Weekly Market Update — 30th Aug 2026
30 August 2026 · 3 min read
Indian Markets
Nifty 50 closed at 24,175, 0.31% lower from last week.
There wasn't one particular sector which caused the market to fall but rather a few heavyweight stocks like Reliance (-2.20%), Maruti (-1.35%), Bharti Airtel (-3.27%) which dragged the Nifty lower. Reliance's fall was mainly due to dropping crude oil prices. The sharp drop in crude oil prices squeezes their refining margins which puts a negative impact on Energy and Minerals companies like Reliance, ONGC and NTPC. For Airtel, there are rumours of disinvestment in one of the foreign investments that Airtel has and this led to the FIIs reducing their stake in Airtel.
The best performing sector for the week was Nifty IT which rose by 2.45% over the week and the reason was the exceptional earnings from Nvidia for Q2 2026 which were around 96.2 billion dollars, 4 billion higher than what the street expected. This strong performance cooled down the AI fears that the world had and these emotions trickled down to the Indian IT industry giving them the boost and led to the rally.
Broader Markets
Broader markets continue to outperform the Nifty 50 index with every other index closing in positive as compared to Nifty 50 closing in negative. Nifty Metal was again the best performing sector, gaining 2.68% over the week, largely due to consistent increase in prices of commodities across the world benefiting the Indian metal companies.
Gold
Gold reversed from the resistance levels of 1,64,000 which we discussed in last week's report and currently closed at 1,56,281 which is 3.79% lower than last week. The fall was mainly due to markets expecting a cut in duties on gold imported into India. The futures price incorporates the duties on gold and if the duties are expected to be reduced, the markets react beforehand.
US Oil
Oil was down by 3.67% over the week due to reports of de-escalation and the reopening of the strait. Some reports and data signalled that activity at the strait achieved almost 80% of levels it was at before the war.
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