Share Market

Expiry day was weak and on expected lines while the first day of a new series saw gains for the market.

Even though the market is showing resilience, the undercurrent is weak, he said, adding that the dollar index at 106.59, the US 10-year bond yield at 4.62 per cent and Brent crude above $97 are strong headwinds that can pull the market down.

Market participants may note that the TFT framework shall be in conjunction with all other prevailing surveillance measures being imposed by the exchanges from time to time, BSE said in a circular.

BSE Sensex was down 163 points at 65,845 points. Infosys, L&T, Indusind Bank, Wipro, TCS were down more than 1 per cent.

Investors would look for economic data like US & UK GDP numbers, EU inflation, US & China Manufacturing PMI, and India’s Infrastructure output which is due next week for further direction.

FPI selling which started early this month continued in the week ended September 22. This month, in the 15 trading days, so far, FIIs were sellers in eleven days.

The spike in the dollar index to 105.52 and the US 10-year bond yield shooting up to a 16-year high of 4.5 per cent are negative for equity markets, particularly emerging markets, he added.

The US GDP growth projection now stands at 2.1 per cent for 2023 and 1.5 per cent for 2024 recovering to 1.8 per cent in 2025. As the Fed chief said, “soft landing is a plausible scenario.”

To add to these headwinds, now there is the disappointing news of the likely compression of NIMs of HDFC Bank, which might temporarily impact sentiments in Bank Nifty, he said.

Brightcom Group was up 26.4 per cent, IOB was up 20.4 per cent, Central Bank was up 19.8 per cent, SJVN was up 17.7 per cent in the Nifty 250 Small Cap Index.