Market Outlook: Will Monday Be Bullish or Bearish? | Parkavi Finance
Stock Market Overview: Nifty, Midcap, and NSE500 Weekly Trends
Tamilini:
This week, our stock markets remained choppy, Akshita. Nifty50, Nifty Midcap, and NSE500 dropped by 0.4%, 1.0%, and 0.7%, respectively.
Akshita:
FIIs Selling Pressure & DIIs Buying Activity
Yes, Tamilini, major companies like Reliance, Havells, Polycab, Infosys, Nestle, and Bajaj Auto showed no significant earnings growth, which has slowed down the market's momentum. Additionally, FIIs continued their selling, adding pressure on the market. However, healthy buying from DIIs helped support the market.BSE Auto, AMCs, and Manappuram Finance: Key Highlights
Tamilini:
The BSE Auto index saw a significant drop of 4.3%, particularly due to weak demand during the Navratri and festival season for Bajaj Auto.
Akshita:
Manappuram Finance Stock Crash: RBI’s Impact on NBFCs
And not just that, Tamilini. Manappuram Finance’s stock crashed around 15% during the morning trade on October 18, after the RBI barred its subsidiary, Asirvad Microfinance, and other NBFCs from disbursing loans.Tamilini:
Yes, this action by the Reserve Bank of India led to brokerages downgrading their ratings on Manappuram Finance. The RBI raised concerns over the pricing policies of these NBFCs, which were found to be non-compliant with the regulations.
Akshita:
Asirvad Microfinance, the micro-lending arm of Manappuram Finance, offers loans to low-income women. In FY24, it contributed 27% to Manappuram Finance’s total revenues.
Tamilini:
Meanwhile, broking companies and asset management companies (AMCs) posted robust gains, with AngelOne and HDFC AMC delivering strong results.
Mid & Small-Cap Companies: Weekly Performance
Tamilini:
Top Mid-Cap Performers: Justdial, Pondy Oxide, South Indian Bank
During the week, 260 stocks from the NSE500 managed to close in the green, while 236 stocks ended in the red. Mid-cap companies like Justdial, Pondy Oxide, and South Indian Bank performed well.Akshita:
Several small companies also posted strong results and were rewarded by the market for their better earnings growth outlook.
Upcoming Earnings: HDFC Bank, Kotak Bank, Tech Mahindra
Tamilini:
| **Key Results** | **Date** | **Upcoming Results** | **Date** |
Akshita:
In addition, U.S. jobless claims data and the Hyundai IPO will be closely monitored. Investors are advised to stick to quality stocks and avoid risky bets as the market consolidates.
Corporate News: Indraprastha Gas, Reliance Brands, and Oberoi Realty
Tamilini:
Indraprastha Gas has seen a 21% reduction in gas allocation from GAIL, which could impact its profitability.
Akshita:
Reliance Brands signed a joint venture with Mothercare, and Oberoi Realty approved the issuance of NCDs worth ₹1,500 crore.
Domestic & Global Economic Updates: Inflation, ECB Rate Cut, and More
Tamilini:
Inflation and Its Impact on Market Sentiment
India’s retail inflation rose to 5.49% in September, mainly driven by a 35.99% increase in vegetable prices.
Akshita:
On the global front, the European Central Bank cut interest rates by 25 basis points in response to sluggish economic growth and easing inflationary pressures.
Waaree Energies IPO: Should You Apply?
Tamilini:
Waaree Energies IPO GMP indicates 85% listing gains.
Should you apply?
The Waaree Energies IPO opens on October 21, 2024, with a price range of ₹1,427 - ₹1,503 per share.
Listing on BSE and NSE is expected on October 28, 2024.
Nifty & Bank Nifty Technical Levels: Support and Resistance
Tamilini:
Nifty’s Support at 24550 and Bank Nifty’s Recovery
Nifty’s immediate support lies in the 24550-24500 zone.Akshita:
On the upside, the 50-day EMA at 25000-25050 will act as an immediate resistance. A strong breakout above this could lead to a sharp rally in the market.
Tamilini:
As for the Bank Nifty index, it opened marginally lower and tested the day’s low at 51,000. However, it made a strong recovery of more than 1,100 points, closing 1.5% higher at 52,094.20.
Tamilini & Akshita (Together):
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Get detailed insights into Monday’s stock market outlook. Will Nifty and Bank Nifty show bullish momentum or face a correction? Learn about key factors like FIIs selling, DIIs buying, and technical levels for Nifty and Bank Nifty. Stay informed with our comprehensive market forecast for the week ahead.
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