Zomato and Jio Financial Services To Replace Britannia Industries and BPCL in Nifty 50

BENGALURU, India - Feb. 24, 2025 - PRLog -- Last Week, Nifty50, India's benchmark index, extended its losing streak for a second consecutive week and closed 0.58% lower. The index started the week on a negative note and continued to trade in the range-bound zone of 22,700-23,050. However, the index registered a low of 22,720 on Friday, before closing at 22,795, marking a loss of approximately 0.51% for the day. As a result, we have downgraded the market status to a Downtrend.

Barring Metal (+5.16%) and Energy (+3.34%), all sectoral indices declined. Auto (-2.55%), Pharma (-2.05%), and FMCG (-1.96%) lost the most on a weekly basis.

On Friday, we shifted the market status to a Downtrend, as Nifty breached its recent correction low of 22,725. It is better to protect capital by staying on the sidelines than taking risks. Although buying stocks on pullbacks during a market correction is tempting, one should wait for market conditions to improve and avoid catching a falling knife.

Looking forward, we will shift the market to a Rally Attempt when Nifty closes in the green for the first time or closes in the upper half of the day's range and stays above that low for three straight sessions. From there, we would prefer to see a follow-through day before shifting the market back to a Confirmed Uptrend.

Key News:

Zomato and Jio Financial Services Ltd will replace Britannia Inds. and Bharat Petroleum in the Nifty 50, effective March 28.

KKR to acquire a controlling stake in Healthcare Global Ents. for $400 million.

Lupin (Nse) has received the Establishment Inspection Report (EIR) from the USFDA for its manufacturing facility in Somerset, New Jersey.

Rail Vikas Nigam a project worth Rs 156.35 crore from South Western Railway.

Watchlist: Avanti Feeds, Kotak Mahindra Bank(Nse), and Maruti Suzuki India