On Wednesday (October 8) the stock market returned to sluggishness and closed in the red. There was volatile trading in the market and Nifty and Sensex closed near their day’s low. Bank Nifty slipped 200 points from its day’s high. Nifty closed near 25,025 with a fall of almost 100 points. Sensex fell almost 200 points and closed near 81,750. Bank Nifty fell 300 points and closed near 55,950. The market had a dull start to the day, after which sharp fluctuations were seen. India VIX was up 1.5%. Sensex and Nifty were trading below their day’s highs. Sensex and Nifty started flat. Consumer durables, IT and metal stocks were on the rise.
Will Nifty close with gains for the fifth consecutive day?
– After four days of one-sided growth, the market halted a bit.
– A slowdown in bullish momentum is good for the market.
– Nifty stopped at the strong support level of 25,000.
– Bank Nifty also fell below 56,000 from the key support level of 55,825.
– However, if the market closes in the green, the market is still good.
– But if Nifty closes above 25,225 and Bank Nifty closes above 56,500, it will be interesting.
Day traders should reduce their positions only if Nifty closes below 25,050 and Bank Nifty closes below 56,000.
Will Nifty be able to maintain the level of 25,000 and Bank Nifty 56,000?
– There is a strong possibility that Nifty will close above 25,000 and Bank Nifty will close above 56,000.
– Recovery from lower levels is a confidence booster.
Should you buy IT stocks ahead of TCS results?
– Good buying trend in midcap IT stocks
– We mentioned the rise in IT stocks due to sector rotation both yesterday and this morning.
Which sector to keep an eye on?
Due to the strong update of Titan, retail shares are also seeing good growth.
– Profit booking is also being seen in the shares of railway and power companies today.
stock market boom
coforge
Good bullish trend in midcap IT stocks.
RBL Bank
Despite being restricted, the stock saw a significant rise of 5%.
HPCL
Good buy in oil companies
Sensex opened 27 points down at 81,899. Nifty opened 29 points lower at 25,079. Bank Nifty opened 141 points lower at 56,098. Rupee opened 2 paise stronger at 88.75/$. On Nifty, stocks like Tata Motors, Axis Bank, Trent, Tata Consumer and Hindalco fell by 1.5 to 2 per cent. Bharti Airtel and Jio were also the biggest gainers on Nifty today. UltraTech Cement, HCL Tech and Bajaj Finance were also the top gainers. Talking about factors, the market’s focus is on both global and domestic markets, driven by the withdrawal of foreign investors, record gold prices and the pace of quarterly results.
Profit booking in US markets
After a slow start, US markets closed lower. The Dow fell nearly 100 points, while the Nasdaq fell 150 points after hitting an intraday high. The S&P 500 also snapped its seven-day high. Dow futures are sluggish ahead of the FOMC meeting, and GIFT Nifty is trading steady at 25,200.
FII withdraw, DII buying continues
After nine consecutive days of selling, foreign investors finally returned to the market yesterday. FIIs made net purchases of ₹1,423 crore in the cash segment. Meanwhile, buying of domestic funds continued for the 30th consecutive day. Due to this, the fundamental strength of the market remains intact.
A major trigger for the market today
FII bought cash after 9 days
Gold hits all-time high of ₹121,250 ($4,020)
US markets fall, Nasdaq and S&P slip from all-time highs
Dollar index hits one-month high, surpasses $98
Tata Capital’s IPO closed, LG’s IPO on the second day
Advance Agrolife, OM Freight Listed
Record rise in gold and silver
In the domestic market, gold touched an all-time high of ₹1,21,250 per 10 grams. However, silver fell by ₹1,700 to close at ₹1,45,800. In the international market too, gold reached a record high of ₹ 4,020 per ounce. Base metals are also on the rise—aluminum is at a 3-year high and zinc is near a 10-month high.
Corporate Update: Focus on Titan, JLR and Godrej Consumer
Titan’s consumer business grew 20% in the second quarter, while jewelry sales increased 19%. Meanwhile, JLR’s wholesale sales declined by 24% and retail sales by 17% due to the cyber attack. Godrej Consumer fears a decline in operating profit due to GST cut, while Lodha Group’s second quarter pre-sales rose 7%.
IPO market excited
LG Electronics’ mega IPO was fully subscribed on the first day. Market expert Anil Singhvi said, “Don’t miss this IPO. It has the potential to yield huge listing gains and long-term investment opportunities.” Meanwhile, Tata Capital’s IPO, which closes today, has been 75% subscribed. The price band has been set at ₹310-₹326. Anil Singhvi’s opinion is to invest for the long term.
Big announcements on the government front
The DFS Secretary said that the disinvestment of IDBI Bank will be completed in this financial year and clarified that there will be no MDR charges on UPI transactions.