The headline gauges were on shaky grounds on Monday. The BSE Sensex lost 0.99% or 591.85 points during early trades and was at 59,054.30. At the same time, the Nifty 50 lost 117.20 points or 1.00% and was quoting at 17581.25 points.
On Friday’s closing bell, benchmark indices managed to hold on to the green. The Sensex settled at 58833.87 points as it gained 0.10% or 59.15 points. Similarly, the Nifty 50 quoted 36.45 points or 0.21% higher at 17558.90 points.
Market Movers
The top gainers during the week were Dhani Services Ltd. (up 26.67%), RBL Bank (up 24.51%), Uflex Ltd. (up 20.01%), and Elgi Equipments (up 17.39%) On the other hand, some of the top losers were Tata Teleservices (Maharashtra) Ltd. (down 11.17%), Hatsun Agro Products Ltd. (down 10%), MphasiS Ltd (down 9.53%), Hindustan Petroleum Corporation Ltd. (down 8.44%), and APL Apollo Tubes Ltd. (down 8.19%), Mazagon Dock Shipbuilders Ltd.
The Recap
In this week’s recap, we shall take a look at why foreigners are back in buying mode, HDFC Bank’s new partner, NDTV’s acquisition and more.
Here’s why foreigners are back in buying mode
Foreigners are returning to Indian equities after continued selling since November 2021. They look for higher returns amid expectations that major central banks will slow their hiking cycles as price pressures ease.
US Fed officials had indicated in the minutes of their July meeting that they would adopt a less aggressive stance if inflation starts to recede. These minutes were released last week.
As a result, foreigners have invested $6.4 billion in Indian equities since the start of July, after dumping over $27 billion worth over the previous six months.
New Delhi Television Limited’s share price surged 19.84% this week, here’s why!
The shares of New Delhi Television Limited (NDTV) hit a 52-week high of ₹ 427.95 apiece after the Adani group launched a bid to take over the media company.
Gautam Adani’s companies have already acquired an indirect 29% stake in the broadcaster. Further, they have launched an open offer to acquire an additional 26% from shareholders, as mandated by the Company’s Act.
If successful, this will be the ports-to-energy group’s most high-profile bet in the media sector. Further, Mukesh Ambani already has a sizable presence through Network18.
HDFC Bank launched a co-branded credit card with Tata Neu
HDFC Bank and Tata Neu have partnered to launch the ‘Tata Neu HDFC Bank Credit Card’ which will be available in two variants.
It will allow customers to earn rewards on all spending, both online and in-store in the form of NeuCoins and will be available on RuPay and Visa networks.
Customers can avail of complimentary lounge access across all airports in India and overseas and make purchases across categories ranging from electronics, fashion, travel, hospitality, groceries, and pharmacy on Tata Neu and across all partner brands.
Titan’s Expansion Plan
The shares of Titan Company Limited reached a four-month high of ₹ 2556 after gaining 4% in Friday’s intraday trade.
This happened after the company mulled expansion plans in the US as it plans to tap into the demand from large Indian diaspora and Non-Indian Resident (NRIs) communities.
Tanishq has already opened its first international store in Dubai and currently has four stores at international locations. Titan has outperformed the market by surging 11 %, as compared to a 7 % rise in the S&P BSE Sensex.
India’s largest liquor maker has halted sales in some states
Diageo Plc’s Indian arm, United Spirits Limited has halted whiskey sales in a number of states since price caps have already cost the company almost $9 million in sales.
Diageo is lobbying for a mechanism to allow pricing to rise with inflation, which the company expects to remain heightened for the next two quarters
It is looking to tap a growing class of urbanite Indian drinkers as the volume of Indian-produced premium spirits is expected to more than double between 2021 to 2026 at a rate of 18% annually, according to IWSR Drinks Market Analysis.
Written by Simran Bafna
Disclaimer
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