Weekly Update – September 17, 2023
Let’s check out what’s been happening in the financial world this week in a simple way:
Stock Market News:
Sensex, which is like a measurement of how well the stock market in India is doing, went up by 1.86%.
Nifty, another important stock market indicator, also went up by 1.88%.
Quick News Bites:
India’s trade deficit, which means the difference between what we sell to other countries and what we buy from them, was $24.16 billion in August. This is 2.8% less compared to August 2022, which is a good thing because it means we bought less stuff from other countries.
Wholesale inflation, which measures how prices are changing for things that businesses buy, went down by -0.52% in August. This is the fifth month in a row where prices have fallen.
More people were flying in airplanes in August, with air traffic going up by 22.8% compared to the previous month.
IndiGo had the biggest market share with 63.3%.
The Reserve Bank of India (RBI) told banks they need to give back property papers within 30 days after someone pays off their loan. If they don’t, the bank has to pay a penalty of Rs 5000 per day.
The Indian government approved something called the eCourts Project Phase III with an allocation of Rs 7,210 crore. It’s all about making the court system more digital and paperless.
Retail inflation, which is how much prices are going up for things we buy every day, was 6.83% in August, a bit lower than July when it was 7.4%.
India’s industrial output, meaning how much stuff we make, increased by 5.7% in July, which is better than June when it was only 3.7%.
The Finance Ministry put a duty
on Chinese steel imports for 5 years to protect our own steel industry.
India announced a big plan to boost economic connections with the Middle East and Europe at the G20 summit.
Also Read Stock market daily Updates
In August, people invested Rs 20,245 crore in equity mutual funds (like a group investment), but debt mutual funds (similar but different) saw people taking out Rs 25,873 crore.
Weekly Market Performance:
Here’s how the stock market performed each day this week:
Monday: Nifty was at 19996, up by 0.89%.
Tuesday: Nifty was at 19993, almost the same as Monday, just a tiny drop of 0.02%.
Wednesday: Nifty went up to 20070, a rise of 0.38%.
Thursday: Nifty continued to rise and reached 20103, a gain of 0.16%.
Friday: The week ended on a positive note, with Nifty at 20192, up by 0.44%.
Comparison with Last Week:
Compared to the end of the previous week, here’s how things have changed:
- Sensex is at 67,838.63, which is 1.86% higher than before.
- Nifty is at 20,192.35, a 1.88% increase.
- Gold prices are down a bit to Rs 58,812, a decrease of 0.34%.
- Silver prices went up to Rs 72,166, showing a 0.58% rise.
- In the United States, Dow Jones increased by 0.95% to 34,907.11.
- NASDAQ, another US stock market indicator, went up by 1.20% to 13,926.05.