Market Momentum: Nifty Surges, Index Soars, IPO Buzz, Commodity Recap!
Flash on the weekly market performance: Nifty's surge, index movements, IPO news, and commodity updates. Highlights encompass Reliance's climb, challenges faced by Paytm Payment Bank, and the IPO scoop on Italian Edibles Limited. Dive into the commodity overview for a comprehensive update.
Weekly Highlights: Jan 29 - Feb 02 Recap
- During the week, the index mostly stayed between 21455 and 21800 in four trading sessions. But on Friday, after the interim budget and FOMC meeting news, the market started a bit higher, crossing 22126 for the first time.This rise was largely attributed to the performance of energy and IT stocks, influenced by positive global sentiment.
- On the weekly time frame, Nifty formed a bullish small-bodied gravestone doji pattern with an upper shadow, closing 0.72% higher. Additionally, the Sensex also achieved a new high of 73089 and closed 0.61% positive.
Index Insights: Nifty IT Surges and Bank Nifty's Bullish Momentum Revealed!
- This week, Bank Nifty displayed an uptrend movement, forming a bullish candle with a long upper shadow on the weekly time frame and closing 2.46% higher.
- Throughout the week, Nifty IT consolidated within narrow ranges, but on Friday, Nifty IT exhibited an uptrend movement, driven by Infosys (+2.19%), which contributed to the index reaching a new high.
Stock in highlights
1. Reliance Hits New Highs: 7.73% Gain on Friday, 11% Surge in January
On Friday, Reliance touched new highs of 2949 and closed with a gain of 7.73%. In January, Reliance experienced a significant upward movement, rising around 11%, primarily influenced by factors like higher logistics costs and increased shipping times.
2. RBI Imposes Restrictions on Paytm Payment Bank, Stock Plunges 36.15%
On February 28, RBI imposed major restrictions on Paytm Payment Bank due to non-compliance with financial regulations and continuous material supervisory concerns. As a result, the stock declined sharply by 36.15%.
IPO Focus: Italian Edibles Limited in the Limelight.
Italian Edibles Limited specializes in a diverse array of confectionery products and exports them to various countries, including Nigeria, Yemen, Senegal, and Sudan.
| Name | Lot size | Date | Price range |
| Italian Edibles Limited | 2000 | 02-02-2024-07-02-2024 | Rs. 68.00 - Rs. 68.00 |
Commodity Recap: Gold Soars, Natural Gas Prices Dive on Warm U.S. Weather
1. Gold has been trading near its all-time highs set in December, propelled by geopolitical issues and a weaker U.S. dollar.
2. Natural gas prices have experienced a sharp sell-off over the past three weeks due to unseasonably warm U.S. temperatures, leading to reduced demand for natural gas in heating.
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