Stock market weekly update (3rd Oct – 7th Oct 2016).

  • The S&P BSE Sensex ended down 45 points at 28,061 and the Nifty50 closed 12 points lower at 8,698 on Friday.

  • Stock markets have turned volatile in the last six trading sessions after the Indian army’s `surgical strike’ in Pakistan-controlled areas. In this period, the Sensex ended in the red three times, while it gained on the other three.

Stock market weekly update
  • The Nifty50 opened on a positive note, but failed to hold above its crucial level at 8,720 and continued its decline due to profit booking for the third consecutive session this week. Monday is crucial for Nifty. If it holds above its intraday low of 8,663, chances of a recovery will remain intact. Else, profit booking may drag the index towards lower levels.

  • NSE gets nod to launch IPO via offer for sale, plans to get listed in India as well as abroad. Competitor, BSE, also has already filed draft prospectus with SEBI to float an IPO.

  • Telecom stocks ended lower this week. Telecom shares were in action post the spectrum auction in which Airtel acquired 173.8 MHz spectrum across 1800/2100/2300-MHz bands, Idea Cellular won 2100-MHz band spectrum in Mumbai circle. Reliance Industries settled marginally lower. The company’s telecom arm Jio said it has acquired 269.2 MHz spectrum across all 22 circles.

  • All is not well in the IT sector. Stocks of the top five IT firms TCS, Infosys, HCL Tech, Wipro and Tech Mahindra have lost up to 24 per cent in the last one year. TCS, Wipro and Infosys ended down over 0.5% each ahead of September US jobs data.

  • The pound sterling slumped to a three-decade low, raising eyebrows across financial markets. Asian markets are tentative, following a warning from the IMF that a Fed rate hike will create a major disorder across Asian markets.

This weeks top gainers.

Exchange Company Company
NSE BALKRISIND TATACOMM
NSE KSCL VEDL

This weeks top losers.

Exchange Company Company
NSE CIPLA ITC
NSE COALINDIA TCS
Summary
Stock market weekly update (3rd Oct – 7th Oct 2016).
Article Name
Stock market weekly update (3rd Oct – 7th Oct 2016).
Description
The S&P BSE Sensex ended down 45 points at 28,061 and the Nifty50 closed 12 points lower at 8,698 on Friday.
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EQSIS
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