The Indian stock market witnessed a volatile week from September 11 to September 15, 2023, as the Nifty 50 index fluctuated between the record high of 20,008 and the low of 18,912. The market was influenced by various factors such as corporate earnings, global cues, inflation data, and geopolitical tensions. Here is a date-wise summary of the market performance:
- September 11, 2023 (Monday): The Nifty 50 index hit the milestone of 20,000 for the first time in history, as robust buying by domestic investors helped the market extend the winning streak to the seventh straight session. The index closed at 19,996.35, up by 176.40 points or 0.89% from the previous trading day. The index opened at 19,820.15, reached a high of 20,008.15, and a low of 19,789.05. The volatility index (VIX) was at 14.67. The market was bullish on the back of positive global cues, strong corporate results, and easing inflation worries. The top five factors that drove the market were:
- The US PCE report showed that inflation eased to 4.2% in August from 4.3% in July.
- The GST collections for August rose by 30% year-on-year to Rs 1.12 lakh crore.
- The IIP data for July showed that industrial production grew by 11.5% year-on-year.
- The IT sector outperformed as Infosys, TCS, and Wipro reported better-than-expected quarterly earnings.
- The banking sector gained as SBI, HDFC Bank, and ICICI Bank reported strong loan growth and asset quality improvement.
- September 12, 2023 (Tuesday): The Nifty 50 index snapped its seven-day rally and corrected by over 1%, as profit-booking and global weakness weighed on the sentiment. The index closed at 19,765.10, down by 231.25 points or 1.16% from the previous trading day. The index opened at 19,987.80, reached a high of 20,001.80, and a low of 19,734.85. The volatility index (VIX) was at 15.87. The market was bearish as investors booked profits after the recent rally and awaited the outcome of the US Fed meeting. The top five factors that dragged the market were:
- The US markets fell sharply as investors feared that the Fed might taper its bond-buying program sooner than expected.
- The oil prices surged to a six-week high as Hurricane Nicholas disrupted the US Gulf Coast production.
- The metal prices declined as China announced plans to release more state reserves to curb inflation.
- The auto sector underperformed as Maruti Suzuki, Tata Motors, and Mahindra & Mahindra reported weak sales data due to chip shortage and supply chain issues.
- The pharma sector declined as Sun Pharma, Dr Reddy's, and Cipla faced regulatory hurdles and pricing pressure in the US market.
- Sep 13 2023 (Wednesday): The Nifty 50 index opened at 19,915.25 and rose to a new high of 20,070.00 in intraday trade, before ending at 20,070.00, up by 162.10 points or 0.81% from the previous close. The Sensex also opened at a record high of 67,161.49, but climbed by 245.86 points or 0.37% to close at 67,466.99. The market extended its gains for the second consecutive day as positive macroeconomic data triggered buying in banking, energy and telecom shares. The market was also supported by strong foreign institutional investors (FIIs) inflows, who net bought shares worth Rs 1,543 crore on Wednesday. The market sentiment was also lifted by the easing of Covid-19 restrictions in several states and the progress of the vaccination drive. The market trend was bullish on Wednesday. The top five factors that influenced the market on Wednesday were:
- Positive macroeconomic data as industrial production rose by 11.5% in July and retail inflation eased to 5.3% in August
- Strong buying by FIIs
- Easing of Covid-19 restrictions and progress of vaccination drive
- Buying interest in banking, energy and telecom sectors
- Optimism over festive season demand
- Sep 14 2023 (Thursday): The Nifty 50 index opened at 20,075.15 and fell to a low of 19,920.55, before recovering to close at 19,995.35, down by 74.65 points or 0.37% from the previous close. The Sensex also opened lower at 67,398.49 and dropped by 231.62 points or 0.34% to close at 67,235.37. The market witnessed some volatility and correction after hitting record highs on Wednesday as investors turned cautious ahead of the US Federal Reserve meeting and the outcome of the Gujarat assembly elections. The market was also dragged down by weak global cues as Wall Street ended lower on Wednesday and Asian markets traded mixed on Thursday amid concerns over rising Covid-19 cases and inflation worries. The market trend was sideways on Thursday. The top five factors that affected the market on Thursday were:
- Volatility and correction after hitting record highs
- Caution ahead of US Fed meeting and Gujarat polls
- Weak global cues as Wall Street ended lower and Asian markets traded mixed
- Selling pressure in IT, pharma and FMCG sectors
- Profit-booking by traders ahead of weekly expiry
- Sep 15 2023 (Friday): The Nifty 50 index opened at 19,980.15 and fluctuated between a high of 20,010.15 and a low of 19,850.55, before settling at 19,907.90, down by 87.45 points or 0.44% from the previous close. The Sensex also opened flat at 67,235.37 and declined by 248.59 points or 0.37% to close at 66,986.78. The market ended the week on a subdued note as investors awaited the outcome of the US Federal Reserve meeting and the Gujarat assembly elections. The market was also influenced by mixed global cues as Wall Street rebounded on Thursday but European markets traded lower on Friday amid concerns over rising Covid-19 cases and inflation worries. The market trend was bearish on Friday. The top five factors that impacted the market on Friday were:
- Subdued sentiment ahead of US Fed meeting and Gujarat polls
- Mixed global cues as Wall Street rebounded but European markets traded lower
- Selling pressure in metal, auto and realty sectors
- Weakness in rupee against dollar
- Mixed corporate results from companies like TCS, HCL Tech and Wipro
NIFTY50 Market review for week 11Sep2023 - 15Sep2023
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