Summary of the Day's Market Performance

• Indian benchmark indices ended a 3-day losing streak on October 18, with Nifty closing above 24,850.

• The Sensex was up 218.14 points or 0.27% at 81,224.75, while Nifty gained 104.20 points or 0.42%, closing at 24,854.

• The BSE midcap index ended marginally higher, but the smallcap index finished in the red.

• Bank and Metal indices rose by over 1% each, while IT dropped by more than 1% and FMCG slipped by 0.5%.

Performance of Key Sectors

• Gainers: Financials, Auto, and Metal stocks saw selective buying, driven by optimism from positive earnings results of private banks and improving Chinese GDP growth.

• Losers: IT and FMCG sectors faced pressure, with notable declines in stocks like Infosys and Nestle.

💸 Market Transactions:

• Foreign Institutional Investors (FII): ₹-5,485.70 crore (Net Sellers)

• Domestic Institutional Investors (DII): ₹5,214.83 crore (Net Buyers)

Foreign Institutional Investors (FII) continued their selling streak, while Domestic Institutional Investors (DII) supported the market with substantial net purchases.

• After a morning sell-off, the market rebounded from oversold levels, driven by buying in financial, auto, and metal stocks.

• Optimism surged from better-than-expected Q3 GDP growth in China, positively impacting metal stocks.

• The market posted losses for the third consecutive week, marking the longest losing streak in 2024. However, Friday's surge helped trim the weekly loss, with Sensex and Nifty down only 0.2-0.4%.

• Financials outperformed, led by strong gains in ICICI Bank and HDFC Bank, with the Nifty Bank index up 2% for the week.

• Longest Losing Streak of 2024: This week marked the third straight weekly loss for Indian markets, making it the longest losing streak of the year. Despite the drop, selective buying in financials and metals helped cushion the overall impact.

Key Stock Movements and News

• Top Gainers: Axis Bank, Wipro, Eicher Motors, ICICI Bank, Shriram Finance.

• Top Losers: Infosys, Britannia Industries, Nestle India, HUL, Asian Paints.

• Manappuram Finance: Plunged -14% after the Reserve Bank of India banned its subsidiary, Asirvad Finance, from issuing new loans.

• Zomato: Fell -4% after announcing it would consider raising funds, despite having ₹10,000 crore in cash reserves.

• KIMS: Signed an MoU with Wipro GE Healthcare worth up to ₹700 crore.

• Mahanagar Gas: Shares dropped after a 20% reduction in CNG transport allocation.

• Shriram Finance: Announced it will consider a stock split on October 25.

• Mazagon Dock Shipbuilders: Rallied +7% intraday as the company announced plans to consider a dividend and stock split on October 22.

• Adani Enterprises: Completed a QIP of ₹4,200 crore.

• Axis Bank: Surged 4% after posting robust Q2 results, prompting bullish calls from brokerages.

• Infosys: Morgan Stanley retained its 'overweight' rating on the stock, with a target of ₹2,150.

• Axis Bank: Strong Q2 results, with brokerage upgrades fueling bullish sentiment.

• Shriram Finance: Stock split announcement could drive interest.

• Mazagon Dock Shipbuilders: Upcoming dividend and stock split considerations.

Indian equity indices rebounded on October 18, breaking a 3-day losing streak, with Nifty closing above 24,850. Selective buying in financials, auto, and metals helped the market recover from early losses, supported by better-than-expected private bank earnings and China's Q3 GDP growth. FIIs continued to sell, while DIIs provided market support.

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

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