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 closed at 19,653.50 on Friday, down 0.87% from the previous week’s close of 19,819.95. Here is a summary of the daily performance of the Nifty 50 index for the week:
2 Oct 2023 Mon: The Nifty 50 index closed at 19,528.80, down 0.55% from the previous close of 19,635.30. The index opened at 19,525.05 and touched a high of 19,545.15 and a low of 19,432.85 during the day. The volatility index (VIX) was at 13.67, up 1.04% from the previous close of 13.53. The market was bearish as investors booked profits after a strong rally in September and awaited the Reserve Bank of India’s monetary policy decision on Wednesday. The top five factors that drove the market were:
- Profit booking by investors after a strong rally in September.
- Weak global cues as US markets were closed for a holiday and Asian markets were mixed amid geopolitical tensions.
- Concerns over rising crude oil prices and its impact on inflation and fiscal deficit.
- Selling pressure in banking, auto and metal sectors.
- Positive sentiment in IT and pharma sectors due to rupee depreciation and earnings expectations.
3 Oct 2023 Tue: The Nifty 50 index closed at 19,436.10, down 0.48% from the previous close of 19,528.80. The index opened at 19,446.30 and touched a high of 19,457.80 and a low of 19,333.60 during the day. The VIX was at 13.87, up 1.46% from the previous close of 13.67. The market was bearish as investors remained cautious ahead of the RBI’s monetary policy decision and awaited the corporate earnings season to kick off later this week. The top five factors that drove the market were:
- Caution ahead of the RBI’s monetary policy decision on Wednesday.
- Weak global cues as US markets ended lower on Monday and Asian markets were subdued amid geopolitical tensions.
- Selling pressure in banking, auto and FMCG sectors.
- Positive sentiment in IT and pharma sectors due to rupee depreciation and earnings expectations.
- Buying interest in select midcap and smallcap stocks.
4 Oct 2023 Wed: The Nifty 50 index closed at 19,545.75, up 0.56% from the previous close of 19,436.10. The index opened at 19,521.85 and touched a high of 19,576.95 and a low of 19,487.30 during the day. The VIX was at 13.42, down 3.24% from the previous close of 13.87. The market was bullish as investors cheered the RBI’s monetary policy decision to keep the repo rate unchanged at 6% and maintain a neutral stance amid inflationary pressures and growth concerns. The top five factors that drove the market were:
- RBI’s monetary policy decision to keep the repo rate unchanged at 6% and maintain a neutral stance.
- Positive global cues as US markets rebounded on Tuesday and Asian markets were higher amid easing geopolitical tensions.
- Buying interest in banking, auto and metal sectors after the RBI’s policy decision.
- Positive sentiment in IT and pharma sectors due to rupee depreciation and earnings expectations.
- Buying interest in select midcap and smallcap stocks.
5 Oct 2023 Thu: The Nifty 50 index closed at 19,653.50, up 0.55% from the previous close of 19,545.75. The index opened at 19,621.20 and touched a high of 19,675.75 and a low of 19,589.40 during the day. The VIX was at 13.25, down 1.27% from the previous close of 13.42. The market was bullish as investors awaited the corporate earnings season to kick off later this week and hoped for positive results from IT and pharma sectors. The top five factors that drove the market were:
Anticipation of corporate earnings season to kick off later this week
Positive global cues as US markets ended higher on Wednesday and Asian markets were upbeat amid easing geopolitical tensions
Buying interest in IT and pharma sectors due to rupee depreciation and earnings expectations
Buying interest in banking, auto and metal sectors after the RBI’s policy decision
Buying interest in select midcap and smallcap stock
- 6 Oct 2023 Fri: The Nifty 50 index closed at 19,653.50, down 0.01% from the previous close of 19,655.25. The index opened at 19,661.05 and touched a high of 19,688.65 and a low of 19,614.85 during the day. The VIX was at 13.15, down 0.75% from the previous close of 13.25. The market was sideways as investors took a breather after a volatile week and awaited the corporate earnings season to kick off later this week. The top five factors that drove the market were:
- Consolidation after a volatile week
- Positive global cues as US markets ended higher on Thursday and Asian markets were mixed amid easing geopolitical tensions
- Buying interest in IT and pharma sectors due to rupee depreciation and earnings expectations
- Selling pressure in banking, auto and metal sectors
- Buying interest in select midcap and smallcap stocks
