2 weeks Ago
India's heartbeat index Nifty has shed the September seasonality baggage, hitting lifetime highs on seven sessions in a row and it is most likely to end the month with an uptick of over 3%. Barring PSU banks , IT and oil & gas stocks which have fallen by up to 2.4% at an index level, all other sectors have turned out to be winners.
As on September 27, Nifty’s month-on-month gains stood at 3.7%. While Nifty scaled an all-time high of 26,277.
35 on Friday and is still going strong, in the previous 10-years leading to 2023, it had ended with declines on six occasions. Its worst fall was in 2018 (-6.04) while its highest gain in 2019 (4%).
A robust show this time could be attributed to Foreign Portfolio Investors (FPIs) getting bullish on the Indian equities . So far, they have purchased shares worth Rs 57,359 crore crore. In anticipation of the US Federal Reserve's rate cut of September 18, they had already started buying and have continued the trend post the 50 bps cut.
Prior to 2024, FIIs were net sellers of Indian equities on six out of 10 occasions. Meanwhile, domestic institutional investors (DIIs) have been net sellers, just ones holding their ground. Stock Trading Market 101: An Insight into Trendlines and Momentum By - Rohit Srivastava, Founder- Indiacharts.
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addEventListener("message",(function(a){if(void 0!==a.data["datawrapper-height"]){var e=document.querySelectorAll("iframe");for(var t in a.
data["datawrapper-height"])for(var r=0;r
source){var i=a.data["datawrapper-height"][t]+"px";e[r].style.
height=i}}}))}(); Among sectoral indices, Nifty Metal has bucked the trend and gained 7% as on September 27, 2024. Prior to this year, it closed with declines on 7 occasions and the average 10-year returns in September stood at 2.3%.
Nifty Realty was another winner which is up by over 6% this time beating the September seasonality factor. Its previous 10-years average returns stood at 0.2% and it ended in the red in 8 out of the previous 10 years.
Among laggards, Nifty PSU Bank stuck with the seasonality trends of the past 10 years. It has fallen by nearly 2% as on the penultimate day of September. Its average 10-year returns till 2023 stood at 3.
2% with negative closings on seven occasions. The biggest fall of 19% was seen in 2018. Nifty Oil & Gas is another loser with 2.
4% decline. It has fallen 6 times in the previous 10 Septembers. The gainers are Nifty Bank (6.
4%), Nifty Financial Services (7.7%), Nifty IT (2.8%), Nifty Auto (5.
5%), Nifty Private Bank (6.5%), Nifty FMCG (3.8%) and Nifty Media (3.
6%). !function(){"use strict";window.addEventListener("message",(function(a){if(void 0!==a.
data["datawrapper-height"]){var e=document.querySelectorAll("iframe");for(var t in a.data["datawrapper-height"])for(var r=0;r
length;r++)if(e[r].contentWindow===a.source){var i=a.
data["datawrapper-height"][t]+"px";e[r].style.height=i}}}))}(); The broader Nifty Midcap 100 has grown by 1.
8% this time maintaining a bullish trend of the previous 10 years. According to a JM Financial note, the Nifty Midcap index has given a positive closing six times. While the month will end on Monday and there could be some changes in data, a material impact on the overall trend is unlikely.
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