Shillong, November 5: Market conditions were turbulent in the previous week, as they attempted to recover from recent lows and staged a partial rally, yet they remain in a precarious state. Despite a substantial upsurge in the US markets, our local sentiment remains unaltered.
As per IANS, the BSE SENSEX gained 580.98 points or 0.91%, closing at 64,363.78 points, while the NIFTY recorded a 0.96% increase, with a gain of 183.35 points to close at 19,230.60 points. The broader market indices, including BSE100, BSE200, and BSE500, registered gains of 1.27%, 1.33%, and 1.39%, respectively. BSE MIDCAP increased by 2.00%, and BSE SMALLCAP by 1.90%. The markets experienced gains on three of the five trading sessions, with losses on the remaining two.
The Indian Rupee depreciated by 4 paisa or 0.05% against the US Dollar, closing at Rs 83.28. In contrast, Dow Jones had a robust week, advancing in all five trading sessions. It gained 1,643.73 points or 5.07% to close at 34,061.32 points. The Federal Reserve’s decision to maintain interest rates unchanged during its recent meeting suggests the possibility of another rate hike later in the year.
The Israel-Hamas conflict continues, with Israeli forces surrounding Gaza, and the situation showing no signs of de-escalation. Hostages have not been released, making a resolution unlikely. The global community is closely monitoring the situation, hoping that the conflict doesn’t spread to neighboring countries.
In the primary markets, there was notable activity in the previous week, with two issues opening for subscription and closing, and one new issue for subscription. Additionally, one issue listed. In the upcoming week, two new issues are set to open for subscription, while another issue that recently closed will list.
The first issue that opened and closed was from Cello World Limited, receiving overall subscriptions of 38.90 times. The QIB portion saw subscriptions of 108.57 times, the HNI portion at 24.42 times, and the Retail portion at 3.06 times. This issue, valued at Rs 1,900 crore, became one of the most subscribed offerings on the main board recently.
The second issue, Honasa Consumer Limited, opened and closed with an overall subscription of 7.61 times. The QIB portion was subscribed 11.50 times, the HNI portion at 4.02 times, and the Retail portion at 1.34 times.
Blue Jet Healthcare Limited, which listed during the week, debuted at Rs 359.80 on BSE and closed at Rs 395.45, marking a gain of Rs 49.45 or 14.29%. It eventually closed at Rs 390.70, a gain of Rs 44.70 or 12.92%.
ESAF Small Finance Bank Limited opened for subscription, while Protean EGOV Technologies Limited and ASK Automotive Limited are preparing to tap the markets in the coming week.
The week ahead in the stock market is expected to be volatile, with the need for cautious trading due to two-sided sharp movements. Dow Jones’ strong performance, with over 5% gains in the past week, may have some influence, but the situation remains uncertain. NIFTY has reached a high of 19,276 points, but for a meaningful uptrend, it must surpass the previous peak of 19,333 points and maintain that level. Given the Israel-Hamas conflict, it’s uncertain if this will occur. Currently, the markets have support at 18,900-18,950 levels and resistance at 19,333 points. A breach and sustained hold above this level could potentially lead to 19,600-19,650 levels.
‘Muhurat’ trading for Vikram Samvat year 2080 is scheduled for Sunday, November 12, with a special trading session between 6 p.m. and 7.15 p.m