Indian Stock Market Analysis for the Week (3- 6 Oct 2023)

October 6, 2023 admin

Stock Market Analysis (3- 6 Oct 2023)

Indian stock market indexes closed slightly higher for the week, snapping a two-week losing streak. The domestic markets gained two out of four trading sessions during the holiday-shortened week. Indian stock markets were shut on Monday 2nd Oct on account of Gandhi Jayanti. On a weekly basis, Sensex gained 167.22 points or 0.25 percent and closed at 65,995.63, while Nifty edged up 15.20 points or 0.08 percent and settled at 19653.90.

Among the sectors, Realty, Pharma, and Metal gained the most, while the IT index fell sharply during the week followed by Media and Auto. The broader market outperformed the benchmarks, as Nifty mid and smallcap indexes gained 0.99 percent and 2.18 percent respectively.

Foreign investors were net sellers during the week, they offloaded shares worth Rs 8412.65 crore while Domestic institutional investors were the net buyers they bought shares worth Rs 4435.17 this week.

Indian Stock Market Analysis.

Indian stock markets started the truncated week on a negative note on Tuesday due to weak global cues and as India’s manufacturing PMI data came 5-month low in September.

The domestic markets closed lower on Wednesday for the second consecutive day due to weak global cues, as the US Treasury yield spiked at 16 years year-high after strong job opening data. Global investors have been fretting about higher interest rates for a longer period.

Indian markets rebounded on Thursday following a rally in the US markets on Wednesday, as the US private job report data came weaker than expected. The sentiments were further positive as India’s services PMI data came to a 13-year high.

Indian stock markets continued the rally for the second consecutive day on Friday and erased all weekly losses. On Friday, Indian markets gained after the RBI kept the key interest rate unchanged as widely expected.

Top Nifty 50 Weekly Gainers and Losers

The top five Nifty 50 weekly gainers were Bajaj Finserve (6.13%), Titan (5.11%), Bajaj Finance (4.58%), Infosys ( 3.01%), and Adani Enterprise (2.66%).

The top Nifty 50 weekly losers were ONGC (5.42%), NTPC (4.07%), Hindalco (4.07%), Axis Bank (3.45%), and Maruti (2.91%)

Nifty Mid-Cap Weekly Gainers and Losers

The top five Nifty Mid-cap gainers were Prestige Estate (10.80%), One 97 (8.23%), Godrej Properties (7.78%), Mphasis (4.81%), and Ramco Cement (4.34%)

The top losing stocks in the Nifty Mid-cap index were Dalmia Bharat (7.51%), Guj Flurochem (6.70%), Vodafone Idea (6.01%), Indus Tower (5.69%), and SAIL (5.33%)

Nifty Small-cap Weekly Gainers and Losers

The top Nifty Small-cap index weekly gainers were Kalyan Jeweller (13.45%), Suzlon (12.79%), Mahanagar Gas (8.23%), BSE (7.98%), and Angel One (6.86%).

The top weekly losers in the Nifty small-cap index were Glenmark Pharma (7.24%), Trevini Turbine (5.41%), JBM Auto (5.30%), Manappuram Finance (4.67%), and Hindustan Copper (4.65%).

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