Stock market weekly updates: September Week1

Dear Readers Quick recap of the market for the current week is enclosed.( 30th August to 05th September 2021).

Dear investor

Hope You are doing well.

This was a historical week for the Indian market, as both Nifty and Sensex continue to maintain record highs. Nifty made a high of 17340.10 and close at 17323.60 levels with giving life time high closing. Sensex made a high of 58194.79 and close at 58129.95 with giving life time high closing. The Market rise has been driven by a combination of factors like strong quarterly results by listed companies spread across sectors, global growth recovery, and global stock market performance as well as relative lack of investible alternatives for a large number of investors given low-interest rates, vaccination picking up pace and recovery in economic parameters etc. Also, market euphoria is visible in the mid and small cap space which can see a material impact in case rising expectations are not met.

In the coming week, we expect the prevailing uptrend to continue, citing the potential of a steady up move in the banking index, which has been hovering in a range for the last two months. All the sectors are contributing to the move on a rotational basis but we feel traders should now opt for a selective approach and advise preferring index majors and other heavyweights.

Sectorally, buying was seen in Real estate, Consumer durable and Utilities, while selling pressure was visible in IT, Auto, Comm tech.

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FII Net Inflow was $835m, whereas domestic net outflow was $287m

Last week, the Indian rupee outperformed the US dollar as it closed at 72.9820.