Benchmark indices closed positive for the seventh consecutive week. Nifty, +0.4%; Sensex, +0.5%; Nifty Midcap, -0.1%; Nifty Smallcap, +0.2%; and Model Portfolio, -1.3%.
Weekly Market Review
The Nifty advanced 0.4% during the week, carrying the positive momentum for the seventh consecutive week. During the week, Nifty hit an all-time high of 11,761 on April 3, even though fell about 120 bps by the close of the day.
On the sectoral front, Nifty Metal (+2.9%) emerged as the top gainer for the week followed by Nifty Auto (+2.8%) and Realty (+2.5%). On the other side, Nifty Media (-2.2%) was the top loser followed by Nifty Energy (-1.9%) and FMCG (-1.5%).
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 12: FX Reserve
● April 12: CPI (March)
● April 12: Industrial Production (Feb)
Stocks in News
Jet Airways (India): Indian Oil Corporation stopped fuel supply to Jet Airways due to non-payment of dues. The stock was down 1.6% today.
Axis Bank: As per a media report, the bank has laid off 50 mid-level managers as a part of its restructuring plans and also to control costs. The stock closed flat today.