Weekly Big Picture: Nifty Escapes Distribution Day; Mahindra and Mahindra Signs Deal with Ford Motors

Market Pulse

Confirmed Uptrend

Weekly Action

Benchmark indices closed positive. Nifty, +0.9%; Sensex, +1.0%; Nifty Midcap, -0.5%; Nifty Smallcap, -0.9%; and Model Portfolio, +1.1%.

Weekly Market Review

The Nifty advanced 0.9% during the week. The index opened the week on a positive note amid strong buying in Tata Consultancy Svs., Hdfc Bank, and Tata Motors. Continuing the positive trend, the Nifty closed Tuesday’s trade on a high note and hit a new high of 11,810.95. However, the index faced some sell-off on Thursday as all the sectors ended up in the red.

On the sectoral front, Nifty Auto (+2.2%) emerged as the top gainer for the week followed by Nifty Metal (+1.3%) and IT (+1.1%). On the flip side, Nifty PSU Bank (-2.7%) was the top loser followed by Nifty Media(-2.6%) and Realty (-1.9%).

This week, on Tuesday, we changed the market status to a Confirmed Uptrend from Rally Attempt as the index closed above its previous all-time high of 11,761, which was proving to be a hard resistance over the last two weeks.

Earnings in the upcoming week:

  • April 23: ACC Cement
  • April 24: Indiabulls Housing
  • April 25: Axis Bank
  • April 26: Yes Bank
  • April 26: HDFC AMC
  • April 26: Hero Motocorp

Stocks in News

Mahindra & Mahindra: The Company signed a deal with the Indian unit of Ford Motors to develop midsize sports utility vehicles in India. Ford will invest Rs 6.8B for the development of vehicles over a period of 10 years. The stock was down 0.5% today.

RBL Bank: The Bank reported its Q4 FY19 results. Its lending grew 35%, led by wholesale lending that grew 25% and non-wholesale lending (44% of loan portfolio) that rose 49%. The NIM growth was 4.1%. The GNPA and NNPA recorded at 1.38% and 0.69%, respectively. The stock was down 0.7% today.

Ashoka Buildcon: The Company was awarded an order worth Rs 443.23 crore from Rail Vikas Nigam. The construction work, as per management, is expected to complete in 36 months. The stock was up 0.4% today.

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