Weekly EQUITY Market News & Updates

Market Snippet

  • Market gains for the fourth straight week; Nifty ends above 10,000 mark for the first time ever.
  • HDFC hits a fresh record high, up 4%; raises the market cap by Rs 26,200 crore in 2 days.
  • Dr. Reddy’s tanks 6% on dismal Q1; net profit decreased to Rs 66 crore from Rs 153.5 crore.
  • Karur Vysya Bank Q1 provisions limit profit growth to 1 percent, gross NPAs jump 22 percent.
  • Idea Cellular’s losses for the June quarter worsened to Rs 814.9 crore against a loss of Rs 327.7 crore.
  • L&T Finance hits fresh high after reported 49% YoY growth in consolidated net profit at Rs 309 crore.
  • YES Bank stock hits a record high on 32 percent increase in Q1 net.
  • Escorts gains after reported 33% year over year (Y-o-Y) growth in net profit to Rs 63 crore.
  • ITC to enter into vegetables, fruits, and other perishable segments.
  • AstraZeneca Pharma India gets an extension to sell anti-bacterial drug Meronem.

Weekly Market View

Nifty traded bullish on its native buy trend and remained in buy mode for the most of the trading session of the week on account of good earning posted by some of the major index contributors. Increasing fund inflow by FII and DII also helping the market to trade in liquid abundance and helped market to sustain above 10000 marks to close at 10042.20.Nifty looks bullish in coming weeks trading too on weekly and daily chart however the RBI MPC monetary policy review due in next week will have a significant impact on markets volatility.

Weekly Nifty Bank View

Nifty Bank too traded bullish in last week’s trading as the hopes of better earning boosted the sentiments in banking index Moreover the hopes of a rate cut in RBI MPC policy review also helped the banking index to close at a record high of 24934.20.The nifty bank looks bullish in coming week’s trading too on the weekly and daily chart with major support and resistance at 24450 and 25250 respectively.

Global Markets Update
World markets remained in a consolidation phase in last week’s trading with S&P 500 consolidating near the life time high to close at 2472.10.Fed’s indication that the economy is growing moderately and the job gains have been good supported the market to close high. German DAX ended the week’s trading negatively at 12162.70.The Asian peers too consolidated amid mixed cues from world’s economy with Nikkei 225 closing at 19959.84 and Shanghai composite ending the week at 3253.24.

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