Where is the market headed?
It was a decent day in the markets as most sectors were trending up and some even made new highs. The FOMC meeting is scheduled for tonight, and all eyes are on whether the US Federal Reserve will cut rates or not.
The market seems to be expecting a surprise, and the result of that decision will likely impact emerging markets, including India. Another major talking point in the market today is the upcoming Lenskart IPO, which has created a lot of buzz.
Market Overview
The market overall looks quite strong and appears headed upward. Nifty has once again crossed the 26,000 mark, closing at 26,053, up about half a percent. FIIs have paused their selling and some buying has returned.
Nifty Next 50
Nifty Junior had a strong day with a 1.4% rise, challenging its recent highs. The charts across segments are beginning to show a bullish pattern.
Nifty Mid and Small Cap
Midcaps closed 0.58% higher, crossing the July hump, while Small Caps also rose by 0.45% and broke a downward trendline, although not as strongly as others.
Bank Nifty
Nifty Bank continued its winning run, closing at another record high of 58,385, up 0.29%.
GOLD
Gold is also showing signs of a comeback. It touched its trailing moving average and bounced back. The next few days will be crucial — if gold crosses the current level and closes higher, it might make a move towards a new high above 12,500.
SILVER
Gold rose 1.8% today, and silver too formed a bullish doji pattern, suggesting possible further gains. The setup for precious metals looks very positive right now.
Advance Decline Ratio
Market breadth was also strong, with 350 advances against 150 declines through the day.
Heat Maps
On the Nifty heatmap, Reliance, ICICI Bank, SBI, JSW Steel, Tata Steel, Sun Pharma, Adani Ports, and several energy stocks like NTPC, Adani Green, and ONGC were among the key gainers. Adani Ports jumped 2.6%, and Varun Beverages saw a huge 9% surge.
IOC gained 5.5%, Adani Green shot up 10.8%, and other energy stocks like Tata Power, Gale, and CG Power also rallied. The energy and power sector clearly seems to be heating up, possibly in anticipation of an upcoming rate cut.
Mover Of The Day
The mover of the day was Blue Dart, which shot up 18% after strong Q2 profit numbers. Adani Green also gained sharply after a good quarterly performance.
Sectoral Overview
Sector-wise, oil and gas rose 2%, energy was up 2%, commodities and metals gained around 1.7%, and public sector enterprises were up 1.68%. The only weak sector was capital markets, where a new SEBI rule restricting how much mutual funds can pay to brokerages hurt stocks like Motilal Oswal, Nippon, and HDFC AMC.
Sector of the Day
Nifty Oil & Gas Index
Nifty Capital Market Index
U.S. Market
In the US markets, NASDAQ jumped 0.8%, Dow Jones rose 0.34%, while the S&P 500 saw modest gains.
UPS surged 8%, Intel and Nvidia both gained around 5%, and PayPal and Broadcom also moved up. Many of these stocks are part of the Weekend Investing portfolio on the Vested platform.
Qualcomm gained 11% in a single day, Tesla rose 4.3%, and Alphabet was up around 3.6%.
Tweets Of the Day
The tweet of the day was about gold’s historical performance. As shared by Gary Baum, whenever gold has seen a 10% drop in the last 40 years, it has always bounced back with an average gain of 8.9% over the next two months — a 100% success rate. While it’s not a guarantee that the same will happen this time, the setup looks promising.
Finally, let’s talk about the Lenskart IPO that has everyone talking. Market experts believe the issue is highly priced — about 235 times earnings — leaving little for retail investors. This raises an interesting debate: should companies price IPOs morally or just focus on maximizing value?
From a business point of view, Lenskart is within its right to set the price it wants. Promoters, pre-IPO investors, and merchant bankers all have incentives to push for higher valuations. The only safeguard could be a regulatory limit on valuations, which currently doesn’t exist.
Adding to the discussion, investor Radhakishan Damani’s ₹90 crore investment in Lenskart has surprised many, given the high valuation. Looking at past IPOs like Nykaa, Paytm, and Policybazaar, most new-age listings see a short-term pop but then drop before stabilizing years later. From a momentum investor’s point of view, it’s better to wait at least six months after listing before considering an entry. There’s no rush — let the price action tell you when to buy.
