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WEEKLY MARKET REPORT
The market extended the losing streak in the third consecutive week ended October 18 amid high volatility led by muted Q2 earnings expectations, continued FII outflows, and ongoing Middle East tensions.
This week, BSE Sensex was down 156.61 points or 0.19 percent to end at 81,224.75, while the Nifty50 index shed 110.25 points or 0.44 percent to finish at 24,854.
On the sectoral front, Nifty Auto index slipped nearly 5 percent, the Nifty Metal index fell nearly 2 percent, Nifty Media, FMCG, and Oil & Gas indexes shed 1.5 percent each. On the other hand, the Nifty Bank index was up nearly 2 percent, the Nifty PSU Bank index added 1 percent, and the Nifty Realty index gained 0.6 percent.
Considering the Broader market indices, the BSE Mid-cap Index shed 1 percent while the BSE Large-cap Index slipped 0.7 percent and The BSE Small-cap index ended flat.
In terms of the market value, ICICI Bank added the most, followed by HDFC Bank, State Bank of India, Larsen & Toubro. On the other hand, Bajaj Finance, Infosys, Mahindra, and Mahindra lost most of their market cap.
During the week, Foreign institutional investors (FIIs) extended their selling as they sold equities worth Rs 21,823.34 crore, which was compensated by Domestic Institutional Investors (DII) as they bought equities worth Rs 16,384 crore.
In the month till now, the FIIs sold equities worth Rs 80,217.90 crore, while DIIs purchased equities worth Rs 74,176.20 crore. Further, the Indian rupee ended on a flat note at 84.07 per dollar in the week ended October 18.
ECONOMY
India will develop and release 6G before anyone else: Commerce and Industry Minister Piyush Goyal
India was ahead of the world in launching 5G services across the country and hopes to develop and release 6G before anyone else, said Commerce and Industry Minister Piyush Goyal at the SHRM India Annual Conference 2024 on October 18.
“We are now the envy of the world. The entire world wants to do business with India and expand economic relations with India. They are looking at Indian skills to power their economy,” Goyal said.
Western, and southern states’ share in direct tax collections rose further in FY24
The share of western and southern states in direct tax collections has increased further over the past six years, as revenue nearly doubled, according to data released by the Central Board of Direct Taxes (CBDT).
The country’s north, central, and eastern states have fallen further behind, with their share falling to 25.6 percent in FY24 from 30.5 percent before the COVID outbreak.
Gold ETFs inflows jump amid rising prices ahead of Dhanteras: ICRA Analytics
Inflows into these funds have increased by nearly 88 percent since the beginning of 2024, totalling Rs 1,232.99 crore in September amid gains in yellow metal prices ahead of Dhanteras, ICRA Analytics said in a statement.
Investors are drawn to gold ETFs due to their liquidity, transparency, and global price alignment, which remains firm due to geopolitical headwinds, ICRA said.
GLOBAL MARKETS
Dow and S&P end at fresh record highs, lifted by Netflix earnings and tech stocks
The Dow Jones Industrial Average and S&P 500 chalked up record closing highs on Friday, with the Nasdaq also in positive territory, as markets were boosted by an earnings-driven jump in Netflix shares and broader gains across technology stocks.
On Friday, the S&P 500 rose 23.20 points, or 0.40%, to 5,864.67 points, while the Nasdaq Composite advanced 115.94 points, or 0.63%, to 18,489.55. The Dow Jones Industrial Average gained 36.86 points, or 0.09%, at 43,275.91.
Oil inches up after surprise drop in US crude stockpiles
Oil prices rose in early Asian trade on Thursday, paring sharp losses over the past two sessions, after industry data showed an unexpected drop in U.S. crude stockpiles last week.
Brent crude futures rose 45 cents, or 0.6%, to $74.67 a barrel by 0023 GMT, while U.S. West Texas Intermediate crude futures were at $70.84 a barrel, up 45 cents, or 0.6%.
STOCKS IN NEWS
Hindustan Zinc: Hindustan Zinc is discussing the possibility of splitting the company into two units with the Indian government, which is opposed to the proposal, CEO Arun Misra said on Friday. The company’s comments come after India’s government, the miner’s largest minority shareholder, had rejected its proposal to split into different units in March, saying it was not convinced such a move would boost shareholder value.
Vedanta: Mining major Vedanta Ltd announced on October 18 a plan to invest Rs 1 lakh crore in Odisha, which will be the largest investment ever made in the eastern state that will create 2 lakh new jobs. The investment will be directed towards establishing a 6 million tons per annum alumina refinery and a 3 million tons aluminium plant, focused on producing green aluminium powered by renewable energy.
Hyundai Motor: Hyundai Motor India, has submitted the pre-feasibility report to take up revamping and modernisation of its facility in Tamil Nadu at an outlay of Rs 1,500 crore. The expansion at the existing facility at Irungattukottai near here would create an additional 155 new jobs and the plant size would be increased to 7.21 lakh sq metre from the current 5.40 lakh sq metre.
Tata Groups: The half-brother of Ratan Tata was appointed on Friday as the head of the powerful and influential philanthropic arm of Tata Group, giving him indirect control of the $ 165-billion conglomerate. Tata Trusts said Noel Tata, 67, will be its new chairman after the death this week of Ratan Tata, one of India’s best-known corporate titans.