Dear Readers Quick recap of the market for the current week is enclosed.( 20th September to 26thSeptember 2021).
Market Update: 24th September 2021
Sensex: 60,048.47 ▲ 0.27%
Nifty: 17,853.20 ▲ 0.17%
Hope You are doing well.
This was a historical week for the Indian market, as both Nifty and Sensex continue to maintain record highs. Nifty made a high of 17945.65 and close at 17853.20 levels. Sensex made a high of 60333.00 and close at 60048.47. The Market rise has been driven by a combination of factors like strong quarterly results by listed companies spread across sectors, global growth recovery, and global stock market, vaccination picking up pace and recovery in economic parameters etc.
In the coming week, we expect the prevailing uptrend to continue, citing the potential of a steady up move in the banking index and reality sector which has been hovering in a range for the last few months. The market to remain in a broader range of 18,100 on the higher side and 17,500 on the downside. The supports have shifted to 17,500 from 17,000 levels. Investors should look for taking partial profit on those investments where they are making windfall gains or investors may also look for consolidating the portfolio. All the sectors are contributing to the move on a rotational basis but we feel traders and investors should turn cautious and invest in fundamentally strong companies which are available at reasonable valuation.
Sectorally, buying was seen in Real estate (+21.3%), Comm tech (+4.0%) and IT (3.5%), while selling pressure was visible in Metals (-3.5%), Utilities (-2.6%) and Healthcare sector (-1.3%).
During the Week Foreign Net Outflow was $61m, whereas domestic net inflow was $483m.