Stock Market Report - September 29, 2023: Nifty 50 Sees 2nd Consecutive Weekly Loss, IT Stocks in 2

Friday, September 29, 2023

Market Recap:
The Indian stock market witnessed mixed fortunes as the benchmark indices Nifty 50 and Sensex ended Friday's trading session on a positive note. However, Nifty 50, which concluded the day at 19,638, recorded its second consecutive weekly loss. On the other hand, Sensex closed at 65,828.41, and Nifty Bank posted a notable gain, closing nearly 300 points higher at 44,584.55. Among the prominent performers in the Nifty 50 index, Hindalco emerged as the top gainer, while Adani Enterprises faced losses.

Weekly Overview:
Sensex, Nifty, and Nifty Bank Register Second Consecutive Weekly Losses
Midcap Stocks Shine with the Midcap Index Outperforming Benchmark Indices
IT Sector Bears the Brunt as Six out of the Top 10 Nifty Losers This Week Belong to IT Stocks (Tech Mahindra, Infosys, L&T Infotech, Wipro, HCL Technologies)
Bajaj Finance, Coal India, ONGC, L&T, NTPC, and Apollo Hospitals Stand Out as Top Nifty Gainers This Week
Delta Corp, Navin Fluorine, Berger Paints, Mphasis, and AU Small Finance Bank Lead as Top Midcap Losers
MCX, Dixon Technologies, RBL Bank, Oil India, Dr. Lal PathLabs, and L&T Finance Emerge as Top Midcap Gainers

Closing Figures:
Sensex Surges by 320 Points to 65,828, While Nifty Gains 114 Points to Reach 19,637
Nifty Bank Records a Notable Increase of 295 Points, Closing at 44,596, and the Midcap Index Posts a Gain of 431 Points, Settling at 40,537
Pharma Stocks Experience Significant Growth Following Positive Updates from the US FDA, Resulting in a 3% Surge in Nifty Pharma
All Indices, Except IT, Conclude with Gains, with Metal and PSU Sectors Leading the Way
A Decrease in the Dollar Index Contributes to Metal Stocks' Rise, with Hindalco Emerging as the Top Gainer
Auto Stocks Show Strength Ahead of Monthly Sales Data Release, with Hero MotoCorp Notching a 3% Gain
IT Stocks Fail to Sustain Intraday Advances, with L&T Infotech, Tech Mahindra, and HCL Technologies Among the Top Losers
Navin Fluorine Slumps by 14% Following the Resignation of the Company's Managing Director
MCX Records a Decline but Recovers 7% from Lows after SEBI Delays Implementation of a Shift to a New Platform
Vedanta Soars by 7% Following HZL's Corporate Restructuring Announcement, Marking Its Best Day of 2023
Diagnostic Stocks Move in Tandem with Pharma Companies, Resulting in a 4-5% Surge for Metropolis Healthcare and Dr. Lal PathLabs
Glenmark Pharmaceuticals Emerges as the Top Midcap Gainer, Experiencing a 10% Surge and Closing Near Its Record High
Zee Entertainment and Sun TV Witness 4-5% Movements on the First Day of the October Series
Market Breadth Tilts Towards Declines, with an Advance-Decline Ratio of 2:1