Navia Weekly Roundup (JUNE 10 – JUNE 14, 2024)

Week in the Review

Market Reaches All-Time High on FII Support,

The Indian market extended its winning streak for the second consecutive week, with benchmarks reaching new record highs by June 14. This rise was driven by moderate US and domestic inflation, positive global markets, FII buying, and an inline FOMC meeting outcome.

Indices Analysis

This week, BSE Sensex added 0.39 percent to finish at 76,992. while Nifty50 index gained 0.75 percent to end at 23,465. During the week, BSE Sensex and Nifty50 touched their fresh record highs of 77,145.46 and 23,490.40, respectively.

BSE Mid-cap Index hit a fresh high of 46,088.09 and gained 4.4 percent led by Schaeffler India, Oil India, Oracle Financial Services Software, Max Healthcare Institute, Samvardhana Motherson International, Endurance Technologies, LIC Housing Finance, Honeywell Automation, New India Assurance Company.

Interactive Zone!

Last week’s poll:
Q)  What is the expansion of SENSEX?

a) Sensitive index of Bombay Stock exchange

b) Sensitive index of national stock exchange

c) Indian sectorial index

Last week’s poll Answer: b)Sensitive index of Bombay Stock exchange

Poll for the week: India’s _______ was the first digitized stock exchange.

Sector Spotlight

Among sectors, BSE Capital Goods index added 6.40 percent, BSE Realty index gained 5.47 percent, BSE Telecom index gained nearly 3.87 percent, and BSE Oil & Gas index rose 3.48 percent each. However, BSE Information Technology shed 1.12 percent.

Explore Our Features!

Discover curated stock baskets tailored to your investment goals with Navia. Our tutorial on the Navia App will guide you through creating and organizing your stock baskets effortlessly.

Top Gainers and Losers

Currency Chronicles

USD/INR:

The Indian rupee erased all the previous week’s gains and closed 18 paise lower at 83.56 on June 14 against its June 7 closing 83.38.

EUR/INR:

The euro recovered as concerns about the political situation in France momentarily eased. Germany’s wholesale prices shrank by 0.7% year-on-year in May 2024, improving from a 1.8% decline the previous month. Meanwhile, industrial production in the Euro Area declined by 0.1% month-over-month in April 2024.

JPY/INR:

The JPY remained in range as caution prevailed ahead of the Bank of Japan’s policy decision. BOJ Governor Kazuo Ueda reaffirmed that the central bank will gradually scale back its huge balance sheet, though the timing remains uncertain. Meanwhile, the business survey index of large manufacturing firms in Japan shrank by 1.0% in Q2 2024.

Commodity Corner

Due to a strong demand outlook, crude oil is currently showing a robust positive trend. In the previous week, crude oil closed 4.15% higher.

In the previous week, gold closed 0.21% lower. The current negative momentum is due to cooler-than-expected U.S. producer price data. Currently, the first resistance (R1) level is placed at 72,170, and the first support (S1) level is placed at 70,215.

In the previous week, natural gas closed at 4.96% positive. Hotter-than-normal US temperatures will boost nat-gas demand. The current R1 is placed at 259, and S1 is placed at 237.

Do you have a question? Ask here and we’ll publish the information in the coming weeks.

Blogs of the Week!

Market Holiday Notice – 17th June (Bakrid)

• Equity and Currency markets will be closed on 17th June 2024 due to Bakrid.
• Commodity markets will open in the second session only.
  Please plan your trades accordingly.

N Coins Rewards

Refer your Friends & Family and GET 500 N Coins.

Do You Find This Interesting?