Market Recap by Riddhi Siddhi Share Brokers: October 21 to October 25, 2024
Riddhi Siddhi Share Brokers on Dalal Street’s Red Sea
📉 This week, Riddhi Siddhi Share Brokers witnessed an intense sell-off in Indian markets, with the Nifty and Sensex taking sharp hits. As market pessimism surged, investors faced limited safe havens and a heavy bearish sentiment across the board.
Key Insights by Riddhi Siddhi Share Brokers:
1️⃣ Nifty’s Four-Week Decline: Nifty closed 2.71% lower at 24,181, marking a fourth consecutive week of losses, down 6.32% in October.
Sensex declined 2.24%, closing at 79,402.
2️⃣ FII Selling Pressure: According to Riddhi Siddhi Share Brokers, foreign institutional investors (FIIs) sold over ₹100,242 crore in Indian equities this month, creating massive pressure.
3️⃣ Underwhelming Q2 Earnings: Riddhi Siddhi Share Brokers highlights the weak Q2 earnings across corporate India, adding to investor uncertainty.
4️⃣ Fed Rate Concerns: With minimal expectations of aggressive rate cuts, only a 25-basis-point cut is projected for November, per CME’s FedWatch Tool.
5️⃣ Political Uncertainty: Riddhi Siddhi Share Brokers points to increased anxiety with the US elections on November 5, impacting global markets. Additionally, upcoming state elections in Maharashtra and Jharkhand are adding to caution among domestic investors.
Weekly Performance of Major Indices by Riddhi Siddhi Share Brokers:
- Nifty declined 2.71%, nearing its 200-DMA support at 23,380.
- Bank Nifty fell 2.51%, reflecting broad weakness across financial indices.
- Nifty Midcap and Smallcap indices slumped, with a 6.32% and 6.45% decline, respectively.
Riddhi Siddhi Share Brokers Sectoral Overview:
- Bullish: Only Nifty IT managed to limit losses (-0.16%).
- Bearish: Heavy losses in Nifty PSE Index (-7.46%), Nifty Media (-7.24%), Nifty Metal (-7.32%), Nifty Realty (-6.97%).
Stock-Specific News by Riddhi Siddhi Share Brokers:
- Hindustan Unilever (HUL) fell 7% after Q2 earnings revealed a 4% dip in profit to ₹2,612 crore.
- Colgate plunged 9% despite a 16.2% profit increase due to weaker revenue growth.
- RBL Bank faced a 21% drop driven by poor Q2 performance.
- Oberoi Realty rose marginally, buoyed by positive Q2 results and strong demand in its luxury housing segment.
Riddhi Siddhi Share Brokers on Gainers and Losers:
- Top Weekly Gainers among Nifty 50:
- HDFC BANK: +3.66%
- TECH MAHINDRA: +1.69%
- Top Weekly Losers:
- INDUSIND BANK: -22.69%
- TATA CONSUMER: -10.99%
Global Market Snapshot by Riddhi Siddhi Share Brokers:
- Dow Jones: -2.68%
- Nasdaq: +0.14%
- Crude Oil: +3.76%, closing at $71.19.
Disclaimer by Riddhi Siddhi Share Brokers:
Stock market investments involve risks, and past performance is no guarantee of future returns. This report is for educational purposes only and does not constitute financial advice. Riddhi Siddhi Share Brokers or its clients may hold positions in the securities mentioned. Always consult a financial professional for tailored investment guidance.