Friday 6 October 2023

Market remains flat for the second week; rupee falls, FII selling continue

The market has displayed a lack of significant movement for the second consecutive week, with the rupee depreciating and foreign institutional investor (FII) selling persisting.

In terms of sectors, the BSE Realty index showed a 2 percent gain, while the BSE Information Technology index increased by 1.8 percent, and the BSE Capital Goods index registered a 1 percent rise. Conversely, the BSE Power Index experienced a 2.5 percent decline, the BSE Metal index dropped by 2.3 percent, and the BSE Telecom index witnessed a 2 percent decrease.

The Indian benchmark indices navigated a highly volatile week, ultimately ending on a relatively flat note. The initial half of the week was marked by pressure stemming from escalating US bond yields, a stronger dollar, and mixed auto sales data. However, the latter part of the week brought some relief, thanks to favorable domestic PMI data, an in-line RBI policy outcome, and falling crude oil prices.

For the week, the BSE Sensex closed with a modest gain of 0.25 percent or 167.22 points, reaching a total of 65,995.63. Similarly, the Nifty50 added 15.2 points to conclude the week at 19,653.50.

Within the BSE Small-cap index, notable performers included Vascon Engineers, Sasken Technologies, Bhagiradh Chemicals and Industries, Authum Investment & Infrastructure, Raghav Productivity Enhancers, and Good Luck India, all registering a significant 20 percent increase. Conversely, Mahanagar Telephone Nigam, DCM Shriram Industries, Aarti Pharmalabs, Steel Exchange India, GE T&D India, Sat Industries, Indiabulls Housing Finance, and Kalyani Steels faced declines ranging from 7 to 9 percent.

The BSE Mid-cap Index, however, experienced a 0.8 percent dip, largely influenced by downward movements in stocks such as Dalmia Bharat, Glenmark Pharma, Gujarat Fluorochemicals, Vodafone Idea, Steel Authority of India, CG Power and Industrial Solutions, and Supreme Industries. In contrast, gainers in this category included Godrej Industries, Godrej Properties, Solar Industries India, Indian Railway Catering & Tourism Corp, MphasiS, and The Ramco Cements.

Disclaimer:

The views and investment tips expressed by experts on here are their own and not those of the website or its management. We strongly advises users to check with certified experts before taking any investment decisions. We are not responsible for any losses.

IREDA IPO: GMP, what are the subscription status signals? Allotment Date, How to Check Status

The Indian Renewable Energy Development Authority (IREDA) IPO concluded its subscription period on Thursday, receiving robust interest from ...