Weekly Market Analysis for October 28-Nov 01, 2024

What happened last week?

Nifty closed the week at 24180 down by 2.7% from the previous week.

Nifty has fallen 7% in the last 1 month.

It has formed lower highs and lower lows in the weekly chart for the 4th consecutive week.

It has also closed below the 24800-24900 zone.

Nifty is in a downtrend.

On the global front…

US Nasdaq and Chinese markets ended the week on a positive note.

India continued to underperform primarily due to continued FII selling.

On the sectoral front…

all indices closed in red last week. Realty, Auto, Media and Metals were tanked 7-10%.

FIIs sold ₹20000Cr in the cash market last week.

FIIs have sold ₹1 Lac Crores so far in October. It's the highest ever amount sold by FIIs in a month.

DIIs, on the other hand, bought ₹22000 Cr last week. DIIs have bought 97000 Cr in October.

FIIs continue to hold shorts on Index Derivatives.

But they are slowly starting to add more longs in Stock Derivatives. FII Index Sentiment continues to be Bearish, but the stock-specific sentiment seems to be changing.

Nifty Sentiment Analysis…

Both Weekly and Monthly Max Pain of Nifty have been on the decline. Sentiment is Bearish.

Monthly Max Pain (Pink Line) has been going down since the start of October. Not once did it go up even for a day in October. You should have stayed short in October.

Only when the blue and pink lines go up together will we turn bullish. Till then we will stay Bearish.

Key Upcoming Events

October 28 (Monday):

- IPO Listing: Waaree Energies, Deepak Builders & Engineers

- Q2 Results: Bharti Airtel, IOC, Sun Pharma

October 29 (Tuesday):

- Q2 Results: Cipla, Maruti Suzuki

October 30 (Wednesday):

- Q2 Results: Dabur, L&T

- IPO Listing: Godavari Biorefineries

- US GDP Data

October 31 (Thursday):

- Japan Interest Rate Decision

November 1 (Friday):

- India Final Manufacturing PMI

- Market Holiday (Diwali Laxmi Puja)

Key Stock Announcements Last week

New Orders & Projects:

• NBCC subsidiary HSCC secures INR 1,322.48 crore contracts.

• GRSE receives a INR 491 crore contract for Acoustic Research Ship construction.

• RITES converts PMC contract into turnkey project valued at INR 453.99 crore.

• Jyoti Structures gets INR 450.01 crore order from Adani Energy.

• TD Power Systems signs INR 300 crore contract for European traction motors.

• Azad Engineering receives USD 16 mn award from Honeywell Aerospace.

• Hind Rectifiers secured an order worth INR 73 crore from Indian Railways.

• Spectrum Electrical Industries secures INR 62.22 crore MRI machine supply order.

• RITES secured INR 53.5 crore turnkey contract for railway bypass project.

• Shiva Texyarn won INR 41.24 crore contract for Indian Army's cold-weather suits.

• NBCC secures three projects in Odisha, worth INR 41 crore total.

• RailTel secures INR 36.78 crore order from South Eastern Railway.

• Trident Techlabs wins INR 35.66 crore contract for power distribution software.

• Aurionpro wins major contract to transform corporate banking in South Asia.

• RPP Infra wins INR 35.6 crore orders from SIPCOT.

• Tarmat Limited receives INR 23.9 crore contract for Taxiway M construction at CSMIA.

• Ajooni Biotech receives repeat order from Avon Animal Health, Bangladesh.

• Shree Karni Fabcom receives first export order.

• Kay CEE Energy wins INR 22.48 crore order from Rajasthan Rajya Vidyut Prasaran Nigam Limited.

• Frog Cellsat wins INR 16 crore contract for Navi Mumbai Airport.

Partnerships, Acquisitions & Investments:

• Mankind Pharma completes 100% acquisition of Bharat Serums for INR 13,768 crore.

• Reliance Infrastructure to set up defense manufacturing with INR 10,000 crore.

• ABDL partners with Roust to launch Russian Standard Vodka in India.

• KPIT completes EUR 14.5 mn milestone in Technica Group acquisition.

• Remsons acquires BEE Lighting, UK, to enter automotive lighting market.

• Ambuja Cements acquires 46.8% of Orient Cement.

• MAS Financial Services partners with UCO Bank for MSME co-lending.

• Gensol Engineering acquires 100% of Shakti Sangini Energy.

• Nazara completes acquisition of Paper Boat Apps for INR 75 crore.

• Choice Finserv acquires retail lending businesses, increasing AUM by 75%.

• Prime Securities plans to acquire 51% stake in Ark Neo platform.

• ICICI Lombard acquires Hero Motocorp shares for INR 258 crore.

• Wipro announces new AI solutions powered by NVIDIA for various industries.

• The Indian Hotels Company Limited invests INR 49.99 crore in Zarrenstar.

• Cyient Ltd. has acquired Abu Dhabi & Gulf Computer Est.

• Cyient invests USD 7.25 million in Azimuth AI, a US based company.

• Kotak Mahindra Bank acquires Standard Chartered's personal loan portfolio for INR 4,100 crore.

• JSW Neo acquires 125 MW wind energy from Hetero Group subsidiaries.

• Brainbees acquires GlobalBees shares worth INR 84.84 crore via conversion.

• JSW Steel and JFE acquire thyssenkrupp Electrical Steel India.

• Dodla Dairy acquires 35.23 acres in Maharashtra for expansion plans.

• Mothercare and Reliance form joint venture for South Asia.

Business Operations:

• Mastek partners with Innovaccer to improve patient experience through AI-powered platform.

• NAMTECH and ABB Robotics sign MoU to establish School of Robotics.

• Firstsource is building a LLM for the U.S. mortgage business.

• Airtel introduces 5G connectivity across Mumbai Metro Line-3 for commuters.

• L&T Technology unveils AI Experience zone built on NVIDIA AI.

• TCS launches NVIDIA Business unit to accelerate AI adoption for customers.

• Netweb znnounces expansion of NVIDIA MGX platform servers.

• Godrej Properties acquires land in Ahmedabad for new residential project.

• Neobrands launches Akkord, offering affordable, high-quality guitars, keyboards, and ukuleles.

• Oberoi Realty achieves strong bookings of INR 1,348 crore for their new Thane project.

• LTIMindtree launches AI-driven underwriting platform to enhance insurers' efficiency.

• Authum restructures NITCO debt, converting INR 1,037.81 crore to equity.

• GFCL EV raises INR 1,000 crore for electric vehicle materials production.

• WHO prequalifies Zydus' Typhoid Vi Conjugate Vaccine.

• Ola Electric introduces the Ola Digital Twin Platform.

• HGS opens AI Hub in Manila to enhance digital client experience.

• Persistent launches SASVA 2.0, an AI-powered software development platform.

• Granules India receives USFDA approval for Bupropion Hydrochloride tablets.

• Airtel enhances voice and data network in Uttar Pradesh, Uttarakhand.

Management Changes:

• Star Cement CEO Vinit Kumar Tiwari resigns for personal reasons.

Disclaimer: Anand Ganapathy K is a SEBI-registered Research Analyst with SEBI registration number INH000016630. This weekly update highlights market trends and upcoming events for your awareness. It does not recommend buying or selling stocks mentioned in this newsletter. Securities market investments carry market risks. Kindly review all related documents before investing.

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