What happened last week?
Nifty made an all-time high of 23490 and closed at 23465, up by 0.75% last week. Throught the week, FIIs closed their short positions on the Index and were also net buyers in the cash market.
The continuity of Cabinet Ministers in the new Government led to positive sentiment. 19 out of the 30 cabinet ministers have been retained from the previous cabinet indicating continuity in reforms. All eyes will be on the Union Budget 2024 in July.
Nifty Next 50 and Nifty MidCap 50 did exceedingly well.
Almost all sectors were up, except FMCG.
India and US did well compared to other markets last week. Europe tanked due to election related uncertainties.
In the U.S., the Fed’s decision to maintain rates at 5.25%-5.50% provided stability to the markets.
Let us look at some India specific developments.
CPI inflation rate eased to 4.67% in May 2024 from 4.83% the previous month. This marks the slowest increase in consumer prices in a year.
WPI Inflation Rate was at 2.61% YoY, up from a 1.26% increase the previous month. This marks the seventh consecutive period of wholesale inflation, driven by manufacturing rebound and faster increases in food prices and primary articles since February 2023.
India Industrial Production grew by 5% YoY in April. Manufacturing, comprising 78% of production, expanded by 3.9% YoY.
In May 2024, total passenger vehicle sales in India rose 4.3% year-over-year to 300,795 units, following a 1.2% increase in the previous month, according to data from SIAM (Society of Indian Automobile Manufacturers).
Let us now dive deeper into FII DII Data.
FII DII Positions Analysis
FIIs bought ₹2030 Cr and DIIs bought ₹6293 Cr in the cash market.
FIIs significantly reduced their shorts on the Index last week as indicated in the graph below. They hold long positions in Stock Derivatives as well.
DIIs have reduced their hedges and continue to be buyers in the cash market.
Overall FIIs & DIIs are bullish.
Nifty Analysis
Both Price and Max Pain inched higher last week indicating bullish momentum and sentiment.
Note: We will follow the direction of the black and blue line below. If both black and blue lines are moving upwards, then the market is bullish. If both the black and blue lines are moving downwards then the market is bearish.
Stocks Coverage
Key Stock Announcements Last week
Note: All the news items below include only the core business activities.
New Orders & Projects:
L&T secures ONGC contract for DUDP-WP project off India’s West Coast.
GPT Infraprojects wins Rs 26 crore contract from Transnet Freight Rail.
V-Marc India Limited receives Rs 14.35 crore purchase order from DHBVN.
Green Motion International selects RateGain as its revenue management partner.
MEIL secures orders worth INR 20.82 crore for LT & HT Panels.
AGS Transact Technologies deploys 1,350+ ATMs for State Bank of India.
Tata Communications seals a five-year deal for World Athletics broadcasting.
Sattva Homes and DLF City Centre awarded construction contracts to BL Kashyap worth INR 1021 crore.
RailTel secures INR 11.24 crore order from Ministry of Defence.
Suzlon secures 103.95 MW order from AMPIN Energy Transition, Rajasthan.
TVS Supply Chain Solutions secures 5-year deal with Daimler Truck AG.
Tata Technologies accelerates Mitsubishi Electric India’s digital transformation journey.
Raymond Realty secures Bandra redevelopment project, estimated INR 2000 crore revenue.
Ahluwalia Contracts secures domestic project worth INR 482.78 crore from Birla Arnaa LLP.
AXISCADES delivers ₹100 Cr Counter Drone Systems to Indian Army.
Partnerships, Acquisitions & Investments:
Ambuja Cements acquires 100% stake in Penna Cement Industries.
Suven Pharmaceuticals acquires Sapala Organics, expanding CDMO capabilities in oligo drugs.
Wipro collaborates with Hewlett Packard Enterprise for GenAI solution.
Kotak Life teams with Mahindra Finance, broadening life insurance offerings.
Samsung collaborates with Paytm, offering travel & entertainment on Samsung Wallet.
360 ONE WAM purchases MGSL from Times Internet for INR 365.83 crore.
Indegene collaborates with IISc and Ignite to advance scientific research in India.
Mamaearth partners with Reliance Retail, expanding to 1000 stores nationwide.
RITES and Andal Diesel Shed collaborate for locomotive maintenance.
Saksoft acquires Augmento Labs, strengthening digital engineering capabilities.
Adani Defence & Aerospace and EDGE Group ink landmark collaboration deal.
Persistent Systems partners with Google Cloud for innovative global solutions.
LTTS and IIT Hyderabad partner for ADAS and C2VX advancement.
Havells partners with Jumbo Group to introduce kitchen appliances in the UAE.
MICL Group acquires prestigious redevelopment project in Mumbai's BKC.
Business Operations:
CAMS launches Bima Central, India's first Insurance portfolio management platform.
Subex showcases telecom AI solutions at DTW for industry transformation.
Aurionpro Payment Solutions gains RBI's online payment aggregator License.
Tata Power expands e-bus charging network, emphasizing eco-mobility nationwide.
LTIMindtree and SNP launch MELD® for SAP customers' acquisitions.
PPL launches Nano Urea/DAP, TSP 46% P, promoting balanced fertilization.
Glenmark approved for OTC Esomeprazole Magnesium Capsules, 20mg.
Cairn Oil & Gas launches India's largest ASP injection project.
Wipro launches Lab45 AI Platform, enhancing efficiencies across business functions.
TCS opens new IoT lab in Ohio to speed up client innovation.
Landmark Cars plans cost optimization by co-locating select outlets.
RR Kabel launches Firex LS0H-EBXL, enhancing safety in electrical wiring.
SIAM Cement BigBloc Construction launches India operations in Gujarat.
Management Changes:
Key Upcoming Events
June 17
India Stock Market Holiday
China Industrial Production
June 18
US Retail Sales
US Industrial Production
US Manufacturing Production
June 21
India Foreign Exchange Reserves
India Flash PMIs
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