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  • Anuradha Mishra

Weekly Market Wrap - ( week ending 16th September 2023)






" Recap of the Week"


The market's dynamic performance across various sectors provides investors with a plethora of opportunities and challenges. The resilience displayed by midcap and smallcap indices reinforces the notion that careful stock selection and diversified portfolio strategies can yield positive outcomes even in a mixed market environment...

''Nifty Surpasses 20,200, Sensex Gains 320 Points''

Nifty index surged to new heights, underscoring its robust performance. The strategic placement of Put options at 20,100 has added substantial vigor to the prevailing positive sentiment within the market. As long as the Nifty maintains its position above the critical 20,000 mark, the trend is expected to retain its upward trajectory. Short-term projections indicate the potential for the Nifty to advance towards the 20,480-20,500 range.

Sectoral Movement

The market witnessed a mixed trend across various sectors, showcasing a diverse range of performances. FMCG, oil & gas, power, and realty sectors experienced a marginal decline of 0.4-1 percent, whereas auto, bank, pharma, and information technology sectors saw a rise of 0.3-1 percent in their respective indices. This nuanced movement reflects the dynamic nature of the market.

Positive Momentum in ''Bank Nifty''

Simultaneously, the Bank Nifty edges closer to its historical peak, indicating a strong bullish trend. The robust participation of Put writers at 46,000 has provided crucial support, allowing the index to sustain its positive stance. Similar to the Nifty, the trend in the Bank Nifty is anticipated to remain optimistic as long as it holds above the crucial 46,000 level. In the near term, there exists potential for the Bank Nifty to ascend towards levels approximately ranging between 46,700 and 47,000.

TOP GAINERS THIS WEEK - September 15th , 2023 - BAJAJ Auto - 6.29 % Bandhan Bank - 3.94 % , Hero Moto Corp - 2.49 %, TVS Motors Ltd. . - 2.65 % , Bharti Airtel .- 1.59 % ,


"Positive Start with Global Support" : The day commenced on a positive note, buoyed by favorable global cues. Both indices opened at record highs, maintaining positivity throughout the trading session. Despite some profit booking during the day, the final hour witnessed a surge to fresh record highs, driven primarily by the auto, IT, and banking sectors.
"Weekly Achievements" : For the week, the BSE Sensex and Nifty50 demonstrated exceptional strength, recording nearly 2 percent growth each. They achieved fresh record highs of 67,927.23 and 20,222.45, respectively, on September 15.Among the top gainers were Bajaj Auto, Grasim Industries, M&M, Hero MotoCorp, and Bharti Airtel, showcasing their robust performance. On the flip side, BPCL, Asian Paints, HUL, Jio Financial, and Tata Consumer Products faced some downward pressure.

Stock Build-ups:

  • Vodafone Idea, ICICI Prudential Life Insurance Company, and Bajaj Auto experienced significant long build-ups, indicating strong investor confidence and positive sentiment towards these companies.

  • Conversely, Interglobe Aviation, IOC, and HPCL saw short build-ups, suggesting some cautious sentiments among investors regarding these stocks.

Volume Surges:

  • Ipca Laboratories, ICICI Prudential Life Insurance Company, and Bajaj Auto recorded a surge in trading volume, with an increase of over 500 percent. This uptick in activity reflects heightened investor interest in these companies.

Conclusion: The market's dynamic movements in stock build-ups and the surge in companies reaching their 52-week highs are indicative of the diverse sentiments and strategies among investors. As the market continues to evolve, staying attuned to these developments is crucial for making informed investment decisions.

















Disclaimer

Mutual Fund investments are subject to market risks, read all scheme-related documents carefully. The NAVs of the schemes may go up or down depending upon the factors and forces affecting the securities market including the fluctuations in the interest rates. The past performance of the mutual funds is not necessarily indicative of the future performance of the schemes. The Mutual Fund is not guaranteeing or assuring any dividend under any of the schemes and the same is subject to the availability and adequacy of distributable surplus. Investors are requested to review the prospectus carefully and obtain expert professional advice with regard to specific legal, tax and financial implications of the investment/participation in the scheme.




Companies Hitting 52-week Highs:

  • Several notable companies achieved their 52-week high on the BSE. These include Bharat Forge, Vodafone Idea, HCL Technologies, Gillette India, TVS Motor Company, UCO Bank, Jammu & Kashmir Bank, Union Bank of India, Jindal Steel & Power, Welspun Corp, Zomato, NMDC, Mahindra & Mahindra, Tech Mahindra, Religare Enterprises, ONGC, Bajaj Auto, Bharti Airtel, and more. This milestone highlights the strength and positive trajectory of these companies in the market.



Market Highlights :

  • Once again, Prime Minister Narendra Modi has secured the top spot as the world's most popular leader with an impressive approval rating of 76 percent, as per a survey conducted by the US-based consultancy firm 'Morning Consult'. This reaffirms his consistent high standing in global rankings.

  • In anticipation of the upcoming US Fed's FOMC meeting slated for the following week, gold prices have continued to trade within the broader range of $1,880 to $1,930 per ounce. Notably, the past week saw relative stability in precious metal prices, with international markets closing almost unchanged at $1,923 levels. Simultaneously, on the MCX (Multi Commodity Exchange), gold wrapped up the week at ₹58,999 per 10 gm, mirroring this steadiness.

  • On Friday, the US stock market experienced a significant downturn, with all three major indices—Nasdaq, Dow Jones, and S&P 500—registering notable losses. The Dow Jones Index concluded 0.83 percent lower, while the S&P 500 saw a decline of 1.22 percent. The tech-heavy Nasdaq, on the other hand, experienced a correction of 1.56 percent. This downturn resulted in the S&P 500 and the Nasdaq nullifying their gains for the week, while the blue-chip Dow managed to end the week with a nominal uptick.


Disclaimer: This information is for educational purposes only and should not be considered as financial advice. Invest wisely and consult a financial professional for personalized guidance.




Quote of the week 📢


''Systematic Investment Plans (SIPs) and mutual funds work together like a diligent gardener and a fertile field. With patience, consistency, and the right nurturing, they transform tiny seeds of savings into a flourishing forest of financial success..''


 

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