Weekly Musings – Index performance for week ended January 24, 2025

25 Jan 2025 , 09:51 AM

The week saw FPI selling of $2.28 Billion, taking the cumulative FPI selling in equities in the last 3 weeks to $6.95 Billion. Even DFI buying has been slowing. VIX spiked further to 16.75 levels; and that is likely to keep indices under pressure for now.

BSE SENSEX 30 INDEX – IT WAS VIX ALL OVER AGAIN

Date	Open	High	Low	Close
24-Jan-25	76,455.35	76,985.95	76,091.75	76,190.46
23-Jan-25	76,414.52	76,743.54	76,202.12	76,520.38
22-Jan-25	76,114.42	76,463.13	75,816.50	76,404.99
21-Jan-25	77,261.72	77,337.36	75,641.87	75,838.36
20-Jan-25	76,978.53	77,318.94	76,584.84	77,073.44
17-Jan-25	77,069.19	77,069.19	76,263.29	76,619.33
		Weekly Returns		-0.56%

Data Source: BSE

For the week January 24, 2025, Sensex fell -429 points or -0.56%. The fall was less severe compared to last 2 weeks. VIX at 16.75 is still the stumbling block. Sensex touched a weekly high of 77,337 and a low of 75,642; but some recovery was visible in the last 2 days.

NIFTY 50 INDEX – FPI CONTINUE TO POUND INDIAN EQUITIES

Date	Open	High	Low	Close
24-Jan-25	23,183.90	23,347.30	23,050.00	23,092.20
23-Jan-25	23,128.30	23,270.80	23,090.65	23,205.35
22-Jan-25	23,099.15	23,169.55	22,981.30	23,155.35
21-Jan-25	23,421.65	23,426.30	22,976.85	23,024.65
20-Jan-25	23,290.40	23,391.10	23,170.65	23,344.75
17-Jan-25	23,277.10	23,292.10	23,100.35	23,203.20
		Weekly Returns		-0.48%

Data Source: NSE

Like the Sensex, Nifty also stays below critical supports. For the week to January 24, 2025, Nifty fell -111 points or -0.48%; despite an IT sector recovery. Nifty touched weekly high of 23,426 and a low of 22,977, with Trump economics being the negative swing factor.

NIFTY MID-CAP 100 INDEX – FACES SELLING PRESSURE

Date	Open	High	Low	Close
24-Jan-25	54,098.90	54,303.25	53,082.85	53,262.95
23-Jan-25	53,219.65	54,254.40	53,103.35	54,098.85
22-Jan-25	53,936.95	53,983.05	52,353.45	53,113.50
21-Jan-25	55,205.60	55,256.85	53,779.65	53,834.95
20-Jan-25	54,933.70	55,243.35	54,345.20	55,106.20
17-Jan-25	54,515.70	54,792.25	54,188.85	54,607.65
		Weekly Returns		-2.46%

Data Source: NSE

For the week to January 24, 2025, Nifty Mid Cap 100 closed -1,345 points lower or -2.46%. While oil and rupee were favourable, the panic in mid-caps was evident. Nifty Mid-cap touched weekly high of 55,257 and a low of 52,353; with a mid-week sharp sell-off.

NIFTY SMALL-CAP 100 INDEX – FORGET ALPHA HUNTING FOR NOW

Date	Open	High	Low	Close
24-Jan-25	17,373.05	17,418.45	16,906.65	16,956.05
23-Jan-25	17,157.35	17,472.65	17,079.90	17,364.55
22-Jan-25	17,485.40	17,498.50	16,915.35	17,172.55
21-Jan-25	17,909.45	17,941.25	17,428.30	17,456.50
20-Jan-25	17,731.10	17,877.60	17,603.60	17,864.65
17-Jan-25	17,637.90	17,704.00	17,490.05	17,672.05
		Weekly Returns		-4.05%

Data Source: NSE

For the week to January 24, 2025, Nifty Small Cap 100 cracked by -716 points or -4.05%; taking away any alpha hopes for now. Even IT sector showed investors favouring large caps over small caps. Nifty Small-cap touched a weekly high of 17,941 and a low of 16,907.

BANK NIFTY INDEX – Q3 PRESSURES EVIDENT ON BANKS

Date	Open	High	Low	Close
24-Jan-25	48,546.05	48,858.65	48,203.00	48,367.80
23-Jan-25	48,770.15	48,892.70	48,493.00	48,589.00
22-Jan-25	48,689.55	48,781.75	48,074.05	48,724.40
21-Jan-25	49,532.00	49,543.15	48,430.95	48,570.90
20-Jan-25	48,834.15	49,650.60	48,683.60	49,350.80
17-Jan-25	48,959.50	49,047.20	48,309.50	48,540.60
		Weekly Returns		-0.36%

Data Source: NSE

For the week to January 24, 2025, Nifty Bank fell -173 points or -0.36%; as banks in Q3FY25 struggled on NII growth, NIMs, loan growth, and deposit growth. The Bank Nifty touched a weekly high of 49,651 and a low of 48,074.

NIFTY IT INDEX – BACK TO ITS WINNING WAYS

Date	Open	High	Low	Close
24-Jan-25	43,220.45	43,959.15	43,217.50	43,524.10
23-Jan-25	42,750.45	43,663.45	42,741.20	43,351.75
22-Jan-25	41,755.20	42,635.35	41,750.20	42,590.70
21-Jan-25	42,288.55	42,536.70	41,639.00	41,697.95
20-Jan-25	42,377.35	42,478.50	41,709.55	42,192.80
17-Jan-25	42,469.00	42,495.05	41,962.65	42,032.20
		Weekly Returns		+3.55%

Data Source: NSE

For the week to January 24, 2025, Nifty IT Index jumped by +1,492 points or +3.55%. Markets appreciated the fact that dollar defensives were seeing return of discretionary spending by corporates. IT Index touched a weekly high of 43,959 and a low of 41,639.

NIFTY OIL & GAS INDEX – RELIANCE FACES THE HEAT THIS WEEK

Date	Open	High	Low	Close
24-Jan-25	10,740.70	10,817.30	10,457.35	10,472.55
23-Jan-25	10,741.00	10,772.45	10,662.85	10,702.00
22-Jan-25	10,869.85	10,894.80	10,644.60	10,757.00
21-Jan-25	10,979.65	11,039.70	10,818.80	10,834.30
20-Jan-25	10,956.15	10,983.05	10,840.95	10,957.80
17-Jan-25	10,881.95	10,916.55	10,790.20	10,891.70
		Weekly Returns		-3.85%

Data Source: NSE

For the week to January 24, 2025, Oil & Gas Index fell -419 points or -3.85%. Reliance and other oil companies, once again, came under pressure in the week on GRM concerns. Nifty Oil & Gas Index touched a weekly high of 11,040 and a low of 10,457 levels.

NIFTY AUTO INDEX – INVENTORY BACKLOG HAUNTS AUTO STOCKS

Date	Open	High	Low	Close
24-Jan-25	22,463.95	22,589.05	22,120.05	22,171.05
23-Jan-25	22,245.80	22,587.40	22,166.15	22,518.95
22-Jan-25	22,409.75	22,428.70	22,121.40	22,274.35
21-Jan-25	22,727.70	22,881.95	22,261.90	22,303.20
20-Jan-25	22,805.75	22,853.00	22,511.75	22,671.80
17-Jan-25	22,835.25	22,941.70	22,651.60	22,791.10
		Weekly Returns		-2.72%

Data Source: NSE

For the week to January 24, 2025, Nifty Auto Index corrected by -620 points or -2.72%. The massive inventory backlog with dealers raises questions about grassroot demand. Nifty Auto Index touched a weekly high of 22,882 and a low of 22,120 levels.

NIFTY FMCG INDEX – SACHETIZATION BRINGS RELIEF FOR FMCG

Date	Open	High	Low	Close
24-Jan-25	55,908.95	56,359.45	55,679.00	56,069.35
23-Jan-25	55,308.15	55,951.25	54,770.15	55,781.80
22-Jan-25	55,815.55	56,055.70	55,427.75	55,596.05
21-Jan-25	55,914.55	56,372.10	55,516.65	55,622.65
20-Jan-25	55,824.25	55,952.85	55,462.00	55,738.05
17-Jan-25	55,332.20	56,005.10	55,142.55	55,800.85
		Weekly Returns		+0.48%

Data Source: NSE

For the week to January 24, 2025, FMCG index was the only index, other than IT, to gain. The index was up +269 points or +0.48%. FMCG stocks are creating miniature solutions for customers and that is helping. Nifty FMCG Index touched a weekly high of 56,372 and a low of 54,770 levels. Most FMCG Q3FY25 results have shown signs of growth stress!