POST MARKET SUMMARY ON 15 OCTOBER 2024 OF INDIAN STOCK MARKET
On October 15, 2024, the Indian stock market closed with a flat performance. The NSE Nifty 50 showed minor fluctuations during the day, but remained below the 25,000 mark. The market witnessed some profit booking after earlier sessions of recovery, driven by specific sectors like infrastructure, energy, and manufacturing. However, uncertainty regarding state elections and subdued earnings reports tempered investor enthusiasm.
In the broader context, while the Indian market has shown significant gains over the past year, rising nearly 40%, short-term concerns like demand fluctuations, inflation, and external economic pressures continue to limit major upward momentum.
Looking forward, analysts are cautiously optimistic, highlighting the need for strong earnings growth and a favorable economic climate to push the market higher. The next major trigger for the market could be election results and economic data releases.
the Indian stock markets experienced a relatively quiet trading session, with both Nifty50 (CHART) and Sensex (CHART) ending near flat. The Nifty50 managed to stay below the critical 25,000 level, while Sensex hovered around 81,100. After a period of recovery, profit-booking pressure and subdued global sentiment led to reduced momentum.
Key factors affecting the market include:
- Profit-Booking in Key Sectors: Investors took profits, especially in high-performing sectors like infrastructure and energy, which had shown strength earlier.
- Subdued Earnings and Global Factors: Some companies reported weaker-than-expected earnings, while global economic pressures, including inflation concerns and the effects of geopolitical instability, weighed on market sentiment.
- State Elections and Caution: With upcoming state elections in India, investors remain cautious, contributing to market volatility. Historically, foreign and domestic investors tend to remain on the sidelines during election periods, waiting for more certainty in the political landscape.
- Sector Performance: Although the broader indices remained flat, sector-specific movements were mixed. The IT sector showed slight resilience, whereas sectors like PSU banks and metals experienced declines.
Despite the subdued session, the long-term outlook for the Indian market remains positive, with expectations of steady GDP growth and strong sectoral contributions from manufacturing and infrastructure. However, short-term fluctuations will likely continue until clearer earnings data and election outcomes provide more direction.
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