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On Friday, Sensex closed at 59,307.15 up 104.25 points or 0.18%, while Nifty 50 moved higher by 12.35 points or 0.07% to finish at 17,576.30. Heavyweights such as Axis Bank, ICICI Bank, HUL and Kotak Bank topped their Q2 results.
In terms of sector indices, BSE Bankex rose nearly 949 points, while Bank Nifty rose more than 684 points on October 21.
Meanwhile, the rupee rose against the US dollar amid solidity in domestic equities and a continued rise in Treasury yields coupled with the intervention of the RBI. After cracking the 83 mark, the rupee closed at $82,6750 per dollar on Friday. Over the past six weeks, the domestic currency has fallen about 4% against the dollar.
On the other hand, following a bearish appetite for stocks, FIIs turned net buyers in the last two trading sessions of this week, with the most purchases being made on October 20. On October 21 FIIs came in 438.89 crore in the shares, while on October 20 — the investment was on the rhythm of 1,864.79 crore. From October 17-19, the sale of FII’s in the shares was completed 979.34 crore.
From last week, Sensex was up more than 1,387 points, or 2.4%, while Nifty 50 was up nearly 391 points, or 2.3%, in the week between October 17 and 21, respectively. Compared to last week, the market capitalization of the BSE-listed companies has increased more than 4.13 lakh crore in the week ending October 21, 2022, up to almost 274.42 lakh crore. The market capitalization was around 270.29 lakh crore by the end of October 14 last week.
Vinod Nair, Head of Research at Geojit Financial Services said: “Despite global weaknesses, domestic sentiment has been positive for Diwali and the market has shown resilience, supported by a good start to the earnings season. Benchmark indices have been boosted over the past six sessions. stock-specific momentum in IT, banks and FMCG The rise in credit growth to a 10-year high of 17.94% YoY in October gave the bank a handy color with a gain of 3.8%, as PSU banks saw won the week by 11%.”
Trading in stocks, derivatives, commodities and other securities will be halted on October 24 due to Lakshi Pujan (main Diwali) and October 26 due to the celebration of Diwali Balipratipada. As a result, trading is only allowed on October 25, 27 and 28. However, the markets will be open for an hour on October 24 from 6:15pm to 7:15pm as part of Muhurat trading.
According to Nair, there was also some gain towards the end of the week as domestic investors maintained their cautious stance ahead of the shortened week. Globally, a rise in inflation in the UK to a 40-year high of 10.1% in September fueled fears of a more aggressive monetary policy by the central bank. As there are no major triggers for the week ahead, market direction will be based on global sentiment and earnings season.
Furthermore, Mitul Shah – Head of Research at Reliance Securities, said: “The Indian rupee crossed the $83 per dollar mark for the very first time due to growing demand for dollars from fuel companies and a wider current account deficit. US bond yields only added to the weakness as the Indian rupee is down ~12% against the dollar so far this year as the market fears further US Fed rate hikes could harden US Treasury yields again the rupee could weaken further.”
Shah also said: “The Q23 earnings season so far has witnessed healthy revenue growth, but higher inflationary pressures have taken its toll on profitability. To date, revenues of 120/BSE500 companies have grown 23% year-on-year, EBITDA was up 15% year-over-year, while PAT was broadly flat year-over-year.”
Shah added: “Inflation remains sticky both in the domestic and US economies. India’s growth remains strong and is expected to be one of the fastest growing economies in the world, while the global recession and slowing growth continued for The market is looking at the US Fed’s monetary policy meeting scheduled for November 2. Commentary on the festive demand, inflation outlook and interest rate hikes will be closely watched in the near term.”
Some of the top Q2 earnings to watch for the week of October 24-28 include Dabur, Tata Chemicals, Indus Tower, SBI Card, REC, and PNB Housing Finance.
Disclaimer: The opinions and recommendations expressed above are those of individual analysts or brokerage firms, not Mint.
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