US Unemployment and Non-Farm Payroll Data Awaited by Market

Nifty 50 down by 1.03 percent during the week and closed at 17413.

Weekly down by 1.03 percent during the week.

NSE Nifty 50 index opened on Monday with a gain of 711 points. However, on Friday, it closed with a loss of 413 points. On a weekly basis, the index closed with a decline of 1.03 percent at a level of 17413.

Similarly, Nifty Bank index opened on Monday with a gain of 350 points but closed in red on Friday with a loss of 485 points. On a weekly basis, the index closed in red with a decline of 1.86 percent at a level of 40485.

Weekly Buzz

Indian markets during the week ended March 10th recorded a loss of 1 percent amid mixed global and domestic cues in a volatile and truncated week. The market saw decent gains in the first two sessions due to a large deal in Adani group stocks and extended buying from foreign institutional investors (FIIs). However, in the last two sessions, indications of further interest-rate hikes by the US Federal Reserve Chair spooked the market, which led to FIIs turning net sellers.

Indian equity markets are facing several concerns, including the slowdown of the economy, increased interest rates, and valuation. These factors can have a negative impact on market sentiment and lead to lower stock prices.

Additionally, the upward trend in US inflation and negative trend in India may also be contributing to the concerns in the equity markets. Inflation can erode the purchasing power of consumers and reduce corporate profits, while negative trends in the domestic economy can lead to reduced investor confidence and lower stock prices.

Sectoral front, the Nifty Realty index experienced a decline of over 3 percent, while the PSU Bank index lost 2.8 percent and the Nifty Bank index fell nearly 2 percent. In contrast, the Nifty energy and oil & gas indices saw gains of 2 percent and 1.6 percent, respectively.

Foreign Institutional Investors (FIIs) purchased equities worth Rs. 1,769.68 crore, while Domestic Institutional Investors (DIIs) bought equities worth Rs. 1,211.97 crore. However, during the current month, FIIs and DIIs have purchased equities worth Rs. 14,361.85 crore and Rs. 6,929.35 crore, respectively.

Market breadth and Volatility

During the week, the market breadth was unfavourable, with a weekly advance-decline ratio of 0.91. Further, it is a bit lower than the previous week’s figure of 1.06. The volatility index India Vix further increased during the week and closed at 5.40 and settle at 13.41.

Top Gainers and Losers of the Week

The top gainers in the Nifty 50 were NTPC (+4.62%), Bajaj Auto (+2.41%), Power Grid (+2.25%), Shree Cement (+2.05%) and Adani Ports (+1.90%).

The top losers in the Nifty 50 were Bajaj Finance (-3.70%), M&M (-3.31%), ICICI Bank (-2.99%), Kotak Bank (-2.97%) and SBI Life (-2.92%).

Nifty Sectors and Broader Indices

NIFTY SECTORS – WEEKLY ACTION
Metal -0.57%
Media -1.29%
Oil and Gas +1.61%
IT -0.91%
Auto -0.36%
FMCG -0.17%
Consumer Durables -0.74%
Realty -3.36%
Pharma -0.83%

Weekly Pivots

As per the above pivots data, 17220 to 17710 is the Nifty 50 trading range for the next week and based on this week’s action.

Read our earlier blogs here.
Global Sell-Off Causes Turmoil in Equity Markets
Relief Rally Ends as Nifty 50 Succumbs to Selling Pressure
Nifty Crosses 17,700 Mark on the Occasion of Happy Holi

This article is only for educational purposes and is not an investment advice. Please consult with your investment advisor before investing.