Market Wrap: From Dalal Street And Sector Standouts To Key Earnings; Weekly Market Review & Top Stocks In Focus

The Indian headline Indices Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) Nifty on Friday (August 9) ended the week on a positive note.

The BSE Sensex ended the day at 79,705.91, up by 1.04 per cent. Similary, the Nifty closed at 24,367.50, up by 1.04 per cent. Let take a look at the market performance over the week and the players that made headlines the week.

The week began with a global sell-off in equity markets, and India also mirrored the same performance. However this correction was anticipated, as markets had been riding high for over a year and a half without any significant pullback.

While the initial reaction was one of concern, seasoned investors saw this as a healthy correction, a necessary breather in an otherwise bullish market.

RBI's Decision

The Reserve Bank of India has once again retained its repo rate of 6.50 per cent, retaining the status quo. There were no revisions in the growth or inflation forecasts, with FY25 growth projected at 7.20 per cent and inflation at 4.50 per cent.

Market performance - Weekly Basis

The benchmark indices, Sensex and Nifty, fell by 1.5 per cent each, while Midcaps saw a 1.01 per cent decline.

Sector Spotlight: Metals, PSU Banks, and Realty Take Center Stage

Amid the market turmoil, some sectors managed to stay in spotlight this week which included the Metal, PSU Bank, and Realty sectors.

Stock Spotlight: Key Players of the Week

During the week, several stocks made headline with their quartely performance as companies are releasing their financial results for the quarter ended 30th June 2024. Some of them are as follows:

- SAIL (Steel Authority of India Limited) EBITDA grew by over 15 per cent YoY.

- HBL Power reported a revenue growth of 11.3 per cent and a 42 per cent increase in EBITDA.

- Biocon reported a 30 per cent YoY surge in total consolidated revenue for the quarter Q1FY25.

- Birla Corporation faced challenges with weak cement prices and sluggish demand, leading to a 9 per cent YoY decline in revenue.

- LIC posted a 9.61 per cent growth in net profit.

- Sula Vineyards reported its net Revenue at Rs 129.7 crore (+9.8% YoY), EBITDA of Rs 35.2 crore (+10.3% YoY) and its EBITDA Margin expands 14 bps YoY to 27.2 per cent. The net profit stood at at Rs 14.6 crore (+6.8% YoY).

- Tata Power PAT grows 31 per cent to Rs 1,189 crore in Q1FY25.

Looking Ahead: What’s Next for the Markets?

In the upcoming week, investors will be keenly watching both the global and domestic market. Some of the major events and key data that are coming up globally include the OPEC Monthly Market Report, U.S. Monthly Budget Statement, Producer Price Index, and Fed’s Bostic Speech.

On the domestic front, India's inflation numbers for July, Industrial & Manufacturing Output, Trade Deficit, WPI Inflation, and the remaining Q1FY25 earnings will be the primary focus.