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Indian market rose on Friday tracking positive global cues. The S&P BSE Sensex rallied more than 1300 points while the Nifty50 closed above 24500 levels.

Rupak De from LKP Securities identified Balrampur Chini, Tata Motors, and ICICI Lombard as top stock picks. Each stock showed positive indicators, suggesting potential upward movement.

Indian equity indices rose on Friday, driven by IT stocks and positive U.S. economic data. The Nifty may consolidate between 24,300 and 24,550, with potential gains above 24,550.

ETFs in India observed a rise in assets under management, reaching Rs 8.11 trillion by July 2024. Enhanced digital accessibility and innovative ETF products from mutual fund houses appealed to individual investors. Regulatory measures and the introduction of new thematic ETFs have boosted investor confidence, facilitating portfolio diversification and reduced costs.

​Ten new mutual fund NFOs were scheduled to open for subscription next week. Categories included index funds, sectoral funds, dividend yield, large & mid cap, multi-asset allocation, multi cap, ultra-short duration, and an ETF. Prominent offerings came from Tata, Nippon India, Bandhan, Axis, Union, ITI, Baroda BNP Paribas, Groww, PGIM India, and Franklin India.​

Nifty ended the holiday-shortened week with a 1% gain, powered by IT and consumer durables. Key factors for the upcoming trading week include global cues, Jackson Hole symposium, corporate actions, and FII/DII activities. Analysts project potential upside for Nifty while cautioning about a critical gap at 24,200 that could signal lower levels if breached.

During the week ending August 16, the Sensex gained approximately 1%, with nine penny stocks under a market cap of Rs 1000 crore and priced below Rs 20 rising between 10% and 21%. Significant gainers included Gemstone Investments and PVV Infra, highlighting notable price surges in the range mentioned.

The company announced to the stock exchanges that it has allocated 1,994,288 shares to anchor investors at Rs 900 per share on Friday. Out of these, 716,592 shares, valued at approximately Rs. 64.49 crore, were allocated to 3 domestic mutual funds across 8 schemes. This represents 35.93% of the total anchor investor allocation.

Wall Street’s rapid descent into volatility has been matched by an equally swift recovery. The S&P 500 saw its largest weekly gain since November, junk bonds made a week of gains, and Treasury yields stabilized. Illustrating this dramatic turnaround, the VIX Index, a key measure of market fear, experienced both the quickest surge of 25 points or more and the fastest recovery from that peak, according to UBS Group AG.