Weekly Report: The market rebounded with over 1 percent gain, breaking three weeks of losing streak

In a very volatile week that concluded October 7 amid mixed global cues and a falling rupee, the market rallied with a more than 1% gain, snapping a three-week losing skid. The Sensex added 764.37 points, or 1.33 percent, to 58,191.29, while the Nifty50 gained 220.3 points, or 1.28 percent, to 17,314.65 at the close on Friday.

The BSE Metal index gained 5.7 percent, the Capital Goods index gained 3.6 percent, and the Realty index gained 3.4 percent. The FMCG index, on the other hand, fell by 1%. The BSE Smallcap index gained 2.5%, the Midcap index gained 2%, and the Largecap index gained 1%.

In the coming week, participants will be looking for clues from significant macroeconomic statistics such as IIP, CPI, and WPI. Furthermore, the week marks the start of the earnings season, with IT behemoths such as TCS, Infosys, HCL Tech, and Wipro, as well as two other heavyweights, Bajaj Auto and HDFC Bank, publishing their results. Among other things, they will keep an eye on the performance of US markets, the trend of FIIs, and the currency and crude oil movement, Ajit Mishra, VP – Research, Religare Broking.

The rupee touched a fresh record low of 82.42 in this week. It ended 98 paise lower to end at 82.32 a dollar on October 7 against its September 30 closing of 81.34. In this week, FIIs sold equities worth Rs 36.55 crore, while domestic institutional investors (DIIs) invested Rs 1,024.09 crore.

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