Weekly Market Wrap @ 11:30 AM – Saturday, September 14th 2024

# Bullishness was on the rise for benchmark Nifty as it hit another record high @25433.35 — recouping all of its last week’s losses.

# Investors now hope for more fireworks at the FOMC meeting outcome which will conclude on September 18th.

Nifty (+2.03%, 25357)
Sensex (+2.10%, 82891)

# The Fed is all but certain to lower the Federal Funds rate from its current 23-year high when its latest meeting concludes this Wednesday, September 18, with the street now bickering between whether it will be 25 basis points (0.25%) or 50 basis points (0.50%) on backdrop of driven by recent inflation and jobs data.

# Wall Street too zoomed higher with S&P 500, Nasdaq marking best week of 2024. Dow climbed 2.6% while Nasdaq zoomed 5.93% higher. The S&P notched a 4% weekly gains.

Bank Nifty too rebounded sharply higher, up 2.69% on weekly basis. (Bank Nifty’s new all-time-high continues to be at 53357.70 mark).

# Bajaj Housing Finance IPO: Rs 3,80,000 cr worth of bids received for a Rs 6560 cr IPO. The street eagerly awaits the listing of Baja Housing Finance shares, scheduled for Monday, September 16, 2024.

# Bharti Airtel was star outperformer, gaining 6.16% and scaling new record all-time-high at Rs 1655 on reports that it has expanded its home Wi‐Fi service across all the 22 districts of the Union Territories of Jammu and Kashmir and Leh-Ladakh.

#Wipro gains 5.76% after CEO Srini Pallia emphasised the company's continued commitment to its five-pronged growth strategy.