The benchmark Nifty did not rise nor fall dramatically in the week gone by.

*The Week That Was @ 11:00 AM – Sunday, November 3rd 2024*

October 28th to November 2nd 2024.

# Well, the benchmark Nifty did not rise nor fall dramatically in the week gone by.

# The positive takeaway was that Nifty witnessed uptick rebound, and most importantly, the benchmark snapped a 4-week losing streak as Nifty bears lacked follow-through selling in the absence of any fresh negative catalysts.

Nifty (+0.51%, 24304)
Sensex (+0.41%, 79724)

#  To start with, Deepawali, the festival of lights illuminated Dalal Street with its brilliance and brightness as Nifty kicked off Samvat 2081 with a bang amidst broad-based buying; as all sectoral indices ended in green in the Muhurat session.

# The sparkling auspicious Muhurat session dazzled all investors with its joy on reports that GST mop-up saw six-month high in October with Rs 1.87 trillion, up 8.9% Y-o-Y.

# That said, investors also kept one eye trained on next week’s potentially market-moving line-up that includes ‘US Election Day’:

1) Voters go to the polls on November 5th to elect their next president.
2) US Election results on Friday, November 8th.

# Aggressive Nifty traders were also on the sidelines ahead of the next Federal Reserve meeting, which will conclude with a policy statement on Thursday, November 7th at 2 pm Eastern Time.

The street is betting on a quarter-point cut, but some traders also think that the central bank could stand pat.

# Meanwhile, hurting investors sentiments were also:

1) Intense FIIs selling as in the October month, FIIs had pulled out over Rs 1,14,445.90 crore from Indian equities.
2) 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 continues to be at its 200-DMA at 23447 mark.

Weekly Recap:
Instruments LTP Weekly % Change
Nifty 24304 +0.51%
Sensex 79724 +0.41%
Bank Nifty 51674 +1.75%
Nifty Midcap 15649 +1.49%
India VIX 15.90 +8.68%

Dow Jones 42052 (-0.15%)
Nasdaq 20033 (-1.57%)
Bovespa 128121 (-1.36%)

Crude Oil 69.49 (-3.19%)
Gold 2736 (-0.41%)
Silver 32.43 (-3.76%)
USD/INR 84.08 (-0.02%)

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

1) Nifty ended 0.51% higher but 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 fared well as was up 1.75%.

3) Nifty Private Bank index inched 0.72% higher while Nifty PSU Bank index was star outperformer, up 7.87% on weekly basis.

4) In broader markets, the Nifty Mid-cap 100 index inched up 1.49 while the Nifty Small-cap index rebounded sharply higher by 5.31%.

Bullish Sectors:
Nifty Media (+7.02%)
Nifty Reality Index (+3.57%)
Nifty Metal (+3.77%)
Nifty PSE Index (+2.88%)
Nifty Infra Index (+1.80%)
Nifty Energy (+1.46%)
Nifty Pharma (+1.03%)
Nifty FMCG Index (+0.89%)
Nifty Oil & Gas Index (+0.79%)
Nifty Auto Index (+0.03%)

Bearish Sectors:
Nifty IT (-3.82%).

STOCK SPECFIC NEWS:

1) Larsen & Toubro zoomed higher, up 9% after its consolidated net profit rose 7% in the second quarter of the current financial year with a profit of Rs 4,113 crore in the July–September period.

2) Tata Power Company flared up 5.53% to end at 445 after reporting a 5.8% year-on-year (YoY) increase in net profit at ₹926.5 crore for the second quarter that ended September 30, 2024. In the previous Q2, Tata Power Company posted a net profit of ₹875.5 crore.

3) Honeywell Automation plunged 6.23% after the company reported its second quarter earnings where net profit fell 5.7% year-on-year, totaling Rs 115 crore for the three months ended September 2024, down from Rs 122 crore in the same quarter last year.

4) Shares of Garden Reach Shipbuilders & Engineers (GRSE) rebounded 7% on reports that the company won Rs 490.98-crore order win from Naval Physical & Oceanographic Laboratory, Gol, Ministry of Defence DRDO, Kochi.

5) Marico share price surged 0.91% after the company posted stronger-than-expected Q2FY25 results, which beat street estimates. In Q2FY25, Marico profit rose over 20.3% year-on-year (Y-o-Y) to Rs 433 crore, as against Rs 360 crore in the same quarter a year ago (Q2FY24). The company’s revenue from operations climbed 7.6% annually to Rs 2,664 crore in Q2FY25, from Rs Rs 2,476 crore in the same quarter last year (Q2FY24).

6) Maruti Suzuki tumbles 3.4% after Q2 Profit Miss Estimate: Revenue up 0.4% at Rs 37,203 crore versus Rs 37,062 crore. Net profit down 17% at Rs 3,069 crore versus Rs 3,717 crore. Ebitda down 7.7% at Rs 4,417 crore versus Rs 4,784 crore Margin at 11.9% versus 12.9%.

7) Canara Bank Flared up 10% after Q2 Profit Jumped. Net profit up 11% at Rs 4,015 crore versus Rs 3,606 crore. Net interest income up 5% at Rs 9,315 crore versus Rs 8,903 crore. Gross NPA at 3.73% versus 4.14% (QoQ) Net NPA at 0.99% versus 1.24% (QoQ).

8) Adani Enterprises was in limelight 9.5% after Q2 Highlights (Consolidated, YoY) Revenue up 15.7% at Rs 22,608 crore versus Rs 19,546 crore. Ebitda up 46% at Rs 3,694 crore versus Rs 2,533 crore. Margin at 16.3% versus 12.9% Net profit up 383% at Rs 1,989 crore versus Rs 333 crore.

# In the week gone by, notable gainers amongst Nifty 50 were:
ADANI ENTERPRISES +9.51
LARSEN +9.02%
EICHER MOTORS +7.88%
BAJAJ ELECTRON +5.88%
ADANI PORTS +5.74%

# And the losers were:
TECH MAHINDRA (-6.57%)
INFOSYS (-5.43%)
HCL TECH (-5.13%)
MARUTI (-3.42%)
DR REDDYS LAB (-3.33%)

 

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