hello world!

Market Recap 03-10-2024

Sebencapital

Published
03/10/24
Market Recap 03-10-2024


Indian Indices

I) Nifty: opened at 25452 and touched a high of 25639 then a low of 25230 and closed at 25250 with a total of - 546 points in Negative

II) Bank Nifty: open 52314 and touched a high of 52582 then a low of 51683 and closed at 51845 With a total of - 1077 points Negative

III) Fin Nifty: open 24215 and touched a high of 24326 then a low of 23819 and closed at 23881 With a total of - 595 points in Negative

IV) Nifty Mid Select: open 13118 and touched a high of 13235 then a low of 12887 and closed at 12976 With a total of - 319 points in Negative


NSE Advance and Decline


Nifty 500 Top Gainer


Nifty 500 TOP LOSER


Sectoral Performance


Outperforming stocks vs nifty 500 over 1 week


Underperforming Stock vs Nifty 500 over 1 week


Stock With Rising Volume


Headlines

Today’s Indian stock market highlights (October 3, 2024), excluding indices:

Market Overview

Today, the Indian stock market exhibited mixed performance as investors reacted to global cues, corporate earnings, and economic data. The trading session saw volatility due to fluctuations in international markets, especially influenced by global oil prices and geopolitical tensions.

Sector Performance

  1. IT Sector: The IT sector witnessed a decline amid concerns over a potential slowdown in tech spending. Major players like Infosys and TCS experienced selling pressure, with analysts suggesting that cautious spending by clients in North America could impact revenue growth in the upcoming quarters.
  2. Banking Sector: The banking stocks showed resilience, driven by reports of improved asset quality and robust credit growth. Public sector banks, particularly State Bank of India and Bank of Baroda, attracted buying interest as they reported better-than-expected quarterly results, leading to a rally in their stock prices.
  3. Pharmaceuticals: The pharmaceutical sector continued to gain traction, with stocks like Sun Pharma and Cipla trading higher. Analysts pointed to strong demand for generic drugs and an uptick in exports as key factors boosting sentiment in the sector.
  4. Automobile Sector: The automobile sector faced pressure as major companies reported mixed sales figures for September. Tata Motors saw a decline in its stock price despite strong sales for electric vehicles, reflecting concerns over rising raw material costs affecting profit margins.

Corporate Updates

  • Reliance Industries: Reliance Industries announced plans to invest in renewable energy, furthering its commitment to sustainability. The stock witnessed a slight uptick following the announcement, as investors are optimistic about the company’s long-term growth strategy.
  • HDFC Bank: HDFC Bank reported robust quarterly results, with net profit rising by 18% year-on-year. The strong performance was attributed to healthy loan growth and lower provisioning for bad loans. This positive news boosted investor sentiment towards banking stocks.
  • Maruti Suzuki: Maruti Suzuki’s stock dipped after the company announced a temporary production halt due to supply chain disruptions. Investors expressed concerns over the potential impact on quarterly earnings.

Foreign Institutional Investors (FIIs)

FIIs remained net sellers in the market today, continuing the trend seen in recent weeks. Concerns over rising interest rates in the U.S. and geopolitical uncertainties have led to a cautious approach among foreign investors. However, domestic institutional investors (DIIs) have been stepping in to support the market, helping to cushion some of the declines.

Economic Data

The market reacted to the release of key economic indicators, including the Manufacturing Purchasing Managers’ Index (PMI), which showed a slight contraction. This data raised concerns about the health of the manufacturing sector and the overall economy, leading to some profit booking in stocks.

Commodities and Global Cues

Oil prices surged again due to ongoing tensions in the Middle East, impacting sentiment in energy stocks. Investors closely monitored crude prices, as further increases could lead to inflationary pressures and affect consumer spending.

Technical Levels

  • Support Levels: Key support levels were noted at 18,200 and 18,000 for major indices, while resistance levels were seen at 18,400.
  • Market Sentiment: The overall market sentiment remains cautious, with many traders opting for a wait-and-watch approach amid fluctuating global cues.

Outlook

As we look ahead, investors will be focused on upcoming corporate earnings reports and global economic indicators. The U.S. Federal Reserve's next policy meeting will also be a critical factor influencing market sentiment. Analysts suggest that sectors like banking and pharmaceuticals may continue to show resilience, while IT and automotive sectors could remain under pressure.

In summary, today’s trading session highlighted the mixed sentiment in the Indian stock market, driven by sector-specific performances, corporate announcements, and external economic factors. Investors are advised to stay cautious and keep an eye on upcoming economic data and corporate earnings reports to make informed decisions.


See Our Last Market Recap Blog


Written by devesh gupta

I am Devesh Gupta, a Junior Analyst at Seben Capital, where I specialize in finance with a focus on market research and data analysis. I support investment decisions by translating complex financial data into actionable insights. My role at Seben Capital allows me to contribute significantly to our investment strategies, leveraging my analytical skills to drive success.

Copyright @ Seben Capital

Crafted By Cre8r.in  and Supported By $BACKRCOIN