💫 Market Metrics: Weekly Roundup
⭐️ Sensex 63,782.80 ⬇️
⭐️ Nifty 50 19,047.25 ⬇️
⭐️ Nifty Bank 42,782.00 ⬇️
⭐️ Nifty Smallcap 100 12,639.30 ⬇️
⭐️ wNifty Midcap 100 38,701.85 ⬇️
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✨ Market Performance Key Takeaways For The Week:
🌟 The week started on a negative note for Bank Nifty, in line with the broader market. Selling intensified, pushing the banking index below 43000 and towards the next support at 42000. A recovery on Friday partially offset the losses, but the index still closed the week with a more than 2% cut.
🌟 The banking sector, being the weakest link, experienced a notable correction, reaching the 100% 'Price Extension' of the down move from 46,310.40 to 43,796.75 on Thursday. While some respite was seen due to oversold conditions, the real test will be when it approaches the 43,100 - 43,400 resistance zone. A move beyond 44,000 would confirm the end of the correction. Immediate support levels are at 42,500, 42,300 and 42,100.
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✨ News Highlights For The Week:
🌟 According to a Bloomberg report, Reliance Industries Ltd is poised to purchase a share in Walt Disney Co.'s Indian operations through a combination of cash and stock. This comes as Walt Disney, a U.S.-based company, considers selling a controlling interest in its Disney Star business, estimated to be worth approximately $10 Bn.
🌟 Cello World, a consumer-ware company, will launch its ₹1,900 Cr initial public offering (IPO) for subscription on 30-Oct. The IPO, closing on 27-Oct, is solely an offer-for-sale by shareholders, including promoters, with the proceeds benefiting the Rathod family.
🌟 Reliance Jio, owned by Mukesh Ambani, has introduced JioSpaceFibre, India's first satellite-based giga-fibre service, to offer fast and reliable internet to remote regions. They plan to make it accessible nationwide at affordable rates, announcing it at the India Mobile Congress on 27-Oct.
🌟 Indian markets saw the largest single-day equity selloff by foreign investors this year due to global uncertainties affecting stocks. Overseas investors sold stocks worth ₹7,702.5 Cr on Thursday, the highest in 2023 and the second consecutive day of outflows.
🌟 Billionaire industrialist Kumar Mangalam Birla has pledged that telecom operator Vodafone Idea (Vi) will make substantial investments in the upcoming quarters to deploy a 5G network and extend 4G coverage.
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Disclaimer:
1. This blog is exclusively for educational purposes.
2. The securities quoted are exemplary and not recommendatory.
3. Investments in securities market are subject to market risk, read all the related documents carefully before investing.
Sources: Angel One Research| Inc42 | Moneycontrol | bqPrime | Times of India
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