Indian Stock Market Analysis for the Week (16 – 20 Oct 2023)

October 20, 2023 admin

Indian stock market snapped a two-week winning streak and closed lower. The equity benchmarks ended in the red for four out of five trading sessions this week. On a weekly basis, Sensex declined 885.12 points or 1.34% and ended at 65397.62, while Nifty slipped 208.4 points or 1.06% and settled at 19542.65.

Among the sectors barring Auto all other sectoral indices closed in the red with Realty, Metal, and FMCG falling the most this week. The broader markets closed mixed as the Nifty midcap index closed lower by 1.55% while the smallcap index ended slightly higher by 0.26%.

Foreign investors were net sellers during the week, they offloaded shares worth Rs 2799.08 crore in the equity cash segment. Domestic Institutional Investors were the net buyers they bought shares worth Rs 3510.97 crore this week.

Indian Stock Market Analysis

Indian stock markets started the week on a muted note. The domestic markets ended marginally lower on Monday, as the situation intensified in the Middle East. This spiked the crude oil prices above $90 per barrel, equities slipped and investors preferred safe-haven assets. Meanwhile, India’s WPI inflation released on Monday was recorded at (-) 0.26% in September as against (-) 0.52% in August.

Indian markets snapped a 3-day losing streak and gained on Tuesday, amid positive global cues. Global investors were encouraged by the strong earnings from the US big companies, despite increasing tensions in the Middle East.

Indian stock markets witnessed a sharp correction on Wednesday due to a spike in crude oil prices after the Middle East tension escalated. The fear of a hawkish Fed after the strong US retail sales data also weighed on the market sentiments.

On Thursday, markets ended with minor cuts, as the sentiments were negative due to weak global cues. The rising US Treasury yields, the Middle East conflict, and high crude oil prices were key factors for heavy sell-off in the equity markets.

The domestic markets fell for the third consecutive day on Friday, as US Treasury yields spiked to record high levels of around 5% on Thursday after Fed Chair Jerome Powell’s speech.

Top Nifty Weekly Gainers and Losers

The top five Nifty 50 weekly gainers were Bajaj Auto (8.65%), LTIM (6.30%), Hero Motorcorp (3.64%), SBI Life ( 3.51%), and Nestle (3.08%).

The top Nifty 50 weekly losers were Divis Lab (4.85%), Wipro (4.67%), Bajaj Finance (3.51%), UPL (3.15%), and HUL (2.89%)

In the Midcap space, the top five gainers were FACT (29.90%), One 97 (5.85%), Prestige Estate (3.88%), Dixon Technology (3.39%), and L&TFH (3.18%)

The losing stocks in the Nifty Mid-cap index were Indraprasta Gas (14.61%), Biocon (9.27%), Syngege International (9.03%), L&T Technologies Services (8.73%), and Mphasis (8.69%).

The top Nifty Small-cap index weekly gainers were Suzlon Energy (21.27%), Angel One (13.23%), Multi Commodity Exchange (9.96%), Kalyan Jewellers (9.37%), and NBCC (8.73%).

The top weekly losers in the Nifty small-cap index were NMDC Steel (15.90%), HUDCO (14.14%), Mahanagar Gas (8.69%), Century Textiles (8.53%), and HFCL (7.65%).

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