On Wednesday, the stock market was on the decline for the fifth consecutive day. Sensex today fell over 1100 points in the afternoon trading session after opening in the negative zone, while Nifty also fell by 300 points. Sensex and Nifty rallied following a massive correction across the board. Shares were mixed with weak quarterly results in the realty segment, as well as rising inflation, with the market likely to remain negative. Almost all scrips of the realty segment fell by more than 4%. Apart from this, oil and gas, power, PSU stocks also recorded a gap.
The Sensex closed down 984 points at 77690 points, while the Nifty future index closed down 263 points at 23696 points, while the Bank Nifty future index closed down 881 points at 50492 points. After heavy volatility in Sensex, Nifty, against stability, small and mid-cap stocks continued to sell off, funds, operators started selling by breaking the prices, the investors' wealth i.e. the aggregate market capitalization of the listed companies in BSE decreased due to the fall in the prices of many stocks. 5.00 lakh crores of investors have sunk in today.
Consumer Price Index (CPI)-based retail inflation rose to 6.21% in October due to higher food prices. Which is highest in last 14 months. Notably, retail inflation remained below 6% since September, 2023. Food inflation rose to 9.69% in October. Urban inflation rose to 5.62% from last month's 5.05%. Food inflation has been 10.69% in rural areas and 11.09% in urban areas. Industrial production based on the Index of Industrial Production (IIP) rose to 3.1% in September. Industrial production growth was minus 0.01% in August, 2023. Industrial production grew in September on the back of good performance in sectors such as mining, manufacturing and power generation. According to data released by the National Statistics Office (NSO), September saw a growth of 0.2% in the mining sector, 3.9% in the manufacturing sector and 0.5% in the power sector. RBI is likely to cut interest rates from February 2025. With retail inflation on the rise, there is no chance of a cut in interest rates at present.
Top gainers in today's trade include Hindustan Unilever, Infosys, Godrej Consumer Products, Tata Motors, Zydus Life. Today's top losers include Devise Lab, Indigo, Larsen, TCS, Torrent Pharma, Mahindra & Mahindra, Grasim, Lupine, Sun Pharma. , Muthoot Finance, Kotak Stocks like Bank, Tech Mahindra, Voltas, Bharti Airtel, Reliance, Cipla, Adani Ports, Axis Bank, Jindal Steel have declined.
Of the total 4067 scrips traded in BSE, the number of decliners was 3299 and the number of gainers was 670, 98 stocks saw no change in price. While 01 stocks had only seller's bearish lower circuit, 05 stocks had bullish only buyer's upper circuit.
Nifty Future Technical Levels NIFTY FUTURE CLOSE :- ( 23696 ) :- The next move is likely to see Nifty Future touch the crucial level of 23474 points first and 23404 points from 23747 points to 23808 points, 23880 points in terms of trading. Cautious positioning around 23404 points .
Bank Nifty Future Technical Levels Bank Nifty Future Close :- ( 50492 ) :- The next move is possible Bank Nifty Future may touch the crucial level of 50180 points first and 50088 points from 50575 points to 50707 points, 50770 points very important level around 50088 points cautiously. Create a position.
Specific technical level regarding future stock Godrej Property (2598) :- The share price of this leading company of Godrej Group is currently trading around Rs.2560. Buyable with a stoploss of Rs.2544, this stock is likely to register a price of Rs.2620 to Rs.2634 in a short period of time…!! Bullish focus on Rs.2640…!! ACC Limited ( 2207 ):- Positive breakout around Rs.2180 as per technical chart…!! This buyable stock with support of Rs.2163 is likely to register price of Rs.2228 to Rs.2240…!! Oberoi Realty ( 1915 ) :- According to the technical chart, this stock from the Residential and Commercial Projects sector has the possibility of a target price of Rs.1898 to Rs.1885 with a profitable sell-off around Rs.1949. Consider a trading stoploss of Rs.1960..!! Infosys Limited ( 1871 ):- This stock is sellable with a stoploss of Rs.1909 registering an overbought position around Rs.1893..!! It is likely to show the price of Rs.1848 to Rs.1833 in a phased manner…!! Consider bullish above Rs.1919.
Future direction of the market… Friends, it is necessary to be cautious in the market until the continuous selling of foreign funds stops. In the event of flare-up in crude oil along with geopolitical tension and continuous selling of foreign funds, redemption pressure may come on local funds in the coming days, in this situation, the month of November may turn out to be a disaster. Therefore, it is advisable to book the stocks in which the profit is obtained. In the coming days, local institutional investors ie. Buying of local funds-mutual funds may also slow down. So it is advisable to stay away from new buying or averaging in the coming days. After the slight upswing seen in the stock market last week, investors are now looking at the coming days. The performance of the stock market may be full of ups and downs in the coming days.
With recovery lagging behind the US in global markets, Indian stock markets witnessed extreme volatility. After Donald Trump came to power in the United States, there was a recovery in the markets of the United States and Europe as certain sections began to speculate that Trump would become more positive in global trade than before in the uncertainty of whether a tariff war would break out this time or not. The rally could not be sustained as foreign portfolio investors (FPIs) continued offloading and offloading of stocks by foreign portfolio investors (FPIs). In particular small, mid cap stocks, funds, operators, high net worth investors broke the prices again and the stocks started to sell, and large gaps were seen continuously.
The author is a SEBI registered research analyst and proprietor of Investment Point.
Image Credit: (Divya-Bhaskar): Images/graphics belong to (Divya-Bhaskar).
