Summary of the Day's Market Performance

• Sensex closed down by 55.47 points (-0.07%) at 79,486.32, while Nifty dropped 51.10 points (-0.21%) to 24,148.20.

• BSE Midcap and Smallcap indices shed 1% and 1.6%, respectively.

• Sector Highlights: The IT index stood out with a 0.7% gain, while media, PSU Bank, metal, oil & gas, power, and realty sectors declined between 1-2%.

💸 Market Transactions:

• Foreign Institutional Investors (FII): ₹-3,404.04 crore (Net Sellers)

• Domestic Institutional Investors (DII): ₹1,748.44 crore (Net Buyers)

Foreign Institutional Investors (FII) continued to pull out funds, while Domestic Institutional Investors (DII) showed modest buying activity.

• Rate Cut from US Fed: The US Federal Reserve continued its rate-cutting stance, with another 25-bps cut expected in December, as inflation moderates.

• Inflation and RBI Policy: Inflationary pressures in India, coupled with a strong dollar, could push the Reserve Bank of India (RBI) to hold rates steady in the near term.

• Market This Week

  • The market fell nearly 1% for the week, reversing last week’s gains.

  • IT and PSU Bank were the only sectoral indices that posted gains.

  • Realty stocks led declines, while IT outperformed amid heavy news flow and geopolitical developments.

• Bank of England Cuts Rates: The Bank of England reduced interest rates by 25 bps to 4.75%, a sign of global central banks responding to moderate inflation.

• Federal Reserve announced a cut of 25 basis points (bps) in interest rates.

Key Stock Movements and News

• Top Gainers: M&M, Titan Company, Tech Mahindra, Infosys, Nestle.

• Top Losers: Coal India, Tata Steel, Trent, Asian Paints, Shriram Finance.

• Zomato: Fell after CCI reported Zomato and Swiggy breached competition laws.

• BEL: Secured orders exceeding ₹500 crore.

• ITI-led Consortium: Emerged as the lowest bidder for BharatNet projects worth ₹3,022 crore.

• TBO Tek (+5%): Jefferies forecast a 17% upside from current levels.

• Reliance Power (-5%): Lower circuit after being blacklisted by GOI over alleged submission of ‘fake’ documents.

• Ecoplast: The Promoter exited by selling the entire stake.

• Indian Hotels Company: Jefferies retained a 'buy' rating with a target of ₹785.

• ITI Limited: Winning large BharatNet projects may enhance long-term revenue.

• Indian Hotels Company: Strong buy rating and target raise from Jefferies highlight growth potential.

The markets concluded a volatile week with a slight dip as cautious sentiments prevailed. Investors remain focused on central bank policies, inflationary outlooks, and FII flows. The next steps by the US Fed and RBI will be crucial in shaping market direction.

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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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