Stock Market Report: June - Week 3, 2023

The 3rd week of June was highly volatile as the Nifty50 remained sideways, with a negative closing of -0.84%.

Stock Market Report: June - Week 3, 2023

Weekly Wrap up

This week's market performance can be compared to a roller coaster that teases riders with near misses and sudden drops. Just as riders experience both fear and excitement, investors faced the volatility with a blend of fear and anticipation, as the market experienced volatility but traded sideways throughout the week, keeping investors on the edge of their seats.

The market started the week with energy, fueled by positive sentiments. However, as the week progressed, investors found themselves strapped in for a bumpy ride as the market roller coaster took unexpected turns.

Amidst the twists and turns, the most adrenaline-pumping day was the weekly expiry, when the market witnessed heightened volatility, leaving directional traders confused. Option sellers had a nail-biting experience, navigating the rapid changes in premium values.

Just as the roller coaster peaked, the Nifty50 came tantalisingly close to reaching an all-time high and missed this milestone by the narrowest of margins. Although the record was not shattered, it served as a reminder of the market's potential and fueled the hopes of future breakthroughs.

While the market traded sideways, the index ended in red with a negative return of -0.84%, on the other hand, Nifty500 ended the week with -1.05% returns.

Leaders & Laggards

This week, all sectors ended in red, mostly because of the fall in the last two days of the week.

Regarding our models, Quick Short was the one that outperformed the markets and the other models with 5.88% returns for the 3rd week of June. On the contrary, Alpha Ally and Buy High Sell Higher were two of the underperformers, with -1.64% and -1.79%, respectively.

TWL, or Titagarh Rail Systems, formerly known as Titagarh Wagons Limited, is an Indian private shipbuilder, defense, and railway wagon manufacturer headquartered in Kolkata, West Bengal. The stock returned 27.28% for the month of June under the Sector Superstars’ model.

SAKSOFT, or Saksoft Limited, is an Indian-based IT company that focuses on industry focused technology solutions. The stock returned 21.88% in the first three weeks of June as a part of the ‘Sector Superstars’ model.

NUCLEUS, or Nucleus Software Exports Limited, is an Indian IT company in the banking and financial services sector. It offers IT and consultancy services serving a variety of sectors of the banking industry. As a part of India's ‘Sector Superstars’, it underperformed with a negative 10.23% return.

KRBL, or KRBL Limited, is a leading rice processing and exporting company known for its India Gate brand of basmati rice, the largest-selling rice brand in India. The stock returned a negative return of -7.88% as a part of the ‘Alpha Ally’ model.

Reads on the Internet:

Adani stocks take a hit as SEC looks into them:

Adani Enterprises and Adani Ports tanked more than 10% after a report suggested that US SEC was looking into the conglomerate after the Hinderburg report.

The IPO market seems to be springing back to life:

With multiple IPOs lined up in July, a drone manufacturer, Idea Forge, opening for subscription on the 26th of June and end on the 29th.

India will soon produce semiconductor chips before the end of next year:

The Union Minister for Communications and IT, Ashwini Vaishnaw, said that the first made-in-India semiconductor chips will be rolled out by December 2024. He also mentioned around 5 plants will be set up within a year.

Ola Electric starts the construction of its gigafactory:

India's leading two-wheeler EV maker, Ola Electric, has begun constructing its 115-acre gigafactory in Tamil Nadu, which is set to begin operations by next year.

The battle between the two richest men on this planet:

Billionaire Elon Musk and Mark Zuckerberg have agreed to a cage fight out of fun.

As we disembark from this week's market roller coaster, we reflect on the thrill of the journey and the lessons learned. The market displayed its characteristic volatility, yet traded sideways, keeping investors guessing. With the Nifty50's near-miss and sector-specific stories, the ride was never short on excitement. Stay tuned for the next market adventure as we navigate the twists and turns of the financial landscape.