The Week That Was – October 14th to October 18th, 2024
📉 Amidst a turbulent market, Nifty ended lower for the third straight week, marking a bearish trend on Dalal Street. The market sentiment turned sour as several negative catalysts pushed investors to cut their bullish bets.
Key Highlights:
- Nifty: -0.44% (Closed at 24,854)
- Sensex: -0.19% (Closed at 81,225)
What’s Driving the Market?
- FII Selling Pressure: Foreign Institutional Investors (FIIs) pulled out over ₹80,218 crore from Indian equities this month, significantly affecting market sentiment.
- Weak Q2 Earnings: Corporate India’s Q2 earnings failed to inspire confidence.
- Middle East Conflict: Ongoing geopolitical tensions continue to create uncertainty.
- Chinese Demand Concerns: Persistent worries over China’s economic slowdown weighed on the markets.
- Upcoming Elections: Traders are also preparing for Maharashtra and Jharkhand Assembly elections, with polling dates set for November.
Key Market Movers
Despite the pessimism, there were some silver linings:
- Wall Street Rally: The U.S. markets saw strong gains, with the Dow Jones and S&P 500 scaling new record highs.
- Crude Oil Prices: WTI crude futures fell below $70 per barrel after news that Israel won’t strike Iran’s nuclear sites, bringing some relief to global markets.
- SIP Inflows: Systematic Investment Plan (SIP) inflows hit a record high of ₹24,509 crore in September 2024.
Weekly Recap – Index Performance
- Nifty: Closed at 24,854 (-0.44%)
- Sensex: Closed at 81,225 (-0.19%)
- Bank Nifty: Closed at 52,094 (+1.80%)
- Nifty Midcap: Closed at 16,461 (-0.36%)
- India VIX: 13.04 (-1.38%)
- DowJones: 43,276 (+0.85%)
- Nasdaq: 20,324 (+0.26%)
- Bovespa: 130,499 (+0.39%)
- Crude Oil: $68.95 (-8.74%)
- Gold: ₹2,715 (+2.19%)
- Silver: ₹32.41 (+2.74%)
- USD/INR: ₹84.06 (-0.05%)
Sectoral Highlights
Bullish Sectors:
- Nifty Realty (+0.64%)
- Nifty Infra (+0.18%)
Bearish Sectors:
- Nifty Auto (-4.88%)
- Nifty Metal (-1.80%)
- Nifty FMCG (-1.67%)
Stock-Specific News
- Hyundai Motor IPO: Subscribed 2.37x, led by QIBs with 7x subscription.
- Zomato: Fell 7% to ₹255 on Friday despite a fund-raising plan.
- Mazagon Dock: Rose 7.3% after the company announced a stock-split proposal.
- Nestle India: Dropped 6.45% on mixed Q2 results.
- Bajaj Auto: Tumbled 15% on weak festival sales and a significant drop in net profit.
Top Gainers Among Nifty 50
- Wipro: +3.85%
- ICICI Bank: +3.39%
- SBI: +2.58%
Top Losers Among Nifty 50
- Bajaj Auto: -15.26%
- Nestle: -6.43%
- Trent: -5.67%
Risk & Disclosure:
At Riddhi Siddhi Share Brokers, our clients may hold positions in some of the stocks mentioned in this analysis. This report is for educational and informational purposes only, not investment advice. Stock market investments involve risks, and past performance is not indicative of future results.
Additionally, as per SEBI’s study (Jan 2023), 9 out of 10 traders in the equity F&O segment incurred net losses, with transaction costs adding further to their losses.
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