In was an uninspiring week for benchmark Nifty as investors stayed on sidelines despite Wall Street scaling new record highs.

*The Week That Was @ 7:30 AM – Saturday, October 12th 2024*

October 7th to October 11th 2024.

In was an uninspiring week for benchmark Nifty as investors stayed on sidelines despite Wall Street scaling new record highs.

The Good News: Nifty’s directional trend remains bullish as the investing theme revolves around the US economy which is on track for a soft landing.

Nifty (-0.20%, 24964)
Sensex (-0.38%, 81381)

# Honestly speaking, sometimes a little uncertainty and little consolidation is just what the market needs.

# Before we get into detail, first things first…

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

1) Nifty ended 0.20% lower as cautious trading prevailed all-thru the week and the negative takeaway was that Nifty ended below the psychological 25000 mark.

2) Bank Nifty ended 0.56% lower, mirroring Nifty’s range-bound action.

3) Nifty Private Bank index inched 0.23% higher while Nifty PSU Bank index dropped 1.62% lower on weekly basis.

4) In broader markets, the Nifty Mid-cap 100 index moved up 0.81% higher while the Nifty Small-cap index gained 1.33%.

Bullish Sectors:
Nifty Pharma (+2.11%)
Nifty Auto Index (+1.97%)
Nifty IT (+1.01%)
Nifty Reality Index (+0.85%)
Nifty Infra Index (+0.13%)

Bearish Sectors:
Nifty FMCG Index (-2.05%)
Nifty Metal (-1.78%)
Nifty Energy (-1.34%)
Nifty Oil & Gas Index (-1.25%)
Nifty PSE Index (-0.33%)
Nifty Media (-0.30%)

Weekly Recap:
Instruments LTP Weekly % Change
Nifty
24964 (-0.20%)
Sensex
81688 (-0.36%)
Bank Nifty 51172 (-0.56%)
Nifty Midcap 16521 +0.81%
India VIX 13.22 (-6.42%)

Dow Jones 42864 +1.21%
Nasdaq 20243 +1.18%
Bovespa 129992 (-1.37%)

Crude Oil 75.41 +1.48%
Gold 2656 +0.19%
Silver 31.52 (-1.91%)
USD/INR 84.10 +0.09%

# Now, here the key catalysts in the week gone by:

1) Ratan Tata, the visionary industrialist and Chairman Emeritus of Tata Sons, passed away at a Mumbai hospital on Wednesday night. He was 86.

A strong practioner of business ethics, Ratan Tata had led the Tata Group conglomerate and while serving as the chairman of Tata Sons from 1991 to 2012, boosted the Tata Group’s revenue from $5 billion in 1991 to over $100 billion by the time he retired in 2012.

2) RBI changes stance to ‘neutral’. This dovish move opens the door for rate cuts in December.

Hopefully, the RBI will aim to take over the theme of slashing interest rates from the Federal Reserve.

3) Wall Street remained fairly bullish as the Dow Jones and the S&P 500 scored record highs, eking out sizeable weekly gains.

STOCK SPECFIC NEWS:

1) Adani Enterprises was in spotlight on reports that the Adani Group is in advanced discussions with a Middle Eastern sovereign fund to raise up to $1 billion for its airports division.

These fundraising efforts coincide with Adani Enterprises’ launch of a qualified institutional placement (QIP) on Wednesday, aiming to secure up to Rs 4,200 crore ($500 million), which is lower than initially targeted due to global market fluctuations.

2) Defence-related stocks were in limelight after the government’s Cabinet Committee on Security cleared major deals for building two nuclear submarines indigenously, apart from buying 31 predator drones from the US.

Mazagon Dock Shipbuilder (+7.6%), Cochin Shipyard (+0.93%), Hindustan Aeronautics (+4.45%).

3) Divis Laboratories was in limelight, gaining 13%, scaling a new-all-time-high at 6160 after Citi initiated coverage with a “buy” rating and a price target of ₹6,400 per share. Divis Lab is a leading player in the pharmaceutical sector, specializing in the production of active pharmaceutical ingredients (APIs) and intermediates.

4) Torrent Power shares scaled a new high at Rs 1,984.70 per share.

Torrent Power was in spotlight after securing a letter of award from Maharashtra State Electricity Distribution (MSEDCL). It also inked a share subscription and shareholders’ agreement (SSSA) with Lakshmi Mills and Torrent Urja 17 Private Limited (TU17).

# In the week gone by, notable gainers amongst Nifty 50 were:
TRENT +11.99%
KOTAK MAHINDRA BANK +4.06%
M&M +3.87%
HCL TECH +3.55%
BEL +3.14%

# And the losers were:
TITAN (-5.33%)
BRITANNIA (-3.67%)
TATA STEEL (-3.65%)
SBI LIFE (-3.51%)
NESTLE (-3.32%)

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DISCLAIMER

SEBI study dated January 25, 2023 on ‘Analysis of Profit & Loss of Individual Traders dealing in equity Futures and Options (F&O) Segment’ wherein Aggregate Level findings are based on annual Profit/Loss incurred by individual traders in equity F&O during FY 2021-22.

*RISK DISCLOSURES ON DERIVATIVES:*

# 9 out of 10 individual traders in equity Futures and Options Segment, incurred net losses.

# On an average, loss makers registered net trading loss close to 50,000.

# Over and above the net trading losses incurred, loss makers expended an additional 28%of net trading losses as transaction costs.

# Those making net trading profits, incurred between 15% to 50% of such profits as transaction cost.

Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.

This does not construe to be an investment advice. Stock market investments are subject to market risks. All information is a point of view, and is for educational and informational use only. The author accepts no liability for any interpretation of articles or comments on this platform being used for actual investments.

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