Weekly Musings – Index performance for week ended January 31, 2025

3 Feb 2025 , 09:26 AM

The week saw FPI selling of $1.60 Billion, taking the cumulative FPI selling in equities in the last 4 weeks to $8.56 Billion. VIX fell sharply to 14.10 levels; and that is likely to help the indices rally further in the coming week.

BSE SENSEX 30 INDEX – BUDGET DAY BRINGS CHEER TO MARKETS

Date	Open	High	Low	Close
31-Jan-25	76,888.89	77,605.96	76,833.87	77,500.57
30-Jan-25	76,598.84	76,962.88	76,401.13	76,759.81
29-Jan-25	76,138.24	76,599.73	75,975.80	76,532.96
28-Jan-25	75,659.00	76,512.96	75,622.88	75,901.41
27-Jan-25	75,700.43	75,925.72	75,267.59	75,366.17
24-Jan-25	76,455.35	76,985.95	76,091.75	76,190.46
		Weekly Returns		+1.72%

Data Source: BSE

For the week January 31, 2025, Sensex rose +1,310 points or +1.72%. The budget expectations of a thrust to consumer demand, pulled the markets higher. Sensex touched a weekly high of 77,606 and a low of 75,268; but it was all about the Budget Day cheer.

NIFTY 50 INDEX – FPI SELLING CONTINUES, BUT WHO CARES?

Date	Open	High	Low	Close
31-Jan-25	23,296.75	23,546.80	23,277.40	23,508.40
30-Jan-25	23,169.50	23,322.05	23,139.20	23,249.50
29-Jan-25	23,026.75	23,183.35	22,976.50	23,163.10
28-Jan-25	22,960.45	23,137.95	22,857.65	22,957.25
27-Jan-25	22,940.15	23,007.45	22,786.90	22,829.15
24-Jan-25	23,183.90	23,347.30	23,050.00	23,092.20
		Weekly Returns		+1.80%

Data Source: NSE

Like the Sensex, Nifty also gave a sharp bounce. For the week to January 31, 2025, Nifty rallied +416 points or +1.80%; thanks to the consumption rally. Nifty touched weekly high of 23,547 and a low of 22,787, with the Trump BRICS battle getting a tad nastier.

NIFTY MID-CAP 100 INDEX – MANAGES A SELECTIVE RALLY

Date	Open	High	Low	Close
31-Jan-25	52,841.65	53,815.65	52,689.40	53,712.20
30-Jan-25	52,973.55	53,196.05	52,544.20	52,714.25
29-Jan-25	51,626.15	52,758.60	51,616.95	52,718.85
28-Jan-25	51,919.35	52,092.20	50,875.05	51,529.45
27-Jan-25	52,757.10	52,765.05	51,629.65	51,795.90
24-Jan-25	54,098.90	54,303.25	53,082.85	53,262.95
		Weekly Returns		+0.84%

Data Source: NSE

For the week to January 31, 2025, Nifty Mid Cap 100 closed +450 points or +0.84%. While oil was favourable, the rupee tended to weaken once again. Nifty Mid-cap touched weekly high of 53,816 and a low of 50,875; although the late recovery was quite sharp.

NIFTY SMALL-CAP 100 INDEX – NOT MUCH RESPITE HERE

Date	Open	High	Low	Close
31-Jan-25	16,617.85	16,922.80	16,573.75	16,910.50
30-Jan-25	16,668.00	16,780.75	16,505.05	16,560.50
29-Jan-25	16,017.55	16,560.90	16,013.10	16,540.55
28-Jan-25	16,318.15	16,348.20	15,684.60	16,008.50
27-Jan-25	16,768.60	16,772.40	16,178.90	16,304.25
24-Jan-25	17,373.05	17,418.45	16,906.65	16,956.05
		Weekly Returns		-0.27%

Data Source: NSE

For the week to January 31, 2025, Nifty Small Cap 100 fell by -46 points or -0.27%; taking away any alpha hopes for now. However, the budget impact has not been factored into these returns. Nifty Small-cap touched a weekly high of 16,923 and a low of 15,685.

BANK NIFTY INDEX – CONSISTENT GAINS SEEN IN BANKS

Date	Open	High	Low	Close
31-Jan-25	49,259.65	49,674.80	49,031.80	49,587.20
30-Jan-25	49,206.20	49,426.20	49,031.80	49,311.95
29-Jan-25	48,997.20	49,199.65	48,849.80	49,165.95
28-Jan-25	48,642.50	49,247.15	48,449.05	48,866.85
27-Jan-25	47,881.65	48,319.20	47,844.15	48,064.65
24-Jan-25	48,546.05	48,858.65	48,203.00	48,367.80
		Weekly Returns		+2.52%

Data Source: NSE

For the week to January 31, 2025, Nifty Bank rallied +1,220 points or +2.52%; as it was back to attractive valuation of most banking stocks, especially the private banks. The Bank Nifty touched a weekly high of 49,675 and a low of 47,844.

NIFTY IT INDEX – TRUMP UNCERTAINTY PUTS PRESSURE ON IT

Date	Open	High	Low	Close
31-Jan-25	42,586.10	42,967.75	42,486.80	42,662.75
30-Jan-25	42,893.80	43,025.85	42,117.35	42,426.65
29-Jan-25	42,052.00	42,968.40	42,051.55	42,914.50
28-Jan-25	42,097.05	42,463.15	41,731.25	41,820.65
27-Jan-25	42,986.90	43,245.95	41,961.15	42,060.70
24-Jan-25	43,220.45	43,959.15	43,217.50	43,524.10
		Weekly Returns		-1.98%

Data Source: NSE

For the week to January 31, 2025, Nifty IT Index fell by -861 points or -1.98%. There were concerns that the aggressive Trump stance could impact order flows to Indian companies too. IT Index touched a weekly high of 43,246 and a low of 41,731.

NIFTY OIL & GAS INDEX – STOCKS GAIN AMIDST LOWER CRUDE PRICES

Date	Open	High	Low	Close
31-Jan-25	10,412.65	10,600.80	10,353.70	10,588.10
30-Jan-25	10,268.60	10,455.15	10,232.90	10,393.25
29-Jan-25	10,197.75	10,257.55	10,155.45	10,235.05
28-Jan-25	10,266.20	10,294.80	10,076.60	10,172.95
27-Jan-25	10,412.80	10,417.75	10,196.25	10,238.00
24-Jan-25	10,740.70	10,817.30	10,457.35	10,472.55
		Weekly Returns		+1.10%

Data Source: NSE

For the week to January 31, 2025, Oil & Gas Index rallied by +116 points or +1.10%. Reliance and other oil companies, gained in the week from lower crude prices, promising better GRMs. Nifty Oil & Gas Index touched a weekly high of 10,601 and a low of 10,077 levels.

NIFTY AUTO INDEX – IT IS ALL ABOUT CONSUMPTION

Date	Open	High	Low	Close
31-Jan-25	22,552.10	22,951.40	22,490.30	22,867.60
30-Jan-25	22,420.30	22,683.85	22,259.10	22,495.70
29-Jan-25	22,299.00	22,707.55	22,269.95	22,586.35
28-Jan-25	22,061.20	22,506.60	21,867.80	22,264.15
27-Jan-25	22,055.15	22,081.25	21,835.60	21,970.45
24-Jan-25	22,463.95	22,589.05	22,120.05	22,171.05
		Weekly Returns		+3.14%

Data Source: NSE

For the week to January 31, 2025, Nifty Auto Index rallied by +697 points or +3.14%. The budget boost to consumption was expected to translate into lucrative auto demand. Nifty Auto Index touched a weekly high of 22,951 and a low of 21,836 levels.

NIFTY FMCG INDEX – BIG BANG BUDGET RALLY

Date	Open	High	Low	Close
31-Jan-25	55,572.45	56,791.35	55,551.85	56,691.95
30-Jan-25	55,212.45	55,803.00	55,168.55	55,558.95
29-Jan-25	55,444.80	55,673.90	54,757.00	55,163.05
28-Jan-25	55,742.25	55,799.15	55,269.25	55,441.95
27-Jan-25	55,832.05	56,227.30	55,463.00	55,654.50
24-Jan-25	55,908.95	56,359.45	55,679.00	56,069.35
		Weekly Returns		+1.11%

Data Source: NSE

For the week to January 31, 2025, FMCG index gained +1.11%, but the gains were much higher on the budget day, which is not included here. FMCG stocks are likely to be the big beneficiaries of the consumption push. Nifty FMCG Index touched a weekly high of 56,791 and a low of 54,757 levels. However, demand stress continues for now.