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The Indian stock market on Monday started deep in the red as it reacted to US Federal Reserve’s Chair Jerome Powell’s speech. He said that they will likely need to keep interest rates high to slow the economy for some time in its effort to tame inflation.

The Sensex plunged more than 1300 points or 2.23 per cent to open at 57524.27. In a similar manner, the NSE Nifty opened at 17181.90 points, down by 377.00 points or 2.15 per cent.

On Friday, the benchmark indices swung between losses and gains amid choppy trade. A mixed trend was prevalent in global markets amid concerns about step interest rate hikes by central banks and the fear of slowing economic growth. The thirty-share index (BSE Sensex) settled at 58803.33 points, up 36.74 points or 0.063 per cent, while the fifty-share index (NSE Nifty 50) quoted at 17539.45 points, down 3.35 points or 0.019 per cent.

Market movers

Some of the top gainers this week were Tata Teleservices (Maharashtra) Ltd. (up 36.55 per cent), Mazagon Dock Shipbuilders Ltd. (up 26.57 per cent), Poly Medicure Ltd. (up 21.54 per cent), Escorts Kubota Ltd.(up 18.23 per cent), EIH Ltd. (up 17.47 per cent). 

On the other hand, some of the top losers were Hinduja Global Solutions Ltd. (down 10.86 per cent), Tata Elxsi Ltd (down 9.83 per cent), RattanIndia Enterprises Ltd. (down 8.02 per cent), Bandhan Bank Ltd. (down 8.02 per cent), Gujarat Ambuja Exports Ltd (down 6.81 per cent).

The Recap

In this week’s recap, we shall take a look at

How is Berger Paints planning to take on the competition?

• Grasim Industries Limited has already committed an investment of ₹ 10,000 crores in the paints business. Against this Berger Paints is expanding its network, increasing advertising spending, and launching new products.
• “Berger’s execution consistency is impressive and it has held its ground notwithstanding Asian Paints’ aggression. We stay cautious as we expect rising competition (Grasim) to weigh on margins/valuations,” as per a Kotak report dated August 25, 2022.
• Paint companies have lost a lot of sheen recently, mainly because of severe cost inflation.

Why investors weren’t thrilled about Reliance’s big AGM announcements

• The shares of Reliance Industries rose a measly 0.5% after its big AGM announcements received a lukewarm response from investors. It failed to provide meaningful triggers for the stock.
• Given the massive capital expenditure plans, investors are worried about the impact on free cash flows.
• The company’s shares had already risen about 8% over a month prior to the AGM in anticipation of concrete announcements.

Here’s what Nitin Kamat said about the Indian stock market

• “People keep asking about my views on the markets. I’ve been at it for ~25 years & I don’t have a clue. I usually say whatever the current trend will continue, as that is most probable. But over the last year, I’ve been consistent that India will most likely outperform,” said Nithin Kamath, Zerodha’s founder and CEO.
• He clarified that he does not mean that Indian markets will go up, but will not probably fall as much as others. They might probably outperform on the upside.
• However, he believes that if the US bear market continues, then Indian markets might find it difficult to escape that.

NSE rejigs indices, here’s the list

• NSE Indices, a subsidiary of the NSE reorganized its indices on Thursday. The new changes will come into effect from September 30, 2022. Adani Enterprises has replaced Shree Cements in Nifty 50.
• Adani Enterprises, Jubilant Foodworks, Lupin, MindTree, Punjab National Bank, Steel Authority of India, and Zydus Lifesciences will be excluded from Nifty Next 50. They will be replaced by Adani Total Gas, Bharat Electronics, Hindustan Aeronautics, Indian Railway Catering, and Tourism Corporation (IRCTC), Mphasis, Samvardhana Motherson International, and Shree Cement.
• 18 stocks have been rejigged in Nifty 500, 6 stocks in Nifty 100, 12 stocks in Nifty Midcap 150,  and 20 stocks in Nifty smallcap 250.

Indian stocks claimed the second spot in EM index weight, behind China

• A sharp rebound was observed in Indian stocks this quarter. As a result, their weightage rose to the second spot in the MSCI Emerging Markets Index, right behind China.
• India’s country weight increased to 14.483 per cent, with 108 members, as of August-end according to data compiled by Bloomberg. It was 13.94 per cent as of July end.
• The BSE Sensex has jumped 11 per cent this quarter, marking the world’s best performance among national benchmarks in countries with a stock market value of at least $1 trillion. It is 5 per cent away from its all-time high.

Written by Simran Bafna