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Weekly Market Review
Outlook Of The Week | October 08

Markets started the holiday truncated week on an optimistic note supported by positive macroeconomic data. Business activity in Indian manufacturing sector picked up in the month of September 2018, amid firmer gains in new orders, output and employment. The Nikkei India Manufacturing Purchasing Managers'' Index (PMI) - a composite single-figure indicator of manufacturing performance - rose to 52.2 in September from 51.7 in August. Besides, Goods and Services Tax (GST) mop-up rose to Rs 94,442 crore in September, from Rs 93,690 crore in the previous month. However, markets turned pessimistic and never looked in recovery mood afterwards as market participants remained concerned with the government data showing that the growth of eight core sectors slowed to 4.2% in August, due to fall in output of crude oil, petroleum product and fertilizer. Markets extended southward journey after India''s services sector activity fell for the second straight month in September 2018. The seasonally adjusted Nikkei Services Business Activity Index dropped to 50.9 in September from 51.5 in August, signaling the slowest growth in the current four-month sequence of rising activity. The Indian indices witnessed bloodbath in last day of the week after the Reserve Bank of India (RBI) kept the repo rate unchanged at 6.5%.

 

The Sensex and Nifty slipped 1850 points (5.11%) and 614 points (5.62%) to 34,377 and 10,316, respectively.

The Mid Cap and Small Cap indices suffered bigger losses and lost 5.14% and 4.09% respectively.

 

DIIs were net buyers while FIIs were net sellers during the week.

Sector Wise Movement

BSE Oil & Gas was down by 2712 points or 18.2%, BSE PSU was down by 533 points or 7.4%, BSE Auto was down by 1502 points or 7%, BSE Consumer Discretionary Goods & Services was down by 222 points or 6.00% and BSE FMCG was down by 632 points or 5.5% were the top losers on the BSE sectoral front, while there were no gainers.

Investors will be eyeing the release of Index of Industrial Production (IIP) data for the month of August and the CPI data for the month of September on October 12.

Traders will be eyeing on the Corporate earning of the important companies scheduled to announce in the coming week.

The market will be choppy. Traders are therefore advised to act cautiously and invest in fundamentally good companies on decline.   
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ABOUT THE BLOGGERS
Mr. Animesh YadavFundamental & Derivatives Analyst

Animesh has spent 3 years covering Indian derivative market with Moneysukh (Derivative Analyst) and Global OTC derivative market with CRISIL GR&A (Research Analyst). Since, June 2018 Animesh led Fundamental and Derivative Research Desk at Satco cove..

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