The Week That Was – Riddhi Siddhi Share Brokers’ Weekly Market Wrap
Sunday, November 3rd, 2024
Market Overview by Riddhi Siddhi Share Brokers: October 28th to November 2nd, 2024
Riddhi Siddhi Share Brokers brings you a weekly wrap-up of the stock market trends and developments that shaped the week.
Nifty and Sensex Steady: A Week of Gains – Insights from Riddhi Siddhi Share Brokers
The benchmark Nifty witnessed a positive rebound this week, snapping a 4-week losing streak with a modest gain of +0.51%. Riddhi Siddhi Share Brokers notes that while Nifty saw upward momentum, there was an absence of fresh negative catalysts to push it lower.
- Nifty: +0.51% at 24,304
- Sensex: +0.41% at 79,724
Samvat 2081 Kicks Off with a Festive Spirit on Dalal Street, Highlights Riddhi Siddhi Share Brokers
Riddhi Siddhi Share Brokers highlights that the Muhurat session for Samvat 2081 was marked by optimism, with all sectoral indices closing in the green. This festive momentum was further fueled by a significant GST collection, hitting a six-month high in October with a total of ₹1.87 trillion.
Key Global Events Ahead – Riddhi Siddhi Share Brokers’ Market Watch
Key international events, including the US Election Day on November 5th, will be closely monitored by investors. Additionally, the Federal Reserve’s policy decision on November 7th is expected to impact market sentiment. Riddhi Siddhi Share Brokers advises clients to stay cautious amidst these events, which could introduce volatility.
Investor Sentiment and Market Influencers – Riddhi Siddhi Share Brokers’ Analysis
- Foreign Institutional Investor (FII) Selling: October saw heavy FII outflows from Indian equities, totaling ₹1,14,445.90 crore, a development that continues to weigh on investor confidence.
- State Elections: Upcoming elections in Maharashtra (November 20) and Jharkhand (November 13 and 20) are also likely to influence market trends.
Key Support Levels – Riddhi Siddhi Share Brokers’ Technical View
The Nifty finds critical support around its 200-Day Moving Average (DMA) at the 23,447 mark, a key level that Riddhi Siddhi Share Brokers suggests investors watch closely.
Weekly Market Performance Recap by Riddhi Siddhi Share Brokers
| Index | LTP | Weekly % Change |
|---|---|---|
| Nifty | 24,304 | +0.51% |
| Sensex | 79,724 | +0.41% |
| Bank Nifty | 51,674 | +1.75% |
| Nifty Midcap | 15,649 | +1.49% |
| India VIX | 15.90 | +8.68% |
International Indices:
- Dow Jones: -0.15%
- Nasdaq: -1.57%
- Bovespa: -1.36%
Commodities:
- Crude Oil: -3.19%
- Gold: -0.41%
- Silver: -3.76%
- USD/INR: -0.02%
Sector-Wise Market Movement by Riddhi Siddhi Share Brokers
Riddhi Siddhi Share Brokers observes that this week’s performance was mixed across sectors:
Top Performing Sectors:
- Nifty Media: +7.02%
- Nifty Realty: +3.57%
- Nifty Metal: +3.77%
Underperforming Sectors:
- Nifty IT: -3.82%
Key Stock-Specific News – Curated by Riddhi Siddhi Share Brokers
- Larsen & Toubro surged 9% after a strong earnings report with consolidated net profit up 7%.
- Tata Power rose 5.53% on better-than-expected Q2 profits.
- Honeywell Automation dipped 6.23% following a 5.7% YoY decline in Q2 net profit.
Riddhi Siddhi Share Brokers also notes that Adani Enterprises saw a sharp rally (+9.5%) on the back of robust Q2 performance, with revenue growth of 15.7%.
Top Gainers and Losers of the Week – Riddhi Siddhi Share Brokers’ Insight
Gainers:
- Adani Enterprises: +9.51%
- Larsen & Toubro: +9.02%
- Eicher Motors: +7.88%
Losers:
- Tech Mahindra: -6.57%
- Infosys: -5.43%
- HCL Tech: -5.13%
Disclaimer by Riddhi Siddhi Share Brokers
This report is for informational purposes only and does not constitute financial advice. Investors are encouraged to seek the guidance of a financial advisor before making any investment decisions. Riddhi Siddhi Share Brokers, registered with SEBI and certified by NISM, provides insights based on public market data, but market risks persist.
Stay tuned with Riddhi Siddhi Share Brokers for timely updates and in-depth market insights every week.