Summary of the Day's Market Performance

• The Sensex gained 363.99 points (+0.45%) to close at 80,369.03, while the Nifty rose 127.60 points (+0.52%) to 24,466.80 on October 29.

• Both the BSE Midcap and Smallcap indices were up by 0.7%.

• Sectorally, banks, realtors, power, and capital goods saw gains between 1-2%, while pharma, IT, and auto faced declines of 0.5-1%.

Performance of Key Sectors

• Banks: With optimism surrounding positive earnings, PSU Banks rebounded, bolstered by easing crude oil prices and early Q2 earnings strength.

• Realty and Power: These sectors also experienced growth in festive sentiment and improved investor sentiment.

• Auto and Pharma: Underperformed, primarily due to disappointing Q2 results and weak demand recovery.

💸 Market Transactions:

• Foreign Institutional Investors (FII): ₹-548.69 crore (Net Sellers)

• Domestic Institutional Investors (DII): ₹730.13 crore (Net Buyers)

Domestic Institutional Investors (DII) continued to lend support, helping to counteract Foreign Institutional Investors (FII) net selling.

• Festive Cheer: Approaching Diwali has uplifted investor sentiment, helping markets recover from recent lows. A decrease in crude oil prices supported sentiment, even as it hinted at a global demand slowdown.

• Earnings Drive Market Sentiment: Weak earnings in several sectors mean that the market’s direction is likely to stay influenced by stock-specific results in the coming days.

• Auto Weakness: Auto stocks slipped due to underwhelming Q2 performance, with companies citing challenges around demand recovery.

• Green Energy IPO: NTPC’s Green Energy Arm received SEBI approval for its IPO, marking a strong push in India’s renewable sector.

Key Stock Movements and News

• Top Gainers:

  • SBI, Bharat Electronics, SBI Life Insurance, HDFC Life, ICICI Bank

• Top Losers:

  • Tata Motors, Dr Reddy's Labs, Maruti Suzuki, Hero MotoCorp, Bajaj Auto

• JSW Energy: Gained 7% following an MoU with POSCO for a partnership in battery materials, renewable energy, and steel.

• Jio Payment Solutions: Received the RBI's nod to operate as an online payment aggregator.

• Senco Gold: After intraday losses of 14% on tax raid rumors, the stock recovered following company clarification, ending the day down 5%.

• Swiggy: Announced its maiden IPO with a subscription period from November 6-8, targeting an Issue Size of ₹11,327.43 Cr and a price band of ₹371-390.

• Maruti Suzuki: Approved the merger of Suzuki Motor Gujarat with the company, aimed at consolidating operations.

• NTPC: With its green energy IPO on the horizon, it’s one to watch for investors focused on renewables.

• Swiggy: As it prepares for its IPO, investor interest is expected to be high in India’s food delivery and tech startup space.

• JSW Energy: The recent MoU with POSCO positions the company favorably in renewable energy and battery materials.

Markets embraced festive optimism, with a positive close buoyed by banking sector gains and easing crude oil prices. However, weak Q2 earnings continue to cloud overall market direction, with stock-specific action expected to shape sentiment in the near term. With Diwali just around the corner, the market looks poised for potential gains but remains sensitive to the earnings season results.

😊Thank you for subscribing to our Market Wrap-Up. Stay tuned for tomorrow's update.

Disclaimer: The information provided in this newsletter is for informational purposes only and should not be considered financial advice.

Follow us on Social Media