Equity benchmarks extended its winning spree over a fifth consecutive week amid buoyant global cues. As a result, Nifty ended the week at four months high at 10902, up 125 points or 1.2%, led by the rally in index heavyweight RIL, Infosys, among other
Broader markets took breather after past seven weeks up move. Nifty midcap remained unchanged while small cap lost 0.4%. Sectorally, IT, Pharma and FMCG outshone while financials and realty took a breather.
In the coming week, the market will continue to focus on earnings release coupled with guidance for coming quarters. Some have already sounded optimistic which helped the markets to gather momentum. However, investors are likely to keep a tab on rising local Covid infections and activities at India’s northern frontier borders.
The week may see stock specific moves and monthly futures & options (F&O) contracts expire on Thursday.
As April-June quarter earnings release gather pace, that should result in stock specific moves, provide ammo for benchmark indices.
India reported a record jump in coronavirus infections on Saturday. Total number of cases in India crossed 10 lakh mark making it the world’s third highest number of Covid-19 infections, just behind the United States and Brazil.
On the global front, investors will be eyeing G20 summit outcome. Investors will also have slew of US data to pore over in the coming week.
Starting Tuesday, the Chicago Federal Reserve releases national activity index for the month of June, existing home sale data for June will be released Wednesday morning. New home sales data will be released Friday morning.
This document is meant for the recipient only for use as intended and not for circulation. This document should not be reproduced or copied or made available to others. The information contained herein is from the public domain or sources believed to be reliable. While reasonable care has been taken to ensure that information given is at the time believed to be fair and correct and opinions based thereupon are reasonable, due to the very nature of research it cannot be warranted or represented that it is accurate or complete and it should not be relied upon as such. Also above note is not a recommendation to Buy or SELL and is only a view based on facts and figures and we will be in no way responsible for any losses incurred by anyone who uses this information to either trade or invests securities mentioned herein.