Indian Stock Markets End Weekly Buoyant, But Weekly Performance Stays Murky

While Friday brought sunshine to India's stock market , the Nifty 50 and Sensex couldn't escape the shadow of a weekly decline. Led by heavyweights like TCS, Infosys, and L&T, both indices closed higher, with Nifty up 0.24% and Sensex gaining 0.25%. But despite the daily cheer, the week ended with a 0.09% dip for Nifty and a 0.30% fall for Sensex. Technical analysis  of the  day's action, noting Nifty's inability to breach the previous day's high despite an initial upward gap. However, the bullish sentiment hinted at by the futures chart and Bank Nifty's confirmation hammer pattern offered glimmer of hope. And the broader Nifty 50's fresh lifetime high added a further dose of optimism.

                                         Looking under the hood, Larsen & Toubro, TCS, Infosys, ICICI Bank, and Axis Bank emerged as the champions of the day, propelling the indices upwards. On the flip side, Sun Pharma, Nestle, ITC, Kotak Mahindra Bank, and HDFC Bank dragged their feet. Sectoral winds blew in varied directions, with eight out of 12 sectors finding greener pastures. The real estate sector continued its stellar run, topping the gainers' list. The broader markets mirrored the benchmark indices, with both Smallcap and Midcap indices ending in positive territory. Realty once again reigned supreme among sectoral performers, while Information Technology and Capital Goods sectors also enjoyed a good day.  Despite the Friday surge, the weekly numbers paint a picture of cautious optimism. The indices seem to be taking their time, consolidating after their recent run-up. However, technical indicators suggest potential for further gains, with Nifty's inability to breach the previous high serving as a temporary hurdle rather than a roadblock. 

                               For traders and investors, navigating this phase requires keeping a close eye on key technical levels, sector rotation, and broader market sentiment. While Nifty's trend-decisive levels remain crucial, watching individual sector performances and keeping an eye on the performance of small and mid-cap indices can offer valuable insights for strategic investment decisions. Overall, the Indian market's Friday performance offered a ray of hope even amidst a weekly decline. The underlying sentiment seems positive, although caution and vigilance remain key for navigating the coming days.

Indian Stock market News 

Suzlon Energy stock gained 4.91 percent after the company won a order to develop a 225-MW wind power project from Everrenew Energy. It would install 75 wind turbine generators (WTGs) with a Hybrid Lattice Tubular (HLT) tower and a rated capacity of 3 MW across sites in Tamil Nadu.

Shree Cement stock ended 4.89 percent down after income tax department slapped a Rs 4,000-crore tax demand after it surveyed five locations of the company in June. The survey report showed the company wrongfully claimed Rs 8,500 crore from April 2014 to March 2023.

KPI Green Energy  The stock gained 1.53 percent after the company’s subsidiary, KPIG Energia, bagged a 3-megawatt solar power project contract from Jayco Synthetics.

Kalyan Jewellers share went down 1.66 percent even after reporting 40 percent rise in revenue from its Indian operations.

DLF 15-MIN CHART 

 DLF stock ended nearly a percent lower, snapping a two-day winning streak. The real estate company stock ended lower despite Morgan Stanley "overweight" rating and a target price of Rs 770.

Jupiter Wagons gained 3.41 percent after the company won a Rs 473-crore contract from the defence ministry for 697 boggie open military wagons.

HAL manufacturer of  Tejas fighter jet   went up 3.3 percent after foreign brokerage UBS initiated coverage on the stock with a "buy" call and a target price of Rs 3600, a 20 percent upside from the current levels. UBS expects HAL’s Rs 80,000 crore order book in FY23 to trible to Rs 2.4 lakh crore in FY26 aided by increased defence expenditure.

Sobha fell 2.03 percent as investors booked profit after the company reported its highest-ever quarterly sales in the October-December period.

TCS Shares of TCS gained 1.96 percent along with other IT stocks with market participants optimistic  about the end of interest-rate hike cycle despite near-term concerns over the December quarter results.

Gujarat Fluorochemicals stock tumbled 5.22 percent, extending its losing streak to a second session. Emkay Global Financial has downgraded the stock, expecting FY24 to remain muted due to volume and pricing pressure.

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