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  • Anuradha Mishra

Weekly Market Wrap - (week ending 21st October 2023)






"Daily Market Roundup: Key Highlights and Trends"


Nifty commenced the session on a level note, but gradually slid down, settling near the day's low at 19,542 levels. The pressure was evident across the board, with midcap and smallcap indices recording declines in the range of 0.30% to 0.95%. With the exception of the Auto and Pharma sectors, all others concluded in the red. Pharma sector witnessed increased interest due to its defensive nature and expectations of robust earnings performance.📈.


📈: '' Nifty's Recent Trend''

The Nifty index recently observed a significant downturn, breaking below the critical 50-day moving average (50DMA). Currently, the market sentiment leans towards a bearish trend, with immediate support located at 19,500. A potential further decline could lead the index into the range of 19,150 to 19,000.

On the positive side, there is a strong resistance zone expected between 19,600 and 19,650. A breakthrough above 19,650 might trigger short-covering activity in the market.

'' Sectoral Movement ''

All sectoral indices concluded in negative territory. Capital goods, metal, power, realty, oil & gas, FMCG, and pharma witnessed declines ranging from 0.5 to 1 percent. Midcap and Smallcap Indices: The BSE Midcap index experienced a 1 percent decline, while the Smallcap index saw a 0.7 percent dip.

''Market Indices at a Glance''
  • Sensex: 65,397.62 (-231.62, -0.35%)

  • Nifty 50: 19,542.65 (-82.05, -0.42%)

  • Nifty Bank: 43,737.10 (-17.40, -0.40%)

TOP GAINERS THIS WEEK - October 21 th , 2023 - Kotak Mahindra Bank Ltd. - 1.81 % , Indusind Bank Ltd. - 1.29 % , SBI Life Insurance Company Ltd.- 1.18 % , TCS Consultancy Ltd. . - 1.05 % , NTPC Ltd. - 0.63 %



📈 Stock Performance Highlights:


  • Notable Movers: Biggest losers on the Nifty included ITC, Divis Labs, HUL, BPCL, and Tata Steel. On the upside, Kotak Mahindra Bank, IndusInd Bank, TCS, SBI Life Insurance, and Nestle India showed notable gains.


  • Market Indices Performance: During this period, the BSE Sensex dropped by 1.33 percent or 885.12 points, closing at 65,397.62, while the Nifty50 saw a decline of 208.4 points or 1.05 percent, finishing at 19,542.65.


"Market Dynamics : Nifty Outlook: Domestic Indices Extend Losses, Global Factors in Play 📊 '' the Nifty 50 index witnessed a decline of 0.42 percent or 82.05 points, settling at 19,542.65. Weakness persists in the domestic stock market for the third consecutive day, with benchmark indices succumbing to global market trends. Furthermore, lower-than-expected Q2 earnings results from certain companies have contributed to the subdued sentiment on Dalal Street.
''Sensex Outlook: Sensex Witnesses Third Consecutive Day of Decline Amidst Global Market Trends 📊 '' Simultaneously, the BSE flagship 30-share Sensex experienced a dip of 0.35 percent or 231.62 points, concluding at 65,397.62.Surging US bond yields, particularly the US 10-year yield at around 5 percent, are exerting pressure on equity markets globally, including India. This poses a significant challenge for emerging markets.

Conclusion: As we navigate the intricacies of the Indian stock market, it's imperative to stay vigilant, adapt to evolving trends, and make informed investment decisions. The day's performance reflects the dynamic nature of the market, emphasizing the need for a balanced and diversified portfolio.


















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.




Market Highlights :

  • SEBI Extends Deadline for Mutual Fund Beneficiary Nominations : The Securities and Exchange Board of India (SEBI) has announced an extension of the deadline for mutual fund account holders to nominate a beneficiary or choose to opt out. This can be done by submitting a declaration form, and the new deadline is set for January 1. SEBI emphasized that failure to adhere to these norms will result in the freezing of the account holders' folios. This move aims to ensure that account holders have ample time to make informed decisions regarding their mutual fund investments. It underscores SEBI's commitment to safeguarding the interests and rights of mutual fund investors in the Indian market.

  • In a significant surge, gold prices reached a five-month high today following the indication from US Fed Chairman Jerome Powell hinting at a rate pause. Anuj Gupta, Head of Commodity & Currency at HDFC Securities, explained that the US Fed chief's dovish stance on interest rate hikes put a halt to the US dollar's rally, thus triggering the rally in gold prices. On the Multi Commodity Exchange (MCX), gold for December 2023 expiry opened higher at ₹60,401 per 10 grams and later reached an intraday high of ₹60,615. In the global market, the spot gold price hovers around $1,976 per ounce, closely approaching its nearest resistance level at $1,980.

  • ISRO Triumphs with Successful Gaganyaan Mission Rocket Relaunch : Following a minor setback in the initial launch, ISRO swiftly rectified the issue and successfully relaunched the ISRO TV-D1 rocket from the Sriharikota launch site. This event is a significant stride in India's space exploration ambitions, particularly the Gaganyaan Mission. ISRO Chairman S Somanath expressed his joy, stating, "I am very happy to announce the successful accomplishment of the Gaganyaan TV-D1 mission." This achievement showcases India's growing prowess in space exploration and sets the stage for further advancements in human spaceflight. The Gaganyaan mission signifies India's resolve to demonstrate its capability for human space travel, aiming to send a crew of three members into orbit for an extended 3-day mission at an altitude of 400 km, and ensuring their safe return to Earth by landing in Indian waters. This successful relaunch marks a historic milestone in India's space exploration odyssey.


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 📢


''Investing in mutual funds is like tending to a garden of wealth. Nurture it wisely, and you'll reap a bountiful harvest in due time.''


 

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Stay tuned for further updates 🚀 and analysis on the NIFTY index and other market trends 📢. , Happy investing💰!


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