The start of a new series is promising, but what about sustainability?

The week that passed was chaotic. The markets remained flat for the first two trading days before beginning the week with gains and ending it with losses.

While the first day of a new series witnessed gains for the market, expiry day was sluggish and along predicted lines.

In the end, the NIFTY dropped 35.95 points or 0.18 percent to settle at 19,638.30 points, while the BSE SENSEX lost 180.74 points or 0.27 percent to conclude at 65,828.41 points. Markets were so stagnant on Monday that the net move on the NIFTY was only expressed in decimal points. BSE100 fell 0.12% on the larger markets, while BSE200 and BSE500 rose 0.3% and 0.19%, respectively. BSESMALLCAP increased by 1.36 percent and BSEMIDCAP increased by 1.23 percent.

At the closing, the Indian Rupee was down 11 paisas, or 0.13 percent, to settle at Rs 83.04. Dow Jones is still on a losing streak. In the five trading sessions, it gained on two and lost on three. To end at 33,507.50 points, the Dow was down 456.34 points, or 1.34 percent.

The key markets are still at the forefront of attention. Last week, three issues were available for subscription and closed. Three postings were also made throughout the week. There are two issues available for subscription right now. Following the closure of these two issues, there will be a pause of at least a week until the next major board issue.

The JSW Infrastructure Limited issue, which was available from Monday, September 25, to Wednesday, September 27, had a total of 39.36 subscriptions. The QIB section received 60.12 subscriptions, the HNI portion 16.83 subscriptions, and the retail portion 10.86 subscriptions. 16.90 lakh applications were received. On October 3rd, Tuesday, the issue would be listed.

According to allocation, there was an odd pattern of bidding where 17 applicants competed for around 85 lakh shares in the 10 lakh plus HNI category, valued at nearly Rs 101 crore, from the pool of shares available for sale. In contrast to the majority of bidding, which took place for 8,442 shares, this suggested that the average offer size was 5 lakh shares. There were 44,435 bids at this size, which made up 95.54 percent of all applications in the category. The whole purpose was to skew the bidding process and present the demand in a different light. It suffices to declare that it is not against the law.

The second issuance was from Manoj Vaibhav Gems N Jewellers Limited, and it was priced between Rs 204 and Rs 215. The issue was subscribed 2.33 times in total, with 1.08 times for QIB subscribers, 5.40 times for HNI subscribers, and 1.73 times for retail subscribers. In all, 99,893 applications were received.

The third publication came from Updater Services Limited, a company that had entered the market. The topic was available from Wednesday, September 27, to Friday, September 29, this year. Overall, the issue was subscribed 2.96 times, with the QIB component 4.50 times subscribed, the HNI portion 0.89 times undersubscribed, and the Retail portion 1.45 times subscribed. There were 49,715 applications.

Signature Global (India) Limited, which had touched the markets with its offering at Rs 385, got the first share to list. The share increased by Rs 73.40 (19.06%) after trading day one from Rs 444 to Rs 458.40. It increased by Rs 92.90, or 24.13 percent, to conclude the week at Rs 477.90.

Sai Silks (Kalamandir) Limited, which joined the capital markets with its offering priced at Rs 222, was the second share to list. The share gained Rs 22.85, or 10.29%, on day one of trading from its initial price of Rs 242.15 to Rs 244.85. It gained Rs 31.20 or 14.05% and ended the week at Rs 253.20.

Yatra Online Limited, which had issued shares for Rs 142, was the third share to list. The share price lost Rs 6.05 (4.27%) from its introductory price of Rs 130 to its day-one closing price of Rs 135.95. The stock made a little comeback on Friday, closing at Rs. 136.90, a loss of Rs. 5.10 or 3.59 percent.

September futures ended on a sour note, losing 136.35 points, or 0.69 percent, for the series. 19,523.55 were the final series points. By coincidence, the series was actually positive before Thursday, the expiration day, when it lost 193 points. It suffices to state that on the penultimate day, the bears fought back and the bulls lost their footing.

The quarter from July to September is over, and results will start to be released in around 10 days. The market patterns for the next quarter will be set after these outcomes, which make this quarter essential. Markets will likely be choppy and turbulent. In the last week, we were able to grab the lower end of the pivot, or 19,600 points on the NIFTY, and this level is no longer supportive. 19,200 and 64,500 points are the new support levels. Resistance levels are correspondingly at 19,800-19,850 points and 66,500-66,650 points.

India has a commercial holiday on Monday. The US results of Accenture, a major IT company, were dismal, and the IT industry in India suffered the most losses. Future developments in this industry will be closely observed. The approach would be to consider purchasing on significant drops and selling on increases.