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Live: Nifty on firm wicket ahead of big tech earnings; TCS, Titan, TVS Motor & MCX in focus

Indian equity market snapped two-week losing streak and closed moderately higher for the week ended October 6 after showing smart recovery from weekly lows. The market clawed back above 10-day EMA (exponential moving average placed at 19,627) as well as 50-day EMA (19,560) on the Nifty50 after the positive trend in last couple of sessions. The recovery may continue in the coming week too, but volatility can't be ruled out with more stock specific action given the beginning of September quarter earnings season, experts said, adding the participants will also closely watch the September inflation numbers by US and India along with FOMC minutes. The equity market uptrend was supported majorly by falling oil prices, healthy domestic PMI data, and Monetary Policy Committee's status quo in repo rate, but the RBI still sees inflation as a major risk and continues to be hawkish with the announcement of OMOs to manage liquidity. However, the significant FII outflow due to elevated US bond yields and US dollar index capped gains. The BSE Sensex gained 167 points at 65,996, and the Nifty50 rose 15 points to 19,654, while the Nifty Midcap 100 index lost 0.6 percent and Smallcap 100 index climbed 0.7 percent during the week. Auto, banks, energy, pharma, oil & gas stocks were under pressure, whereas technology, and realty stocks trended higher. This morning global cues are not very encouraging as Dow futures slump over 200 points, Asian markets are largely lower and oil has surged to $88/barrel in the wake of Hamas attack on Israel. Meanwhile, stocks in focus today are TCS, Titan, TVS Motor & MCX among others. Catch Nandita Khemka in conversation with Kunal Shah, Senior Research Analyst, Carnelian Capital and Rajesh Palviya of Axis Securities.

first published: Oct 9, 2023 08:35 am