decrease in retail inflation, fuelled by a 4 percentage-point drop in food inflation from June to July. 
  • Meanwhile, the US Labor Department's recent jobs report indicated that last year's job growth in the US was weaker than initially estimated.

Market Brief

Key Indices
Sectors
Stocks
Other Key Data

Market Outlook

Market Outlook
Sectors to Watch
Stocks in Radar: Apollo Hospitals, Hero Motocorp, Bajaj Auto, Samvardhana Motherson, Hindustan Unilever

Our take

  • With the signals from Jackson Hole sounding positive from a rate-cut perspective, there is a possibility that fresh momentum may be found in global markets next week.
  • Consequently, we predict a bullish trend for the Nifty, expecting it to trade between 24,400 and 25,200 levels next week.

Discover Investment Opportunities with Liquide

Unlock the potential of informed investing with Liquide, featuring pioneering tools like LiMo, an AI co-pilot for stock investing. Available on both Google Play Store and Apple App Store, Liquide offers up-to-date market analysis, expert recommendations, and real-time insights to guide your investment decisions. Download today and enhance your financial journey with Liquide's cutting-edge features.