Equity benchmarks continue to witness sharp decline as it closed lower by more than 2.5% during previous week on the back of weak global cues. Index closed lower for four out of the five trading sessions during previous week. Nifty formed an intraweek high of 10408 on Monday's session and kept on dragging lower as the week progressed. Index breached its recent low (10138) and formed a seven month’s low of 10004 on Friday’s session. Broader markets also continue to witness sharp decline as the Nifty Mid cap and small cap indices closed lower by 1.7% and 4.2% respectively. | ||||||||||||||||||
The S&P BSE Sensex closed at 33349, down by 966 points or 2.8% while the NSE Nifty closed at 10030, down by 273 points or 2.7% for the week. | ||||||||||||||||||
Among the Nifty Constituents, Bharti Airtel, HDFC, Coal India, Bajaj Finance and Titan were the major gainers for the week. | ||||||||||||||||||
Whereas the Asian Paints, ITC, Axis Bank, Indusind Bank, State Bank of India, Yes Bank, ONGC, Reliance Industries, Cipla, Sun Pharma, Grasim, Ultratech Cement, Infosys, TCS, Tech Mahindra, JSW Steel and Zee entertainment were the major draggers for the week. | ||||||||||||||||||
Indian benchmark indices traded lower during the week amid negative global cues and weak corporate earnings. | ||||||||||||||||||
On the data front, India's fiscal deficit touched 95.3% of budget estimate in H1FY19, compared with 91% at the same time last year as per media sources. | ||||||||||||||||||
On the news front, as per a Supreme Court decision, only vehicles compliant with BS-VI emission norms would be allowed to be sold in India with effect from 1st April, 2020. In real estate, as per Anarock Capital report, NBFC's exposure towards the sector is 7.5% accounting for 1.65 lakh crore. | ||||||||||||||||||
In oil and gas sector, the government is planning gas pricing reform by permitting trading of all domestic supply on a local exchange, slated for year-end opening. SEBI has formalised in a circular certain provisions relating to mutual fund expenses and scheme performance disclosure. | ||||||||||||||||||
It has laid down that all scheme expenses be paid out from scheme accounts only and not from the AMC books. | ||||||||||||||||||
Brent Crude was down by ~4.2% to US$ 76.44/barrel as compared to previous week's close of US$ 79.8/barrel. | ||||||||||||||||||
Gold prices went up by 0.73% to $1234/ounce as compared to last week's closing price of $1225/ounce. | ||||||||||||||||||
Bond yields closed slightly lower at 7.88% as against last week's closing of 7.93%. Week Ahead
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Saturday 27 October 2018
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