NIFTY STARTED THE WEEK ON A NEGATIVE NOTE; ENDED WITH A LOSS

NIFTY:

The NIFTY opened at 19622.40 with a gap down of just 16 points. The index started drifting downwards from its opening tick and saw a down move of almost 100 points within the first 5 minutes of trading. Prices continued moving downward but in a mild way and went below 19500. However, the index found support there and started a consolidation process which lasted till the end. The index first recorded its intraday high at 19623.20 just above the opening tick, then its intraday low at 19479.65, and finally closed at 19528.75 with a loss of 109.55 points or 0.56% down. MEDIA outperformed and ended 1% higher followed by REALTY. AUTO and OIL GAS underperformed and ended with a more than 1% loss followed by PHARMA, METAL, and FMCG. Prices are consolidating and developing a trading range. The boundaries are not confirmed yet. The short-term trend is again sideways. Support is now visible around 19250 while resistance is visible around 19700.

BANK NIFTY:

The BANK NIFTY opened at 44561.50 with a gap down of just 42 points. The index initially saw a sharp decline and recorded its intraday high at 44566.30 in its initial trades. Prices have recorded its intraday low at 44243.10 within the first 30 minutes of trading and then started moving sideways. The index locked itself in a narrow range of just 200 points for the rest of the day and finally closed at 44395.30 with a loss of 208 points. PSU BANK continued its outperformance, saw a sharp upside move, and closed with a gain of 2.38%. PVT BANK has underperformed, saw a mild down move, and ended with a loss of 0.47%. Within the index, in terms of points, SBIN contributed the highest on the upside while HDFC BANK contributed the least. The support is visible around 44000 while the resistance is visible around 45000.

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News Updates

• Indian benchmark indices ended lower on October 2 with Nifty below 19,550. At close, the Sensex was down 316.31 points or 0.48 percent at 65,512.10, and the Nifty was down 109.50 points or 0.56 percent at 19,528.80. About 1816 shares advanced, 1817 shares declined, and 189 shares unchanged.

• Zomato jumped around 2.5 percent on Tuesday to an intraday high of Rs 104.30 on the NSE amid positive outlook on account of the ICC Men’s World Cup 2023. The stock has rallied over 70 percent so far this year, and is just shy of its 52-week high of Rs 105.

• India’s second largest commercial port operator JSW Infrastructure shares saw strong demand from investors on the debut, closing with more than 32 percent gains on October 3, despite weakness in the equity markets. The BSE Sensex corrected over 300 points on Tuesday.

• IDFC First Bank is likely to raise Rs 3,000 crore via a qualified institutional placement (QIP) on October 3, CNBC TV18 reported unidentified sources. The issue will include a green shoe option. The QIP price is likely to be around Rs 90-91 per share, which comes at a 3-4 percent discount to the closing price of Rs 94.25 on October 3.

Source: Economic Times,  Indian Express, Business Today, Livemint, Business Standard, Bloomberg Quint

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