Last week, Nifty gained 0.84 percent and Sensex gained 0.81 percent. Nifty gained 22619 points, while Sensex touched record highs of 74501.73 points, lifetime high for the first time. Some stocks contributed significantly to these gains. HDFC Bank, which went below fourteen hundred, announced its fourth quarter financial results and markets, especially foreign brokerage firms, were very happy with the results. (stock market)
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An increase in Retail Deposits and a decrease in Corporate Credit are two factors that will surely contribute to the expansion of the bank and reduction of risk respectively. All brokerage firms such as Macquarie Morgan Stanley, HSBC, Nomura have set the target price of the bank.
Due to the increase, the stock rose well. HDFC Bank's ADR was up seven percent in the US market. So this week, while Reliance, Infosys, ICICI Bank, Nifty's major partners fell, the major indices closed higher due to HDFC Bank's rise.
Apart from this, another promising factor is the renewed boom in midcap and small cap stocks. The Nifty Small Cap 100 index gained seven percent in the last week. Interestingly, this boom is being seen at a time when most mutual funds have closed small and mid cap funds for new investments. Ordinary investors are still reeling from the unprecedented boom in small and mid-cap stocks over the past year.
Governor Shaktikanta Das announced the decision to keep the repo rate at 6.5 percent with a majority of five to one, which was announced on the 5th. The stock market was hoping that the repo rate would come down with inflation on the horizon and Lok Sabha elections ahead, despite most experts predicting that this would be the case. The governor also admitted that inflation has come down, saying that 'the elephant of inflation has gone back to the jungle'. Jodi assured that economic growth is robust.
Government raised GDP growth forecast for 2024 (7.6 percent) manufacturing PMI at fourteen-year record level Strong Services PMI and ample foreign exchange reserves despite such factors as repo rate would have given more strength to the Real Estate Sector riding a few waves. One thing that comes out of all this is that the Reserve Bank will not cut interest rates unless the US Federal Reserve cuts interest rates.
Shares of Ireda rose 26.5 per cent (cmp Rs 176.40) during the week, closing on the Upper Circuit on three of the five days. Ireda was buoyed by the news of very strong lending and proposed capital raising of Rs 24,200 crore. On 29th November 2023 this share will be Rs. 50 was listed in the market. This means that this share has almost quadrupled in just six months.
KEC International hr is a very reputed company of RPG group working in Engineering Procurement and Construction sector. Its expansion is all over the world and today its projects are running in 30 countries. Huge orders received for 2024 pushed the stock this week to Rs. It recorded a public high of 838.85. (CMP Rs. 758.85)
TVS motors has almost doubled investors' money in the last one year. A year ago the price of this share was Rs 1100, today the price is Rs 2071. This share is showing a steady rise due to showing significant sales growth. I-Qube
Its electric scooter has a market share of 19 percent. When TVS Motors entered the field of Electric Two Wheelers, it was ranked fifth in competition with Ola, Ather, Bajaj etc. Today its position is second in the field. Gensot Engineering, ABFRL, Mankind Pharma stocks also performed well last week. (stock market)