Weekly Musings – Index performance for week ended January 17, 2025

20 Jan 2025 , 04:46 AM

The week saw FPI selling of $2.57 Billion, on top of the $2.09 Billion selling last week. FPIs net selling was the overruling sentiment, even as DFIs were buying. However, the VIX at 15.5 levels is likely to keep the indices under pressure in the short run.

BSE SENSEX 30 INDEX – VIX PLAYS THE SPOILSPORT THIS WEEK

Date	Open	High	Low	Close
17-Jan-25	77,069.19	77,069.19	76,263.29	76,619.33
16-Jan-25	77,319.50	77,319.50	76,895.51	77,042.82
15-Jan-25	76,900.14	76,991.05	76,479.70	76,724.08
14-Jan-25	76,335.75	76,835.61	76,335.75	76,499.63
13-Jan-25	76,629.90	77,128.35	76,249.72	76,330.01
10-Jan-25	77,682.59	77,919.70	77,099.55	77,378.91
		Weekly Returns		-0.98%

Data Source: BSE

For the week January 17, 2024, Sensex fell -760 points or -0.98%. The fall was less severe compared to last week. The VIX at 15.5 put pressure on the index. Sensex touched a weekly high of 77,320 and a low of 76,250; with 78,000 clearly acting as the resistance.

NIFTY 50 INDEX – FPI OUTFLOWS A THORN IN THE FLESH

Date	Open	High	Low	Close
17-Jan-25	23,277.10	23,292.10	23,100.35	23,203.20
16-Jan-25	23,377.25	23,391.65	23,272.05	23,311.80
15-Jan-25	23,250.45	23,293.65	23,146.45	23,213.20
14-Jan-25	23,165.90	23,264.95	23,134.15	23,176.05
13-Jan-25	23,195.40	23,340.95	23,047.25	23,085.95
10-Jan-25	23,551.90	23,596.60	23,344.35	23,431.50
		Weekly Returns		-0.97%

Data Source: NSE

Like the Sensex, Nifty also slipped below crucial supports. For the week to January 17, 2024, Nifty fell 228 points or -0.97%; with IT playing spoilsport. Nifty touched a weekly high of 23,392 and a low of 23,047, with Monday and Friday seeing the sharpest falls.

NIFTY MID-CAP 100 INDEX – CLOSES ABSOLUTELY FLAT

Date	Open	High	Low	Close
17-Jan-25	54,515.70	54,792.25	54,188.85	54,607.65
16-Jan-25	54,460.20	54,819.95	54,410.30	54,483.80
15-Jan-25	53,931.90	54,295.80	53,453.90	53,899.00
14-Jan-25	52,638.00	53,829.50	52,635.65	53,676.50
13-Jan-25	53,909.65	54,083.35	52,248.50	52,390.40
10-Jan-25	55,658.15	55,736.50	54,526.25	54,585.75
		Weekly Returns		+0.04%

Data Source: NSE

For the week to January 17, 2024, Nifty Mid Cap 100 closed flat, with gains of just +0.04%. Any rally was precluded by the spike in oil prices and weakness in Indian rupee. Nifty Mid-cap touched weekly high of 54,830 and a low of 52,249; making lower highs and lower lows.

NIFTY SMALL-CAP 100 INDEX – STILL SOME ALPHA HUNTING HOPES

Date	Open	High	Low	Close
17-Jan-25	17,637.90	17,704.00	17,490.05	17,672.05
16-Jan-25	17,517.70	17,692.65	17,516.10	17,643.30
15-Jan-25	17,350.85	17,507.55	17,162.45	17,353.95
14-Jan-25	17,014.75	17,296.40	16,965.50	17,257.80
13-Jan-25	17,407.70	17,531.15	16,808.70	16,922.10
10-Jan-25	18,100.50	18,115.05	17,628.95	17,645.55
		Weekly Returns		+0.15%

Data Source: NSE

For the week to January 17, 2024, Nifty Small Cap 100 inched up 28 points or +0.15%; still giving some alpha hunting hopes. The rally would have been much sharper, but for pressure on mid-cap IT. Nifty Small-cap touched a weekly high of 17,704 and a low of 16,809.

BANK NIFTY INDEX – AXIS BANK RESULTS RAISE NIM QUESTIONS

Date	Open	High	Low	Close
17-Jan-25	48,959.50	49,047.20	48,309.50	48,540.60
16-Jan-25	49,082.90	49,459.00	49,038.45	49,278.70
15-Jan-25	48,832.75	49,083.65	48,522.40	48,751.70
14-Jan-25	48,266.90	49,007.35	48,235.20	48,729.15
13-Jan-25	48,264.25	48,606.35	47,898.35	48,041.25
10-Jan-25	49,426.50	49,483.15	48,631.20	48,734.15
		Weekly Returns		-0.40%

Data Source: NSE

For the week to January 17, 202, Nifty Bank fell -194 points or -0.40%; after Axis Bank Q3FY25 results raises questions over NII growth, NIMs, loan growth, and deposit growth. The Bank Nifty touched a weekly high of 49,459 and a low of 48,235.

NIFTY IT INDEX – INFOSYS PLAYS BIG SPOILSPORT

Date	Open	High	Low	Close
17-Jan-25	42,469.00	42,495.05	41,962.65	42,032.20
16-Jan-25	43,696.45	44,012.35	43,095.00	43,188.80
15-Jan-25	43,190.80	43,447.70	42,976.30	43,401.25
14-Jan-25	43,996.60	44,007.55	42,916.75	43,061.15
13-Jan-25	44,390.60	44,655.70	43,927.40	43,999.10
10-Jan-25	43,731.50	44,798.65	43,731.50	44,609.50
		Weekly Returns		-5.78%

Data Source: NSE

For the week to January 17, 2024, Nifty IT Index plummeted -2,577 points or -5.78%. Infosys raised its CC guidance for the third time this fiscal, but markets sold off on missing estimates marginally. IT Index touched a weekly high of 44,656 and a low of 42,495 levels.

NIFTY OIL & GAS INDEX – RELIANCE INDUSTRIES SAVES THE DAY

Date	Open	High	Low	Close
17-Jan-25	10,881.95	10,916.55	10,790.20	10,891.70
16-Jan-25	10,726.85	10,758.45	10,673.65	10,723.95
15-Jan-25	10,689.10	10,739.60	10,594.40	10,630.85
14-Jan-25	10,511.00	10,650.65	10,510.35	10,624.05
13-Jan-25	10,646.30	10,675.10	10,399.10	10,454.30
10-Jan-25	10,887.85	10,908.50	10,670.85	10,740.60
		Weekly Returns		+1.41%

Data Source: NSE

For the week to January 17, 2024, Oil & Gas Index rallied by +151 points or +1.41%. Reliance led the way with better than expected Q3FY25 results across digital, retail, and even O2C verticals. Nifty Oil & Gas Index touched a weekly high of 10,917 and a low of 10,399 levels.

NIFTY AUTO INDEX – 2 MONTH INVENTORY IS THE OVERHANG

Date	Open	High	Low	Close
17-Jan-25	22,835.25	22,941.70	22,651.60	22,791.10
16-Jan-25	22,866.80	22,934.75	22,758.15	22,861.25
15-Jan-25	22,929.55	23,063.70	22,602.65	22,712.75
14-Jan-25	22,416.50	22,935.85	22,415.95	22,833.05
13-Jan-25	22,789.70	22,842.45	22,351.00	22,382.25
10-Jan-25	23,262.30	23,345.85	22,896.05	23,017.75
		Weekly Returns		-0.98%

Data Source: NSE

For the week to January 17, 2024, Nifty Auto Index corrected by -227 points or -0.98%. The concerns pertained to the 2-month inventory of cars that dealers started 2024 with. Nifty Auto Index touched a weekly high of 23,064 and a low of 22,351 levels.

NIFTY FMCG INDEX – Q3 BUSINESS GUIDANCE NOT HELPING

Date	Open	High	Low	Close
17-Jan-25	55,332.20	56,005.10	55,142.55	55,800.85
16-Jan-25	55,771.75	55,834.00	54,922.45	55,240.00
15-Jan-25	55,746.85	55,832.15	55,190.25	55,549.85
14-Jan-25	56,567.30	56,622.15	55,537.60	55,627.20
13-Jan-25	56,334.50	56,925.50	56,332.80	56,420.15
10-Jan-25	57,449.90	57,607.55	56,936.60	57,117.70
		Weekly Returns		-2.31%

Data Source: NSE

For the week to January 17, 2024, there was a sharp fall in the FMCG index of -2.31%. While tax cuts hopes are the positive feature, concerns are over price cuts offsetting volume growth in Q3FY25. The Nifty FMCG Index touched a weekly high of 56,926 and a low of 54,922 levels. Apart from urban demand, pricing power is also a major challenge.