Share Market Highlights- Nifty settles below 19760, Sensex below 66300; Bank Nifty sheds over 310 points

“USDINR CMP- 83.25 (spot) The Indian Rupee depreciated slightly on Friday on weak domestic markets and a overnight gains in the US Dollar. FII outflows also weighed on the Rupee. However, robust macroeconomic data from India supported Rupee at lower levels. We expect Rupee to trade with a slight positive bias better than expected domestic macroeconomic data. However, hawkish data from US and risk aversion in global markets may cap a sharp upside. Traders may take cues from University of Michigan consumer sentiment and inflation expectations. USDINR spot price is expected to trade from Rs 82.90 to Rs 83.70.”

– Anuj Choudhary – Research Analyst at Sharekhan by BNP Paribas.

Tata Motors, Tata Consumer Products, HCL Tech, IndusInd Bank and Nestle India are the top gainers on the NSE Nifty.

Sequent Scientific, Super Spinning Mills, Kaveri Seed Company, Salona Cotspin, Exxaro Tiles, Sundram Fasteners, GFL and SMC Global Securities are among the top volume gainers on the NSE.

Infosys, HDFC Bank, ITI, MMTC, and Angel One are among the most active stocks on the NSE.

HCL Technologies'  share price surged 3.49% to Rs 1,266.50 during the intra-day trade on Friday, a day after the IT firm reported a 9.8% growth in consolidated net profit, amounting to Rs 3,832 crore

The share price of IRCON surged over 4% during early trading on Friday, following the news that the company has been granted 'Navratna' status by the Department of Public Enterprise.

“COMEX Gold prices slightly eased on Thursday after the US inflation data, which led to a rally in dollar index and treasury yields. The annual CPI inflation rate held at 3.7% y/y, slightly higher than expectations and higher than in June and July. The core annual inflation rate was 4.1% y/y, the slowest pace in two years. Housing costs made up more than half of the overall increase in prices in September, and this is expected to reverse in time as rent inflation has eased. Amid heightened geo-political tensions and signs of easing core inflation, we expect gold prices to stay buoyed for the day,” said Ravindra Rao, CMT, EPAT, VP-Head Commodity Research, Kotak Securities.

The NSE Nifty 50 opened at 19,654.55, down 0.70%, while the BSE Sensex opened at 66,034.21, down 377.18 points.

“The hourly Bollinger bands are contracting and hourly momentum indicator has a negative crossover and is still far away from the equilibrium line indicating that consolidation is still not complete and can continue over the next few trading sessions Dips towards 44,400 – 44,300 zone should be used as a buying opportunity. Once this consolidation matures we expect the positive momentum to resume on the upside till 45,050 – 45,350 which coincides with the 50% and 61.82% fibonacci retracement level of the fall, said Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas.

“A preliminary analysis of early market indicators, particularly the negative performance of GIFT Nifty and global market cues, indicates a bearish outlook for Friday the 13th, hinting at a significant decline in the market. It is recommended to consider a strategy that involves selling Nifty and Bank Nifty positions. This downturn can be attributed to six key negative factors, which include Infosys's weak guidance and rising geopolitical tensions. Examination of Nifty's options data reveals a specific trading range, with 20,000 serving as a notable resistance level. In these uncertain times, it is essential to adhere to seven fundamental trading rules. it is advisable to maintain a cautious optimism, with the consideration of aggressive long positions only if Nifty manages to surpass the critical level of 19,889,” said Prashanth Tapse, Senior VP (Research), Mehta Equities.

The NSE has added BHEL, Delta Corp, Sun TV Network, Balrampur Chini Mills, Hindustan Copper, Indiabulls Housing Finance, India Cements, L&T Finance Holdings, Manappuram Finance, and Punjab National Bank to its F&O ban list for October 13, 2023.

After staying above the 6% mark for two consecutive months, India’s Consumer Price (CPI)- based inflation fell to a three-month low of 5.02% in September, according to data released by the National Statistical Office on Thursday.

Infosys, HCL Tech, Mphasis, Dr Reddy's Labs, SJVN, IRCON and Lupin are among the top stocks to watch during Friday's trading session.

Foreign institutional investors (FII) offloaded shares worth net Rs 1,862.57 crore, while domestic institutional investors (DII) added shares worth net Rs 1,532.08 crore on October 12, 2023, according to the provisional data available on the NSE.

WTI crude prices are trading at $83.52, up 0.45%, while Brent crude prices are trading at $86.45, up 0.52%, on Friday morning.

Wall Street’s major indexes ended lower on Thursday. The tech-heavy Nasdaq Composite plunged 85.46 points, or 0.63%, to 13,574.22. The Dow Jones Industrial Average fell 173.73 points, or 0.51%, to 33,631.14, while the S&P 500 tumbled 27.34 points, or 0.62%, to 4,349.61