The hallmark of last week was Jio Platforms listing on the Indian bourses on Wednesday the 28th of October 26, to an outstanding debut and performance. The share which was issued at Rs 1,119 touched an intraday high of Rs 1,423.80 and a low of Rs 1,356.40. The share had debuted at Rs 1,358 which was what the grey market was predicting, a gain of Rs 239. The Ambani family is known to have important events linked to family members and this event was no exception. The issue closed on the twins, Akash and Isha’s birthday. A great listing. The share ended the week at Rs 1,431.20, a gain of Rs 312.20 or 27.90%. The market cap of Jio Platforms Limited is just under Rs 13.18 lakh crores, while the parent Reliance Industries Limited has a market cap of Rs 15.74 lakh crores. Incidentally Reliance Industries has declared its results on Friday and they saw a much better performance, giving some additional strength to the market in the coming week.
Markets gained on four of the five trading sessions and lost on one. BSESENSEX was up 1,498.13 points or 2.06% to close at 74,393.08 points while NIFTY gained 493.60 points or 2.19% to close at 23,010.00 points. BANKNLIFTY gained 399.60 points or 0.74% to close at 54,686.95 points. The broader markets saw BSE100, BSE200 and BSE500 gain 1.83%, 2.05% and 2.12%. BSEMIDCAP was up 0.92% while BSESMALLCAP was up 1.08%. Last week there were no sectorial gainers, this week there were no losers. The top gainer was BSEHEALTHCARE up 6.85% while the one to gain the least was BSE OIL&GAS, up 0.26%. The high and lows for the week on the benchmark indices were made on Monday being the low and high being made on Friday, indicating that the market gained from strength to strength and there is some juice probably left in the market. The high was at 74,742.59 and 23,118.10 while the lows were at 72,514.57 and 23,387.35 points respectively.
The Indian Rupee lost 8 paisa or 0.08% to close at Rs 95.21 to the US Dollar. Dow Jones gained on three of the five trading sessions and lost on two. It was down 444.85 points or 0.85% to close at 51,770.31 points.
In political news, The Brazilian President Lula has won the elections and retained his goverment. He is yet another person who Trump does not like. In Israel, the Premier Netanyahu has seen the outcome of elections as a hung parliament, news which is not good for Trump. The US mid-terms would be held this week on Tuesday and not sure whether this should be read as trends or just ignored. Wednesday would be a crucial day for markets globally, post results.
There was yet another listing on the day when Jio Platforms was being listed, Paras Healthcare Limited. The company had issued shares at Rs 693. Shares debuted at Rs 720 and closed day ones at Rs 737.15, a gain of Rs 44.15. By the weekend, shares slipped marginally after gaining further ground to close at Rs 735.95, a gain of 6.20%.
October NIFTY futures expired on Tuesday the 27th of October. Series expired at 22,670.75 points, a series gain of a mere 77 points or 0.34%. It has been a volatile month but turned out quite flat at the end of it all.
We are entering the festival week and would celebrate Diwali with Muhurat trade on the coming Sunday, the 8th Of November. Will write more on what the year ahead holds for us.
The week ahead has some upside possible with results being posted giving encouraging trends. If only the worry and concern about oil subsides, things could be much better. The markets have resistance at 23,350 points or thereabout and this could act as a turning point once again. What we saw last week could have had an element of short covering about it. On the support side we have a base at 22,700-22,750 points and much lower at 22,300 points. Oil continues to be the biggest worry at this point of time. The strategy would be to keep it simple. Use rallies and any strength in the markets to lighten whatever may have been bought keeping 22,300 as a support and wait for markets to correct. We have plenty of triggers coming up for buying opportunities.
Trade cautiously and wait patiently as opportunities will come.
