nifty slips 3 per cent in week to october 25 metal pse indices top drag hdfc bank top gainer

Indian equities successful the week to October 25, 2024 fell relentlessly for 5 consecutive sessions amid persistent FII selling. During the week Nifty has been dragged little by 2.71 per cent oregon 673.25 to beneath 24,200 levels, portion the Sensex plummeted 2.24 per cent oregon 1,822.46 points to 79,402.29 levels.

Prashanth Tapse, Senior VP (Research), Mehta Equities connected the marketplace weakness said, "Markets continued its downward trajectory arsenic broader selloff pulled down cardinal benchmarks with Sensex ending beneath the important 80K mark. The dismal Q2 net truthful acold has aggravated the investors’ woes portion persistent FII selling continued to make havoc successful the market. Despite the Chinese stimulus announcement, falling crude lipid prices is an denotation that large economies proceed to consciousness the slowdown pinch."

Vinod Nair, Head of Research, Geojit Financial Services connected the markets this week said, "A pugnacious week for the market! Investor science turned a spot gloomy owed to the ongoing geopolitical tensions and a kneejerk absorption from FIIs, which dragged the sentiment"

The sustained selling by FIIs and deficiency of triggers successful the home marketplace whitethorn interaction the near-term sentiment successful the market, helium added.

The 4th results were impacted owed to a tepid request situation and borderline pressure, which dragged FMCG, metal, auto, and realty the most. 

Top Nifty gainers and losers successful the week to October 25, 2024

From the Nifty pack, HDFC Bank led the gains posting 3.66 per cent instrumentality during the week posts its Q2 quarterly numbers, followed by Tech Mahindra and Bajaj Auto which gained 1.69 per cent and 1.42 per cent, respectively.

Laggards from the battalion included stocks similar IndusInd Bank which plunged arsenic overmuch arsenic 23 per cent, portion Tata Consumer Products, BPCL and Adani Enterprises fell implicit 10 per cent each.

Other apical losers from the handbasket were Hindalco,`M&M, L&T, ONG, HUL and Shriram Finance among others which fell betwixt 7-10 per cent.

Top sectoral gainers and losers

Amid the drawdown connected the header indices, Nifty PSE and Nifty Metal indices fell the astir by implicit 7 per cent each, portion different laggards person been Nifty Realty scale which fell astir 7 per cent. Likewise, the Energy, Auto and PSU Bank indices, fell implicit 5 per cent. However, Nifty IT remained the astir resilient, dropping conscionable 0.16 per cent.

While IT remained comparatively level and contributed little to the wide losses successful anticipation of a pickup successful BFSI spending and a favourable outlook successful US spending, remarked Nair.

Meanwhile, broader markets besides faced the wrath, with Nifty Smallcap scale ending implicit 6 per cent lower.

Stock market outlook 

On the play chart, the Nifty formed a agelong bearish candle, which is not a affirmative sign. Tejas Shah, Technical Research, JM Financial & BlinkX said, t

echnically, the grounds continues to suggest that the markets are apt to stay nether unit successful the adjacent term

However, determination is simply a anticipation of a insignificant propulsion backmost rally oregon sideways consolidation successful the adjacent 1 oregon 2 days aft a crisp autumn which was witnessed successful Friday’s trading session, helium added. For the Nifty, the expert sees enactment placed at 24,100 and 24,000. On the higher side, contiguous absorption for Nifty is astatine 24,450-500 levels and the adjacent important absorption is astatine 24,700-750 level.

Nair meantime expects consolidation to proceed successful the abbreviated term; a reversal successful inclination volition beryllium connected a slowdown successful FIIs selling strength and the result of the US statesmanlike election. The home macros are mostly favouring the marketplace with the unveiling of beardown PMI information and reiterating economical maturation forecast for FY25 by the RBI. A moderation successful valuation, a pickup successful net successful H2FY25, and an anticipation of an RBI complaint chopped successful 2025 volition supply enactment to the market.