Weekly Stock Market News & Updates

Market Snippet

  • Market end lower for the second consecutive week, financial stocks weigh; Nifty ends below 9600 mark.
  • Wockhardt settles litigation with Cephalon; stock ends on flat note.
  • Tata Steel sells stake in Tata Motors to Tata Sons for $586.3 million.
  • Aban Offshore signs contract with Brunei Shell Petroleum.
  • Lupin announced that company had launches Desoximetasone Cream in US.
  • Tata Power plans to sell stake in loss-making Mundra UMPP.
  • Tata Elxsi to be strategic design partner of AAI.
  • Tata Motors shares tanks as to offer NCDs worth Rs 500 crore.
  • Mindtree shares moved higher on the back of reports that company to consider share buyback on June 28.
  • Bajaj Finance has raised Rs 600 crore through issuance of 8.15% unsecured

Weekly Market View

Nifty consolidated on weekly chart to end flat in last week of trading. It remained flat for most of the trading session and witnessed profit booking in last two sessions to end lower on daily chart at 9590.05.Nifty looks week on weekly chart if closes below the support level of 9550 and may witness selling to test the support level of 9350.However an close above the resistance level of 9715 may infuse further buying in index up to the 9850.

Weekly Nifty Bank View

Nifty Bank also consolidated on charts and formed hammer candle on weekly chart. It remained in tight trading range for most of the trading session of the week and witnessed profit booking on last session of the week. It settled the week at 23546. Nifty bank looks sideways on weekly chart however a close below the support of 23300 may trigger short term selling in banking index to test the support of 22800.

Global Markets Update

World Markets consolidated in last week of trading as the markets around the world remained flat as renewed slump in oil prices to seven-month lows impacted the trading sentiments sentiment.US S&P 500 closed the week at 2433.15.The German DAX settled the week at 12752.73.The Asian peers however had a strong trading week with Nikkei 225 closing the week’s trading positively at 20132.67 and Shangahi composite ending the week at 3157.87

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