Market Pulse
Weekly Action
Nifty, +0.2%; Sensex, +0.3%; Nifty Midcap, -0.7%; Nifty Smallcap, +0.0%; and Model Portfolio, -0.6%.
Weekly Market Review
Benchmark indices turned buoyant this week over hopes from the Union Budget 2019. Nifty was trading above its 21-DMA till Thursday, but Friday’s sell-off on higher volume pushed indices lower. The Union Budget failed to bring delight to investors. Nifty added one distribution day today, taking its total to three.
On the sectoral front, Nifty PSU Bank (+3.1%) gained the most as investors were hopeful of recapitalization. Among others, Nifty Financial Service (+1.8%) and FMCG (+1.5%) followed the suit. On the flip side, Nifty Metal (-4.3%), IT (-2.4%), and Pharma (-1.7%) were the top losers.
Today, the advance-decline ratio was skewed toward losers. Of the 2,089 stocks traded on the NSE, 476 advanced, 1,265 declined, and 348 remained unchanged.
Noteworthy events in the upcoming week:
● July 12: CPI (June)
● July 12: Manufacturing output (May)
● July 13: Trade balance
Stocks in News
Adani Power: The Company signed a definitive agreement to acquire 1,370-MW thermal power plant in Chhattisgarh backed by Gmr Infrastructure for an undisclosed amount. The stock was down 2.6% today.
After the FM proposed zero budget farming, shares of Upl (-4.7%), Dhanuka Agritech (-4.3%), and Coromandel International (-2.0%) fell sharply.
What do you think? Please email us any questions or comments.
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