Week Gone by 25.10.24: Market Indices Slide for Fourth Consecutive Week
Sumit Poddar
Founder | Chief Investment Officer| Advisory Board AIF CAT II | Smallcase Fund Manager | Startup | Investor | ex TCS, Aditya Birla | AI enthusiast
Equity markets faced losses throughout the week, marking a fourth consecutive week of declines, with all sessions closing lower. Broader markets underperformed, and the Nifty ended below 24,200.
In the week ending Friday, 25 October 2024, the S&P BSE Sensex fell 1,822.46 points (2.24%) to settle at 79,402.29, while the Nifty 50 index declined 673.25 points (2.71%) to settle at 24,180.80.
The BSE Mid-Cap index dropped 5.2% to close at 45,452.8, while the BSE Small-Cap index slumped 7.4% to end at 52,335.7.
Economy: The HSBC Flash India Composite Output Index, reflecting India’s economic health, edged up to 58.6 in October from 58.3 in September. The Services PMI Business Activity Index held steady at 57.9, slightly up from 57.7. Meanwhile, the IMF upheld its June growth projections in its latest World Economic Outlook, forecasting India’s growth at 7% for the fiscal year ending March 2025 and 6.5% for FY2025-26. The HSBC Flash India Manufacturing PMI Output Index rose to 60.1 in October, up from 59.8 in September, while the overall Manufacturing PMI increased to 57.4 from 56.5 over the same period.
Japan's business activity contracted in October, with the au Jibun Bank Flash Manufacturing PMI slipping to 49.0 from 49.7 in September, marking its third month of decline. The Services PMI also fell to 49.3 from 53.1, entering contraction for the first time since June. This decline in services pulled the Composite PMI down to 49.4 from 52.0 in the previous month.
Germany's Producer Price Index dropped to 1.4% year-on-year in September 2024, largely due to a substantial decrease in energy prices, according to the federal statistics office. Meanwhile, the People's Bank of China reduced both the one-year and five-year loan prime rates by 25 basis points to further boost economic growth.
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#Gainers4week - #Top3
#AMBER 14.2% Amber enterprises posted exceptional results with revenue and profit rising 82% and 441% respectively YOY. A a joint venture (JV) between Amber Group and Korea Circuit to produce printed circuit boards (PCBs) in India.
#DEEPAKFERT 11.2% Ace investor Mukul Agrawal added 1.2% stake in the company.
#CUB 10.7% CUB posted better than expected Q2 results, it beat PAT expectations by 13%.
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#losers4week - #Top3
#PNCINFRA -32.1% The company, along with its two subsidiaries were disqualified by the Ministry of Road Transport & Highways on Saturday from participating in any tender process of the Ministry for a period of one year.
#CHENNPETRO -24% Stock saw a correction driven by heavy volumes.
#KPIT -23.1% JPMorgan expects the guidance cut to lead to a softer H2FY25 and cautions that a weak exit rate could hamper FY26 growth as well.
#Unlisted Equity: Swiggy Lowers IPO Valuation to $12.5-$13.5 Billion from $15 Billion Amid Market Volatility. Oyo posted a profit of Rs 158 crores in Q2FY25, a notable turnaround from a loss of Rs 50 crore in Q2 FY2024. Unlisted companies where interest levels are high - NSE, Swiggy, OYO, CSK, NSDL, Tata Capital, Vikram Solar and HDB Financial services. Get in touch for more …
#Weekahead
Next week, the domestic market will navigate several key events, with a strong focus on corporate earnings. Investors are also watching foreign portfolio and domestic institutional investors for sentiment cues. Rising Middle East geopolitical tensions add uncertainty, potentially affecting energy prices and market stability. Adding to the mix is the upcoming U.S. presidential election on November 5, which could prompt changes in fiscal, monetary, and foreign policy, heightening global market volatility.
U.S. job openings data for September will be released on Tuesday, October 29, 2024. In August, openings rose by 329,000 to 8.04 million, up from 7.711 million in July. U.S. Q3 GDP data is set for release on Wednesday, October 30, with Q2 growth at an annualized 3%, following an upwardly revised 1.6% expansion in Q1.
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