Tuesday, October 1, saw a little decline in the major domestic equity markets, Sensex and Nifty 50, extending their losing streak to a third day due to profit-taking in several FMCG and oil and gas stocks. The BSE Sensex closed at 84,266.29, down 33.49 points, or 0.04 percent. It reached a peak of 84,648.40 and a low of 84,098.94 during the day.
At 25,796.90, the NSE Nifty finished slightly down by 13.95 points, or 0.05 percent. In contrast, the mid-and small-cap indices outperformed their large-cap counterparts, with the Nifty Midcap 100 index climbing 0.34 per cent and the Nifty Smallcap index showing a gain of 0.79 per cent.
Since Friday, when China unveiled stimulus measures to boost its economy, the Sensex has lost around 1,570 points, or nearly two percent, while the Nifty 50 has lost 419 points, or 1.6%. Investor sentiment was affected by muted movements in the world markets and significant withdrawals of foreign funds.
September saw a 2.3% increase in the Nifty, marking a fourth consecutive month of growth and all-time highs. The dramatic reduction in US interest rates raised expectations for foreign investment in India. Nonetheless, some investors have sold the surge in the last two days due to a lack of significant domestic catalysts.
The top four stocks for this week, according to domestic brokerage firm SMC Global Securities, are the current state of the market. The following stocks were chosen by the brokerage using technical and fundamental criteria.
The brokerage claims that the equities are well-positioned to provide investors with strong returns over the course of the next year and have strong fundamentals.