My Account
Follow us on:
Powered By
Find & Invest in bonds issued by top corporates, PSU Banks, NBFCs, and much more. Invest as low as 10,000 and earn better returns than FD
Invest Now
Powered By
Unlock Your Trading Potential: Trade like Experts with SEBI registered creators, Learn from Courses & Webinars by India’s Finest Finance Experts.
Invest Now
AMBAREESH BALIGA
Fundamental, Stock Ideas, Multibaggers & Insights
Subscribe
CK NARAYAN
Stock & Index F&O Trading Calls & Market Analysis
Subscribe
SUDARSHAN SUKHANI
Technical Call, Trading Calls & Insights
Subscribe
T GNANASEKAR
Commodity Trading Calls & Market Analysis
Subscribe
MECKLAI FINANCIALS
Currency Derivatives Trading Calls & Insights
Subscribe
SHUBHAM AGARWAL
Options Trading Advice and Market Analysis
Subscribe
MARKET SMITH INDIA
Model portfolios, Investment Ideas, Guru Screens and Much More
Subscribe
TraderSmith
Proprietary system driven Rule Based Trading calls
Subscribe
Curated markets data, exclusive trading recommendations, Independent equity analysis & actionable investment ideas
Subscribe
Curated markets data, exclusive trading recommendations, Independent equity analysis & actionable investment ideas
Explore
STOCK REPORTS BY THOMSON REUTERS
Details stock report and investment recommendation
Subscribe
POWER YOUR TRADE
Technical and Commodity Calls
Subscribe
INVESTMENT WATCH
Set price, volume and news alerts
Subscribe
Benchmark indiced ended on a negative note on October 13 amid volatility with Nifty at 19,750. At close, the Sensex was down 125.65 points or 0.19 percent at 66,282.74, and the Nifty was down 43.00 points or 0.22 percent at 19,751.
We wrap up today's edition of the Moneycontrol live market blog, and will be back tomorrow morning with all the latest updates and alerts. Please visit https://www.moneycontrol.com/markets/global-indices/ for all the global market action.
Taking Stock: IT, banking stocks pull market down on another volatile day
Among sectors, auto and realty were up 0.5 percent each, while PSU bank and information technology were down 0.5-1 percent… Read More
Weak global cues and a sharp rise in crude oil prices dampened the market sentiment as banking and technology stocks led the downfall. While the market is already coping up with global economic uncertainty, concerns over the flare up in Israel-Palestine conflict has been making investors jittery. Investors are also worried about the persistent FII selling and the rising US dollar and treasury yields.
Nifty ended October 13 on a negative note post a volatile session. At close, Nifty was down 0.22% or 42.9 points at 19751.1. Volumes on the NSE rose towards recent average volumes. Broad market indices closed almost flat even as the advance decline ratio dropped to 0.88:1.
Global equities slipped on Friday after U.S. inflation data fuelled concerns about interest rates staying higher for longer, while persistent deflationary pressures reflected in the latest consumer and producer inflation data from China added to jitters about the global economy.
Elsewhere, the conflict in the Middle East looks set to escalate as Israel's military on Friday called for all civilians of Gaza City, more than 1 million people, to relocate south within 24 hours, as it amassed tanks near the Gaza Strip ahead of an expected ground invasion. An escalation of Israel’s war with Hamas, drawing in Iran, could send crude oil to USD 150 a barrel and cut about USD 1 trillion off world economic output, according to Bloomberg Economics.
India's merchandise deficit eased to a 5-month low amidst a sharper decline in imports. The merchandise trade deficit fell to USD 19.4 billion September, compared to USD 24.2 billion in August and USD 27.98 billion in September 2022. Exports fell by 2.6% annually to USD 34.5 billion; Imports fell by 15% annually to USD 53.8 billion. Exports were flat on a sequential basis, while imports fell by 8.2%.
Nifty recovered well after a gap down opening on October 13. On weekly charts it rose 0.5% forming a bullish engulfing bull pattern. Nifty could now face resistance in the 19839-19878 band while support could come in at 19512-19565 band.
In the Bank Nifty index, the ongoing battle between the bulls and bears continued. Resistance is established at the 44,700 mark, while the support lies at 44,000. The overall market sentiment remains bullish as long as the critical support at 44,000 holds, and a breach below this level, confirmed by a closing basis, may lead to renewed selling pressure. On the upside, a substantial resistance level is placed at 45,000, and a breakout beyond this point is likely to trigger significant short-covering.
The Nifty opened gap down however during the course of the day it witnessed recovery to close well off the intraday lows though on a negative note down ~43 points. On the daily charts we can observe that the zone of 19640 – 19620 where support in the form of the 40-day average was placed acted as a cushion and prevented further decline. The rallies and corrections have been short lived and thereby only leading to increased volatility and wild swings in both directions.
The daily Bollinger bands are contracting which indicates that the index is due for consolidation. The daily and hourly momentum indicators are providing divergent signals and in such a scenario a consolidation appears high probability. The range of consolidation is likely to be 19500 – 20100 from short term perspective. Stocks specific action and sector rotation are likely during this period of consolidation.
Bank Nifty witnessed a deeper correction however, we believe that this dip is likely to be bought into. On the downside, 44000 – 43800 is the crucial support zone and until that is not breached on the downside we shall expect a recovery till 45050 – 45350 in the bank Nifty from short term perspective.
It turned out to be a roller coaster ride for participants as the Nifty oscillated sharply on both sides and finally settled marginally lower. After the gap-down start, it drifted lower however recovery in the heavyweights pared majority of the losses as the day progressed. Meanwhile, mixed trends on the sectoral front kept the participants busy wherein auto and realty posted decent gains while pressure continued in banking and IT. Amid all, the broader indices traded in sync with the benchmark and closed flat.
The recent dip in IT majors combined with the underperformance of the banking pack is currently weighing on the sentiment. And, it is difficult to make any directional move without their participation. We thus reiterate our view to stay focused on stock selection and risk management.
The bulls were able to protect the level of 19600 during the day, thanks to the strong open interest (OI) build-up at the 19,600 strike price by put writers. The strength may continue as long as the index remains above 19600. Only a decisive fall below 19600 might trigger serious long unwinding in the market, till then a buy on dips strategy to favor the market. On the higher end, resistance is visible at 19850; above 19850, the index might move towards 20000.
Weak revenue guidance of the IT sector and the current uptick in crude prices weighed on the sentiment. While higher-than-expected US inflation data pulled down the week's early uptrend, which was positive on remark of less hawkish US Fed meeting. However, some optimism was visible from domestic factors like a steep decline in domestic inflation and impressive industrial production data, along with bright earnings expectations for Q2.
The greenback has lost traction across the board after registering the largest single-day gain since March 15 amid higher US inflation readings. Back home, the rupee remained the median performer this week following the central bank’s intervention and the attractiveness of carry trade in the region.
The fall in traded deficit and better economic data supported the rupee this week, even after foreign fund outflows. In the near term, spot USDINR is expected to consolidate between 83 to 83.30 and either side break will lead to higher in the volatility and volumes.
Indian rupee ended flat at 83.26 per dollar versus previous close of 83.24.
Benchmark indiced ended on a negative note on October 13 amid volatility with Nifty at 19,750.
At close, the Sensex was down 125.65 points or 0.19 percent at 66,282.74, and the Nifty was down 43.00 points or 0.22 percent at 19,751. About 1800 shares advanced, 1739 shares declined, and 155 shares unchanged.
Top Nifty losers were Axis Bank, Infosys, Adani Enterprises, SBI and Wipro, while the gainers were Tata Motors, IndusInd Bank, HCL Technologies, Tata Consumer Products and Nestle India.
Among sectors, auto and realty up 0.5 percent each, while PSU bank and information technology down 0.5-1 percent.
The BSE midcap and smallcap indices ended on a flat note.
Banks Or IT: Which Stocks Should You Buy Now? | Sectors To Watch | IT Stocks | Stock Market
Copyright © e-Eighteen.com Ltd. All rights reserved. Reproduction of news articles, photos, videos or any other content in whole or in part in any form or medium without express writtern permission of moneycontrol.com is prohibited.
You are already a Moneycontrol Pro user.
Access your Detailed Credit Report – absolutely free