Mumbai, Oct 26
The stock market experienced a tough week with both Sensex and Nifty facing a significant decline. The main indices, Nifty and Sensex, declined by 2.7 per cent and 2.2 per cent, respectively.
Going forward, domestic macros are largely favouring the market with the unveiling of strong Purchasing Managers' Index (PMI) data and strong economic growth forecast by the Reserve Bank of India (RBI) for FY25, market experts said on Saturday.
India’s manufacturing industry regained growth momentum in October and the acceleration was supported by quicker increases in factory production and services activity. India’s private sector economy continued to showcase robust growth in October, according to the latest HSBC ‘flash’ PMI survey compiled by S&P Global.
This week was challenging for investors and traders as markets saw a broad-based sell-off throughout, with Nifty closing down by over 2.65 per cent, slipping below 24,200 after two weeks of consolidation.
“October has been particularly tough, with the benchmark down more than 6 per cent so far. The hardest hit was in individual stocks, particularly in the mid-cap segment, which has sharply declined over the last couple of weeks,”: said Rajesh Bhosale, Equity Technical Analyst, Angel One.