Market Pulse
Rally Attempt
Weekly Action
Benchmark indices closed negative after seven consecutive weeks of gains. Nifty, -0.2%; Sensex, -0.2%; Nifty Midcap, -0.4%; Nifty Smallcap, +0.8%; and Model Portfolio, -0.4%.
Weekly Market Review
The Nifty declined 0.2% during the week, halting seven consecutive weeks of gains.
On the sectoral front, Nifty Auto (+2.5%) emerged as the top gainer for the week followed by Nifty FMCG (+2.2%) and Pharma (+1.7%). On the flip side, Nifty Metal (-1.9%) was the top loser followed by Nifty Financial Service(-0.8%) and Bank (-0.5%).
The market status remained unchanged. After we moved the status to a Rally Attempt, the market failed to give a follow-through day. We will look for a legitimate follow-through day on the Nifty before we upgrade the market to a Confirmed Uptrend.
Noteworthy events in the upcoming week:
● April 15: WPI (March)
● April 18: RBI MPC Meeting Minutes
Stocks in News
Cipla: The Company will launch ‘Niveoli’, its proprietary respiratory inhalation product, in India. It is used to treat respiratory diseases such as asthma and chronic obstructive pulmonary disorder (COPD). The stock was up 1.8% today.
Lupin: The Company launched testosterone gel in the U.S., used to treat low or no testosterone in men. The stock was up 2.9% today.
Spicejet: The Company plans to induct 16 Boeing 737-800 NG aircraft on dry lease upon approval from Directorate General of Civil Aviation (DGCA). This will expand the Company’s international and domestic presence. The stock was up 8.5% today.
What do you think? Please email us any questions or comments.
Continue reading with a MarketSmith India Premium subscription…
To Read Detailed Reports including Stock Recommendations, Idea Lists, Evaluate Stocks etc. Subscribe to MarketSmith India.