Dalal Street ends a wild week close to where it began.

*The Week That Was @ 7:30 AM – Saturday, November 9th 2024*

# Well, the week gone by was surprising…

We say so because, Dalal Street ended a wild week close to where it began.

# The benchmark Nifty did not rise nor fall dramatically in the week gone by despite a historic Trump’s election victory and his comeback to the White House.

# Interestingly, Nifty’s volatility was not seen going away despite Fed’s dovish outlook…

Nifty (-0.64%, 24148)
Sensex (-30%, 79486)

 

# Now, here are the latest trends and themes in the week gone by:

1) Well, the optimism revolved around Trump’s victory party at Wall Street as the Dow, Nasdaq, and S&P 500, all set new record highs. (The expectations are that Trump’s presidency shall boost increased economic growth, through increased fiscal spending and tax cuts and to keep rates high to rein in inflation).

2) The post-election Trump victory rally rolled on, with the S&P 500 scaling above 6000 milestone and Dow zooming higher above 44000 for the first time.

3) The next big positive catalyst in the week gone by was that the Fed Chair Jerome Powell was fairly dovish during his press conference, flaunting strength in the economy.

(The Federal Reserve lowered its benchmark interest rate by 25 basis points to 4.50%-4.75% in light of the progress on inflation and following a jumbo 50 basis point rate-cut in September 18th meeting).

# The Big Question: Despite a jubilant Wall Street, why did the benchmark Nifty spined and did not join the conga-line of rising stock markets?

1) Increased skepticism about Corporate India’s Q2 earnings disappointment.

2) Also, hurting investors sentiments were record exodus from the Foreign Institutional Investors who had pulled out ₹1.14 lakh crore from Indian stocks in October. In the week gone by, FIIs sold to the tune of Rs. 14485 crores.

3) Traders also brace for Maharashtra Assembly polls which will be held in a single phase on November 20. Jharkhand polls will be held in two phases on November 13 and 20th.

Counting of votes for the two states will take place on November 23.

# Long story short: Nifty’s biggest support and downside risk seen at its 200-DMA at 23508 mark.

 

Weekly Recap:

Instruments LTP Weekly % Change
Nifty 24148 (-0.64%)
Sensex 79486 (-0.30%)
Bank Nifty 51561 (-0.22%)
Nifty Midcap 15657 +0.05%
India VIX 14.47 (-9.01%)

Dow Jones 43989 +4.61%
Nasdaq 21117 +5.41%
Bovespa 127830 (-0.23%)

Crude Oil 70.43 +1.35%
Gold 2684 (-1.89%)
Silver 31.29 (-3.52%)
USD/INR 84.37 +0.34%

# Here are how indices performed in the week gone by:

1) Nifty ended 0.64% lower as cautious trading prevailed all-thru the week as anxiety prevailed amidst lofty valuations, relentless FII selling, and concerns over slowing India’s corporate earnings growth.

2) Bank Nifty was seen consolidating, down 0.22%.

3) Nifty Private Bank index inched 0.64% lower while Nifty PSU Bank index was star outperformer, up 0.98% on weekly basis.

4) In broader markets, the Nifty Mid-cap 100 index inched up 0.05% while the Nifty Small-cap index received drubbing by 1.86%.

Bullish Sectors:
Nifty IT (+4%).
Nifty Auto Index (Unchanged)

Bearish Sectors:
Nifty IT (+4%).
Nifty Reality Index (-4.11%)
Nifty Media (-3.28%)
Nifty Energy (-3.11%)
Nifty Oil & Gas Index (-1.87%)
Nifty FMCG Index (-1.81%)
Nifty Infra Index (-1.80%)
Nifty PSE Index (-1.10%)
Nifty Pharma (-1.10%)
Nifty Metal (-0.87%)

STOCK SPECFIC NEWS:

1) M&M flared up 5.58% after its Q2 Net profit rose 13.2% to ₹3,841 crore, revenue up 13% YoY. (M&M said its automobile segment recorded the highest ever quarterly volumes at 2,31,038 units in the quarter ended September 2025, up 9% YoY).

2) NMDC flared up 5.89% after Iron ore futures climbed to their highest levels in more than two weeks, underpinned by growing optimism over further stimulus from top consumer China.

3) The initial public offering (IPO) of Swiggy Limited saw significant demand, with the issue subscribed 3.59 times. Swiggy has set a price range of Rs 371-390 per share, valuing Swiggy at approximately 11.3 billion dollars (around Rs 95,000 crore) at the upper end of the price band.

4) Apollo hospitals scaled fresh all-time-high at Rs. 7545 after its PAT zoomed a whopping 63% in the September quarter of the current fiscal year.

5) Tata Steel drifted 1.45% lower despite swinging to profit as it reported consolidated net profit of Rs 833.45 crore in the September 2024 quarter as against a loss of Rs 6,196.24 crore in the year-ago period.

6) Jindal Steel and Power’s profit slumped 38% on year in the September quarter due to a correction in steel prices and as the company sold less of the alloy as compared to the previous year.

7) SBI Q2 results: Profit soared 28% YoY to Rs 18,331 crore; SBI stock fell 2% post Q2 announcement.

# In the week gone by, notable gainers amongst Nifty 50 were:
M&M +5.58%
APOLLO HOSPITALS +5.54%
TECH MAHINDRA +4.85%
HCL TECH +4.56%
TCS +4.09%

# And the losers were:
TRENT (-11.89%)
COAL INDIA (-6.63%)
HINDALCO (-5.85%)
ASIAN PAINTS (-5.80%)
GRASIM (-5.71%)

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