Weekly Stock Market Report: September- Week 2, 2023

Weekly Wrap Up

What a spectacular and historical week, where the Indian benchmark index, Nifty50, made a new lifetime high, over 20,000, while continuing its 7-day winning streak. This is one of the fastest rallies in the index, which shattered the previous all-time high.

• However, the index faced pressure because of profit booking at the top.
• However, this was soon overcome by further buying from domestic and foreign investors, which took the Nifty50 to another high well within the same week.
• Overall, the Nifty closed with a gain of 1.88% for the second week of September.
• While the Nifty 500 underperformed the Nifty with a gain of 1.02% in the same time period.

After having a stellar last week, Defence and Railway stocks tumbled this week as profit booking set in.

• Multiple rail stocks declined from 5- 15% in a day.

But the question is, is this a buying opportunity?

• Also, almost all sectors performed well this week except FMCG, realty, media, and PSE.

Leaders & Laggards

In the second week of September, ‘Back Up’ and ‘Quick Short’ were the top performers with 8.16% & 7.96% returns, respectively.

On the other hand, ‘Sector Superstars’ and ‘Buy High Sell Higher’ were two of the underperformers, with negative 2.64% and 2.88% returns in the same period.

WELCORP, or Welspun Corp Limited, a diameter line pipe company engaged in the business of production and coating of submerged arc welded pipes, etc., was among the top performers with 16.36% returns as a part of the ‘Buy High Sell Higher’ model.

GLENMARK, or Glenmark Pharmaceuticals Limited,  a global pharmaceutical company engaged in the development of new chemical entities (NCEs) and new biological entities (NBEs), was next in the list of top performers, with a 12.19% return, as a part of the ‘Alpha Ally’ model.

ELECON, or Elecon Engineering, manufactures material handling equipment, industrial geared motors and reducers, mining equipment and casting processes, was among the underperformers, with a negative 18.01%, as a part of the ‘Sector Superstars’ model.

LINDEINDIA, or Linde India Limited, formerly BOC India Limited, is a company that manufactures liquefied or compressed inorganic industrial or medical gases and construction of utility projects. was second in the list of underperformers, with a -10.60% return, as a part of the ‘Alpha Ally’ model.

Reads On The Internet:

Another tourism company launches it’s IPO

India’s third-largest online Travel service provider, Yatra, has come up with a Rs 775 crore IPO from 15th September to 20th September at a price band of Rs 135- 142.

This Index is outperforming the Nifty after underperforming for 4 years.

The Nifty Auto seems to be driving in top gear, as it is outperforming the Nifty after an underperformance of 4 years from 2018-2021. Multiple agencies like Jefferies and Axis Securities predict healthy margins and demand in the sector till 2024.

The Nifty50 emerges as the only benchmark index in Asia, to set new records.

India seems to be in the lean among the Asian indices, which are down by 14 to over 40%. Several factors drove this: strong economic growth, robust corporate earnings, solid loan growth, an unprecedented retail investing boom, and a successful G20 summit.

Timeline of the Nifty’s epic bull run from 1000 to 20000 in just 28 years.

What started in November 1995 with a base value of 1,000 is not a 20x growth story that mirrors periods of economic growth and downturns. The Nifty50 took 27 years, 10 months and 8 days to reach the 20000 mark.

The latest Apple iPhone 15 Pro models will come with an Indian navigation system (NavIC).

It is a proud moment for India, as the latest iPhone 15 Pro models will see the Indian-made NavIC (Navigation with Indian Constellation), India’s own satellite navigation system. Several reports also claim that the Indian government is asking smartphone brands to ditch foreign GPS systems and adopt NavIC.

Even though new Apple iPhone enthusiasts were expecting a price cut for the latest iPhone models, as they are being manufactured in India, they were let down. This was because the Indian iPhone prices are kept higher even than in the US and Dubai.

So start saving up for the new phones, which cost Rs 1,99,990! only for the 15 Pro Max variant; we will see you again next week.