Weekly Market Quote: Markets remained volatile and ended lower for the third successive week Says Mr. Ajit Mishra, Religare Broking Ltd
Quote on Weekly Market Outlook 1 October 2022 By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd
Markets remained volatile and ended lower for the third successive week. Weak global cues continue to weigh on sentiment for most of the week however a sharp rebound in the final session post the MPC’s policy meet trimmed losses. The benchmark indices, Nifty and Sensex, finally ended with a cut of over a percent each to close at 17,094 and 57,426 respectively. Mostly sectoral indices ended lower in line with the benchmark however stability in the IT pack combined with buying in select pharma and FMCG offered some respite. The broader indices too witnessed a similar trend and lost nearly 1.5% each.
The coming week is a holiday-shortened one and marks the beginning of the new month also so important data like auto sales, S&P Manufacturing PMI and S&P Services PMI will be in focus. Besides, the performance of global markets, FIIs trend, and movement in currency and crude will also remain on participants’ radar.
It’s going to be tough for markets to build on Friday’s rebound amid feeble global cues. A lot would depend on how the banking and financial pack perform as other sectors/index majors are not offering any decisive signal. We feel Nifty could extend this rebound to the 17,400-17,600 zone if it manages to surpass the crucial hurdle at 17,200 else profit taking would resume. On the downside, 16,650-16,800 would continue to act as a cushion. Meanwhile, it’s prudent to stick largely with the defensive pack viz. pharma and FMCG and pick selectively from other sectors.
Above views are of the author and not of the website kindly read disclaimer
Tag News
Daily Market Analysis : Markets traded under pressure and lost over a percent amid feeble g...
More News
Coming week`s market report by Arvinder Singh Nanda, Senior Vice President, of Master Capita...