Weekly Big Picture : Nifty Records Highest Monthly Gains Since April 2016; FIIs Infuse Record Funds in March

Market Pulse

Rally Attempt

Weekly Action

Benchmark indices closed positive for the fifth consecutive week. Nifty, +1.5%; Sensex, +1.3%; Nifty Midcap, +2.9%; Nifty Smallcap, +2.0%; and Model Portfolio, +2.9%.

Weekly Market Review

The Nifty advanced 1.5% during the week, carrying the positive momentum. The Nifty gained 7.7% in March, the highest monthly gain since April 2016. Foreign institutions continued to be bullish on India’s growth story and infused record Rs 32,457 crore in the cash segment this month.

All the sectoral indices advanced during the week, except Nifty Auto (-0.01%). Nifty PSU Bank (+6.9%), Media (+3.6%), and Bank (+2.9%) were the major gainers.

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 02: Manufacturing PMI (March)

●     April 04: RBI interest rate decision; Services PMI (March)

Stocks in News

Cadila Healthcare: The Company received the final approval from the U.S. FDA to market Ambrisentan tablets in the U.S. market. This generic drug is used to treat high blood pressure in lungs. The stock was up 3.3% today.

Dlf: The Company raised Rs 3,173 crore from institutional investors through QIP offer. It would utilize these proceeds to repay its debt, which was around Rs 7,000 crore at the end of 2018. The stock was up 4.3% today.

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