Market at close: Investors have lost nearly Rs 6 lakh crore due to the Nifty 50’s worst week since February 2023.

Market at close: Investors have lost nearly Rs 6 lakh crore due to the Nifty 50’s worst week since February 2023.:- Amidst a week filled with ups and downs and a sense of uncertainty, the Indian stock market faced some challenges in finding its stability. It experienced four consecutive sessions of decline, which surely tested the patience of investors. With a mix of corporate announcements and global influences, investors had to navigate through some obstacles that affected both benchmark indices. However, it’s important to stay positive and supportive during times like these.

The benchmark indices, Sensex and Nifty, faced difficulties in maintaining their upward momentum. BSE Sensex experienced a decline of 221 points, closing at 66,009, while Nifty 50 slipped by 68 points, settling at 19,674. This week proved to be the worst for Nifty 50 since February 2023, resulting in investors facing a decrease in wealth by nearly Rs 6 lakh crore.

Market at close

The surge in buying interest among Public Sector Undertaking (PSU) banks was a notable trend of the day. JPMorgan’s announcement of India’s bond inclusion sparked a wave of optimism in the financial sector. This led to gains ranging from 3 percent to 6 percent for banks such as Punjab National Bank (PNB), State Bank of India (SBI), Bank of Baroda (BoB), Canara Bank, and Union Bank. It’s great to see these banks leading the charge and experiencing such positive outcomes.

The Nifty Bank, which is closely monitored by investors, experienced a slight decline of 12 points, closing at 44,641. Similarly, the Midcap Index also faced challenges, shedding 46 points to close at 40,139.

On a positive note, the Nifty 50 had some top gainers such as Induslnd Bank, Maruti, SBI, Mahindra and Mahindra, and Asian Paints. However, there were also some losers like Wipro, DR Reddy, UPL, Cipla, and Bajaj Auto.

The pharmaceutical sector had a turbulent day, with Glenmark Pharma closing in the red. Nevertheless, it showed resilience by bouncing back from its lows. The market was buzzing with discussions about Glenmark’s sale of Glenmark Life.

Overall, it is important to analyze these market movements and trends to make informed investment decisions. Keep a close eye on the market and stay informed about the latest news and developments.

In contrast, the power finance stocks continued their upward journey, experiencing gains ranging from 3 percent to 5 percent, driven by the increasing demand for power. This positive momentum was further fueled by reports of a potential fund infusion, leading Vodafone Idea to emerge as a standout performer with a 4 percent gain. Indus Towers also joined the rally, closing the day with a 3 percent increase.

The automotive sector also witnessed positive movement, with Maruti Suzuki recording a gain of more than 2 percent following a favorable brokerage note. Mahindra & Mahindra (M&M) also joined this upward trend.

Despite weak global cues, the information technology (IT) sector showcased resilience, with many IT stocks ending the day in the green. Tech Mahindra, in particular, emerged as the top gainer in this sector.

However, Wipro faced a setback as its stock fell by more than 2 percent due to the resignation of its Chief Financial Officer (CFO). Nevertheless, the company remains well-positioned for future growth.

Lux Industries faced challenges as its stock slipped by 3 percent amidst reports of income tax department searches on the company’s premises. Despite this, the company’s strong fundamentals and market presence provide a solid foundation for future success.

Market this week 

The Indian stock market had a challenging week, experiencing its most significant weekly loss in seven months. Both the Sensex and Nifty fell by nearly 3 percent each, breaking a three-week streak of gains. Financials, particularly PSU banks, did not perform well, with the Nifty Bank index declining by over 3 percent, and the Midcap Index down by almost 2 percent.

Unfortunately, all indices suffered losses for the week, with PSU and PSU banks being among the standout underperformers. Out of the 34 Nifty stocks, several experienced losses, including HDFC Bank, UltraTech Cement, Dr. Reddy’s Laboratories (DRL), and Wipro, which were the top losers.

On a more positive note, Power Grid, Asian Paints, Coal India, NTPC, and HDFC Life were among the top gainers for the week in the Nifty segment. In the midcap category, Berger Paints, REC, Power Finance Corporation (PFC), Union Bank, and Canara Bank emerged as the top gainers. However, GNFC, Syngene, Zydus, and Godrej Properties faced losses in the midcap segment.

Google NewsVisit

Stock Market News: The Nifty Pharma index experienced a decline of 1.55%.

Stock Market News:- The stocks of Granules India Ltd. witnessed a rise of 4.2 per cent, while Pfizer Ltd. recorded a gain of 0.67 per cent and GlaxoSmithKline Pharmaceuticals Ltd. saw an increase of 0.3 per cent. These companies emerged as the top gainers in the market. The day saw Zydus Lifesciences Ltd., Glenmark Pharmaceuticals Ltd.

Alkem Laboratories Ltd., Dr. Reddy’s Laboratories Ltd., and Lupin Ltd. as the top losers, with a decrease of 3.25%, 3.0%, 2.77%, 2.67%, and 2.64% respectively. However, it’s important to remember that every day presents new opportunities and setbacks, and these companies will surely bounce back in due time. Keep an optimistic mindset and believe in the potential for growth and success in the future. Stock Market News

The Nifty Pharma index closed 1.55 per cent down at 15069.1. Stock Market News

The NSE Nifty50 index concluded the session with a decline of 68.1 points, settling at 19674.25. Similarly, the BSE Sensex witnessed a decrease of 221.09 points, ending at 66009.15. It’s important to stay positive and remember that market fluctuations are a normal part of investing. Keep your focus on long-term goals and remain optimistic about future opportunities in the market. Stock Market News

Out of the 50 stocks listed in the Nifty index, a total of 19 stocks ended the day with positive gains, while 30 stocks closed with losses. It’s always encouraging to see some stocks performing well and ending in the green, as it reflects positive growth and market sentiment. However, it’s equally important to acknowledge the stocks that closed in the red, as it presents an opportunity for analysis and potential adjustments in investment strategies. Overall, this information provides a comprehensive overview of the market performance and allows investors to make informed decisions. Stock Market News

Shares of Vodafone Idea, IOB, JP Power, SJVN, and YES Bank were among the most actively traded shares on the NSE. It’s great to see such a high level of interest and engagement in these companies. Investors are clearly recognizing the potential and value they offer. This level of trading activity can lead to increased liquidity and market efficiency, benefiting both buyers and sellers. It’s a positive sign for the overall market and reflects the confidence investors have in these companies. Keep up the great work! Stock Market News

Shares of PNB Gilts, Nelcast, Sonu Infratech, HUDCO and IFCI have reached their fresh 52-week highs in today’s trade, which is a great achievement. On the other hand, Yasons Chemex Care, Jiwanram Sheoduttrai, Jalan Transolutions, FutureLifestyleFash and Dangee Dums have hit their fresh 52-week lows. It is important to note that both highs and lows are part of the market cycle and investors should make informed decisions based on their risk appetite and investment goals.

Google NewsVisit

Taking Stock: The Sensex continues to decline for a fourth consecutive day, with the Nifty falling below 19,700.

Taking Stock: The Sensex continues to decline for a fourth consecutive day, with the Nifty falling below 19,700.:- JPMorgan, earlier today, made the exciting announcement that India will be included in its Government Bond Index-Emerging Markets (GBI-EM) global index suite starting from June 2024. This decision is expected to have a significant positive impact on the Indian market by bringing in a substantial amount of liquidity.

The inclusion in this prestigious index is a testament to India’s growing importance in the global financial landscape, and it opens up new opportunities for investors and businesses alike. The increased liquidity will enhance market efficiency and provide a boost to economic growth in India. It’s truly a remarkable development that will benefit not only the Indian market but also the global investment community.

Market breadth also favoured declines as about 1,747 shares rose, 1,779 shares fell and 143 were unchanged

The bulls were not uplifted by the addition of Indian bonds to the JP Morgan index as the benchmark indices continued to drop for another session, extending the losses to a fourth consecutive day on September 22. It was announced earlier in the day by JPMorgan that India will be included in its Government Bond Index-Emerging Markets (GBI-EM) global index suite from June 2024.

This inclusion is expected to bring a significant amount of liquidity to the Indian market and make it more cost-effective for corporates to raise funds. The Sensex ended the day 0.33 percent lower at 66,009.15, a decrease of 221.09 points, while the Nifty was down 0.34 percent at 19,674.30, a decline of 68 points. Market breadth also favored declines, with 1,779 shares falling, 1,747 shares rising, and 143 remaining unchanged.

Amol Athawale, Vice President – Technical Research at Kotak Securities Ltd., mentioned that while the valuations in the Indian market have become expensive, there are other bigger concerns that are impacting the sentiment. These concerns include the rise in crude oil prices, the strength of the US Dollar index and treasury yields, and the continuous selling by foreign institutional investors. It is important to recognize these factors and remain supportive in order to navigate the current market conditions.

The broader market indices had a mix of results, with the Nifty Smallcap 100 increasing by 0.26 percent and the Nifty Midcap 100 declining by 0.11 percent. The BSE 500, which is the broadest index on the NSE, also fell by 0.25 percent.

Except for the Nifty PSU Bank and Nifty Auto, which saw increases of 3.51 percent and 0.21 percent respectively, all other sectoral indices closed with decreases. The Nifty Healthcare index was the biggest loser, down by 1.59 percent, followed by the Nifty Pharma index.

IndusInd Bank emerged as the top gainer among the Nifty 50 stocks, with a remarkable increase of 2.86 percent. Maruti Suzuki also experienced a boost due to positive brokerage notes. SBI, M&M, and Asian Paints were among the other stocks that saw significant gains.

Unfortunately, Wipro faced a setback, with a decline of 2.44 percent. This decline was triggered by the resignation of its chief financial officer.

It’s important to remain supportive during such times of volatility, as the market can fluctuate. Nevertheless, it’s crucial to stay informed and make strategic decisions to navigate through these ups and downs. Keep an eye on the market trends and seek expert advice if needed. Remember, investments are a long-term game, and with proper research and analysis, one can make informed decisions for a successful financial journey. Keep the faith and stay positive!

Google NewsVisit

TCS share price: Huge jump in shares of Tata Consultancy Services, Why Tata Consultancy Services stocks are skyrocketing — explained

TCS share price: Huge jump in shares of Tata Consultancy Services, Why Tata Consultancy Services stocks are skyrocketing — explained:- The share price of Tata Consultancy Services (TCS) has been consistently increasing since September 2023, showing a positive trend in the stock market. After closing at ₹3,356 per share on the NSE, the TCS share price reached a new 52-week high of ₹3,633.75 per share on the NSE, experiencing over an 8% rise this month. In fact, in the last five trade sessions, this major Indian IT company has hit the upper circuit on four sessions. This demonstrates the strong performance and growth potential of TCS in the stock market. Keep up the great work!

Stock market experts are optimistic about the future of the stock, believing that it still has room to grow and potentially reach ₹4,000 per share in the near to medium term. They explain that this positive outlook is due to investors shifting their funds from small-cap and mid-cap stocks to larger-cap stocks, which are currently being offered at discounted prices and have strong underlying fundamentals.

Reason for rally in TCS shares

Saurabh Jain, Vice President — Research at SMC Gloal Securities, explains that the TCS share price is experiencing a remarkable surge due to its availability at a discounted price. During the current stock market correction, investors are wisely reallocating their funds from small-cap and mid-cap stocks to high-quality large-cap stocks that are available at a discounted price. Moreover, TCS has recently witnessed a significant increase in order inflow, indicating the strong fundamentals of this Indian IT giant. This positive momentum has attracted investors who are confidently investing their money in this stock.

TCS share price chart

Sumeet Bagadia, Executive Director at Choice Broking, believes that the bull trend in TCS shares is expected to continue. According to him, the chart pattern shows that TCS shares are currently in a bull trend. Additionally, the stock has experienced multiple resistance breakouts at ₹3,550 levels. This suggests that the positive momentum is likely to persist. Keep up the good work!

TCS share price target

Sumeet Bagadia from Choice Broking has provided valuable advice to TCS shareholders. He suggests holding onto the scrip for an immediate short-term target of ₹3,800, with expectations of the stock reaching ₹4,000 in the mid-term. It is important to note that he strongly advises TCS shareholders to maintain a stop loss at ₹3,490 per share levels. This advice is given to ensure the protection of their investments.

TCS Q2FY24 results in focus

TCS shareholders should definitely remain vigilant about a trigger that Saurabh Jain of SMC Global Securities has highlighted. According to him, the Q2FY24 results of TCS will be of utmost importance. If the company manages to demonstrate improvement in attrition, margins, and order inflows, then it would be wise to continue holding the stock. However, in the case of disappointing Q2 results in 2023, there may be a possibility of profit booking which could lead to a temporary reduction in the current rally of the Tata group company.

Google NewsVisit

Crypto Price Today: Bitcoin falls below $26,700; Polygon, Polkadot decline up to 3%

Crypto Price Today:- The benchmark 10-year US Treasury yields reached a 16-year high the day after Fed Chairman Jerome Powell’s cautionary statement about inflation still being far from the central bank’s 2% target. During that time, Bitcoin (BTC) was trading at $26,620, which was 1.62% lower, while Ethereum (ETH) was below the 1,600 level. At the same time, the global cryptocurrency market cap was experiencing a decline, currently at around $1.0..

Crypto Price Today

The monetary policy remarks made by the US Feds have had an impact on investors across various markets, including the crypto market. It appears that these remarks have led to a sell-off, causing some concern among investors. The fear and greed index for crypto has dropped by 4 points since yesterday and is currently at a score of 43/100, indicating a return to the fear zone. Parth Chaturvedi, Investments Lead at CoinSwitch Venture, highlighted this development.

Meanwhile, Edul Patel, the CEO & Co-founder of Mudrex, commented on the trading activity of Bitcoin. However, the specific content of his statement was not provided.

Other leading cryptocurrencies also experienced a decline in trading on Friday. Both Polygon and Polkadot saw a decrease of 3%, while Solana, Cardano, Dogecoin, and Ethereum all fell by up to 2%.

The current volume in the decentralized finance (DeFi) market stands at $65.01 billion, accounting for 26.77% of the total volume of the entire cryptocurrency market over the past 24 hours. Furthermore, stablecoins make up $240.83 billion of the overall crypto market volume, representing 99.18% of the total 24-hour volume.

According to CoinMarketCap, Bitcoin currently holds a dominance of 49.20%. Meanwhile, the volume of BTC within the last 24 hours…

Tech view by Rajagopal Menon, Vice President at WazirX on the Crypto Market

BTC’s Exponential Moving Average for 10-day and 200-day indicate a ‘Buy’ and ‘Sell’ sentiment at 26617 and 26984, respectively. Similarly, the Simple Moving Average for 10-day and 200-day SMA indicate a ‘Sell’ at 26677 and 27825, respectively. Exponential moving averages show a mixture of ‘Buy’ and ‘Sell’ sentiments.

Google NewsVisit