Weekly stock market recap: Top gainers and losers in NIFTY500 and key economic indicators for India

The domestic equity benchmarks concluded the week on a positive note. For the week ending Friday, August 16, 2024, the benchmarks experienced declines on one of the four trading days, resulting in a small recovery of 1st week’s fall. The Nifty Mid-Cap and Nifty Small-Cap indices also increased. The Nifty closed above the 24,500 level.

Over the week, the Sensex increased by 730.94 points or 0.92%, finishing at 80,436.84. The Nifty 50 index jumped by 173.65 points or 0.71%, ending at 24,541.15. The Nifty Mid-Cap index zoomed by 0.84% to 57,656, and the Nifty Small-Cap index soared by 0.14% to 18,436.85.

On the economic front, On August 12, 2024, India's industrial output increased by 4.2% in June, below market expectations of 5.5%, and was the lowest growth rate in five months, following a 5.9% increase in the previous month. The annual consumer inflation rate in India fell to 3.54% in July from 5.08% in June, below expectations of 3.65%, marking the first time it dropped below the RBI's 4% target range in nearly five years. Wholesale prices in India rose by 2.04% year-on-year in July, down from a 3.36% increase in June, with food prices rising the least in nine months.

Top 3 Weekly Gainers (NIFTY500)

Inox Wind Ltd

The company, which is India’s leading wind energy solutions provider, has bagged an order for 51 MW from Everrenew Energy Private Ltd, a leading C&I player. This is an equipment supply order for IWL’s latest 3 MW Wind Turbine Generators (WTGs). Additionally, Inox Wind will provide post-commissioning multi-year operations & maintenance (O&M) services. The project will be executed in the state of Tamil Nadu.

Kaynes Technology India Ltd

Kaynes Technology India has been trading in the price range of ₹5,209.50 & ₹4,815.30. Kaynes Technology India has given 194.45% in a year. The company has not made any significant announcements of late. Hence, the rally in the share price could be driven purely by the market forces.

EPL Ltd

Shares of EPL Ltd up 13% to ₹246 on Wednesday, August 14, 2024, its highest since September 2021. The plastic packaging material maker's Q1FY25 consolidated net profit jumped 18% year-on-year basis and revenue from operations grew 11%. The stock saw the busiest trading session on record with 3 crore shares traded, 13.6x the 30-day average.

Top 3 Losers (NIFTY500)

Hindustan Zinc Ltd

Indian miner Vedanta Ltd will sell a 3.3% stake worth more than $950 million in unit Hindustan Zinc, it said on Wednesday, bigger than the 2.6% stake it initially planned to hive off. Vedanta said it will sell 140 million Hindustan Zinc shares. That values the sale at ₹80.05 billion (about $954 million), based on Hindustan Zinc's stock closing price of ₹571.75 on Wednesday. The share sale is scheduled for August 16 and August 19, 2024, for a floor price of ₹486, as per a BSE circular.

Timken India Ltd

Timken India will host its Annual General Meeting on August 19, 2024. CEO Sanjay Koul's total compensation includes a salary of ₹2.55 crore, which is 100% higher than the industry average. Some shareholders will still be cautious about paying the CEO excessively. This might be acting negatively for the stock in the short term. Otherwise, the company has not made any significant announcements of late. Hence, the fall in the share price could be driven purely by market forces.

Bayer CropScience Ltd

Shares of Bayer CropScience fell as much as 8.3% to ₹6,350 on a day when it announced its quarterly results for the June quarter. The pesticide maker reported a nearly 23% dip in June-quarter profit while revenue from operations dropped by 6%.