The Indian stock market witnessed a volatile week as the Nifty 50 index fluctuated between gains and losses amid mixed global cues and domestic factors. The index ended the week with a marginal gain of 0.24% at 19,751.05 points. Here is a summary of the daily performance of the Nifty 50 index for the week:
- 9 Oct 2023 Mon: The Nifty 50 index opened at 19,539.45 points and touched a high of 19,588.95 points during the day. However, it failed to sustain the momentum and closed at 19,512.35 points, down by 0.17% from the previous close. The volatility index (VIX) rose by 2.31% to 14.58. The market was bearish as investors booked profits after a strong rally in the previous week. The top five factors that drove the market on this day were:
- The Reserve Bank of India (RBI) announced its bi-monthly monetary policy review and kept the repo rate unchanged at 4%. The RBI also maintained an accommodative stance and revised its growth forecast for FY24 to 9.5% from 9.2%.
- The global markets were mixed as investors awaited the US inflation data and the earnings season. The US markets were closed on account of Columbus Day.
- The oil prices surged to a seven-year high as OPEC+ decided to stick to its plan of gradual output increase despite rising demand and supply concerns.
- The IT stocks were under pressure as Infosys reported lower-than-expected revenue growth and margin contraction in the second quarter of FY24.
- The auto stocks were in focus as the passenger vehicle sales in September rose by 17% year-on-year, while the two-wheeler sales declined by 15%.
- 10 Oct 2023 Tue: The Nifty 50 index opened at 19,565.60 points and rallied to a high of 19,717.80 points during the day. It closed at 19,689.85 points, up by 0.91% from the previous close. The VIX fell by 4.18% to 13.97. The market was bullish as investors cheered the positive global cues and the earnings season. The top five factors that drove the market on this day were:
- The US markets ended higher on Monday as investors shrugged off the inflation worries and focused on the earnings season. The Dow Jones Industrial Average rose by 0.76%, while the Nasdaq Composite gained 0.93%.
- The Asian markets followed suit and traded higher on Tuesday as investors hoped for a resolution of the US debt ceiling issue and a stimulus package.
- The banking stocks led the rally as HDFC Bank reported a 17.6% year-on-year growth in net profit and a 14.4% growth in net interest income in the second quarter of FY24.
- The metal stocks also gained as the iron ore prices rebounded from a three-month low on hopes of strong demand from China.
- The pharma stocks were in demand as Dr Reddy’s Laboratories launched its Covid-19 vaccine Sputnik V in India.
- 11 Oct 2023 Wed: The Nifty 50 index opened at 19,767.00 points and touched a high of 19,839.20 points during the day. It closed at 19,811.35 points, up by 0.62% from the previous close. The VIX rose by 1.02% to 14.11. The market was sideways as investors remained cautious ahead of the festive season and the global developments. The top five factors that drove the market on this day were:
- The US markets ended lower on Tuesday as investors weighed the prospects of a stimulus deal and the rising Covid-19 cases. The Dow Jones Industrial Average fell by 0.29%, while the Nasdaq Composite dropped by 0.66%.
- The Asian markets also traded lower on Wednesday as investors awaited the minutes of the US Federal Reserve’s latest meeting and the China’s trade data.
- The telecom stocks were in focus as Reliance Jio announced a tariff hike of up to 20% for its prepaid plans, following the footsteps of Bharti Airtel and Vodafone Idea.
- The FMCG stocks were under pressure as Hindustan Unilever reported a 9% year-on-year decline in net profit and a 1% decline in volume growth in the second quarter of FY24.
- The consumer durables stocks were mixed as the festive season demand picked up amid easing of lockdown restrictions and pent-up demand.
- 12 Oct 2023 Thu: The Nifty 50 index opened at 19,822.70 points and slipped to a low of 19,772.65 points during the day. It closed at 19,794.00 points, down by 0.09% from the previous close. The VIX fell by 2.77% to 13.71. The market was bearish as investors booked profits after a three-day rally and awaited the corporate earnings season. The top five factors that drove the market on this day were:
- The US markets ended mixed on Wednesday as investors digested the minutes of the US Federal Reserve’s latest meeting and the earnings reports from major banks. The Dow Jones Industrial Average rose by 0.18%, while the Nasdaq Composite fell by 0.28%.
- The Asian markets also traded mixed on Thursday as investors reacted to the China’s trade data and the geopolitical tensions between China and Taiwan.
- The banking stocks were volatile as ICICI Bank reported a 23% year-on-year growth in net profit and a 16% growth in net interest income in the second quarter of FY24.
- The IT stocks were in limelight as Tata Consultancy Services reported a 16.8% year-on-year growth in net profit and a 18.2% growth in revenue in the second quarter of FY24.
- The oil and gas stocks were under pressure as the oil prices retreated from a seven-year high amid rising US crude inventories and easing supply concerns.
- 13 Oct 2023 Fri: The Nifty 50 index opened at 19,654.55 points and surged to a high of 19,805.40 points during the day. It closed at 19,751.05 points, up by 0.48% from the previous close. The VIX rose by 1.74% to 13.97. The market was bullish as investors cheered the positive global cues and the domestic factors. The top five factors that drove the market on this day were:
- The US markets ended higher on Thursday as investors welcomed the progress on the stimulus talks and the upbeat earnings reports from major companies. The Dow Jones Industrial Average rose by 0.43%, while the Nasdaq Composite gained by 0.50%.
- The Asian markets also traded higher on Friday as investors hoped for a breakthrough in the US-China trade talks and a resolution of the US debt ceiling issue.
- The infrastructure stocks led the rally as Larsen & Toubro reported a 28% year-on-year growth in net profit and a 15% growth in revenue in the second quarter of FY24.
- The cement stocks also gained as UltraTech Cement reported a 113% year-on-year growth in net profit and a 17% growth in revenue in the second quarter of FY24.
- The auto stocks were upbeat as Maruti Suzuki launched its new model Ciaz with hybrid technology and lower emissions.