Weekly Wrap-Up: November Week 3, 2023

Weekly Market Snapshot

This week displayed positive momentum driven by global factors, controlled inflation, and sector-specific gains. Investor optimism remains high, with favourable macroeconomic indicators. Continued vigilance on global cues and sectoral trends is advised for navigating the market's short-term dynamics.

Key Market Movements‌‌

• Samvat 2080 Start: Indian equity indices began Samvat 2080 positively, extending a three-week winning streak.‌‌
• Weekly Gains: In the week ending November 17, BSE Sensex gained 1.37%, closing at 65,794.73, and Nifty50 added 1.57%, reaching 19,731.80.‌‌
• Broader Indices Outperform: BSE SmallCap, MidCap, and LargeCap indices rose by 3%, 2.5%, and 1.6%, respectively.‌‌
• Global Cues and Macroeconomic Indicators: Buoyed by global cues and favourable Indian macroeconomic indicators indicating controlled inflation.‌‌
• Investor Confidence: Confidence in export-oriented sectors surged, and positive momentum is expected to continue, supported by declining oil prices and moderating US yields.‌‌
• DIIs vs FIIs: DIIs continued buying, while FIIs sold shares worth Rs 404.82 crore, lower than the previous week's selloff.

Sectoral Movements And Stock Specifics‌‌‌‌

• Top Gainers: Nifty IT index (5%), Nifty Realty index (4.7%), Nifty Auto index (nearly 4%), and Nifty Metal index (3%).
• Top Losers: Nucleus Software Exports, La Opala RG, and Rama Steel Tubes, among others.

Leaders And Laggards

• 'Back Up and 'BTST' were two of the best-performing models, with 3.81% and 3.73%, respectively.
  
• 'High Five' and 'Nightcrawler' were two of the underperformers, with -0.20% and 0.55% returns respectively in the same period.
  
• Coming to stocks, TITAGARH, or Titagarh Wagons Limited, provided a monthly return of 27.57% as part of 'Sector Superstars' model, followed by JYOTHYLAB, or Jyothy Laboratories Limited, which returned 25.26% as part of 'Alpha Ally' model.

• On the contrary, ZEEL, or Zee Entertainment Enterprises Limited, was the underperformer with negative 8.75% returns as part of the 'Buy High Sell Higher', followed by MANINFRA, or Man Industries Limited with negative 4.46% returns as part of the 'Sector Superstars' model.

Expert Insights And Market Outlook‌‌

• Ajit Mishra, Religare Broking: Suggests maintaining a positive bias until Nifty breaches 19,450 and favours sectors other than banking and financials for long trades.
• Rupak De, LKP Securities: Expect a positive trend, with support at 19,630/19,500 and resistance at 19,850/20,000.

Reads On The Internet

Drugs, Cash, Liquor Worth Over ₹ 1,760 Crore Seized In 5 Poll Bound States
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The Election Commission on Monday said over ₹ 1,760 crore worth of freebies, drugs, cash, liquor and precious metals aimed at inducing voters in the five poll-going states have been seized so far.

2 Rafale Jets Were Dispatched After Reports Of UFOs Near Imphal Airport

‌‌The Indian Air Force (IAF), soon after receiving information about the sighting of an unidentified flying object near the Imphal airport on Sunday, scrambled its Rafale fighter aircraft to search for them.

Steel, civil aviation among 11 ministries discuss ways to improve India's logistics performance index ranking‌‌

The dedicated cell meets every fortnight to assess the measures taken and outcomes achieved in improving performance across six parameters of LPI, including customs, infrastructure, ease of arranging shipments, quality of logistics services, tracking and tracing, and timeliness.

Sahara-Sebi refund account may be transferred to government‌‌

The government is looking into the legality of transferring unclaimed funds of the Sahara-Sebi Refund Account to the Consolidated Fund of India, with a provision to refund investors who stake claims later.

OpenAI cofounder Greg Brockman on how Ilya Sutskever, company board fired Sam Altman over Google Meet‌‌

Greg Brockman, OpenAI's co-founder and former president who quit hours after the company's board ousted CEO Sam Altman, said that the duo was shocked and saddened and detailed how the events transpired.

India, ADB sign $400-million loan pact for urban reforms‌‌

The latest programme supports the Indian government's urban sector strategy, with a focus on urban reforms that are aimed at making cities not just livable but also centres of economic growth "through provisioning of inclusive, resilient and sustainable infrastructure", according to a statement.

Disclaimer: The opinions expressed in this blog are personal views and should not be considered financial advice. Please do your own research and consult with a professional before making any investment decisions.

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