Head Lines
    Headlines
  • Telangana Assembly passes TSRTC merger Bill
  • 'Money Heist'-Inspired Cyber Criminals Arrested For Conning Noida Businessman
  • SC to monitor cases of crime against women in Manipur
  • Veg thali cost surges 28% in July amid soaring food prices
  • IIM Lucknow launches executive programme in AI for Business
  • Govt to open research park at top educational institutions to promote science & tech
  • US to send Ukraine first $200 million of arms freed by $6.2 billion 'error'
  • Reliance Retail says it is set to lead the retail industry in the coming decade
  • Karnataka High Court accepts petition challenging provisions of Real Estate Regulatory Act
  • ‘I’m doing this for Pewdiepie’: MrBeast challenges T-Series, will fight to become YouTuber with maximum subscribers

Indian markets ended the week on a higher note, though half of the gains were lost on Friday, due to enormous selling pressure from Foreign Institutional Investors.

 

Global cues were weak following a softer-than-expected survey of China's manufacturing and some earnings disappointments. On Friday, the domestic side, Nifty witnessed sharp selloff, amidst weak global cues and exit polls of state elections indicating mixed results. Shortage of vaccines dented market sentiments while India continued to report a record daily increase in Covid-19 infections. Fear of further localized lockdown across various states and thus its impact on the overall economic recovery led to profit booking. HDFC, HDFC Bank, ICICI Bank, Kotak Mahindra Bank and Asian Paints were among the top losers on the Nifty. Gainers included ONGC, Coal India, Divis Labs, Grasim, and IOC.

"Going forward, after having moved 6% in last 2 weeks, markets are likely to be range bound as the fear of the continuous rise in covid cases and extended lockdowns in various states, are likely to cap the upside. We expect Nifty to trade in the range of 14200-15000 zone. So far the strong quarterly earnings season has been supportive to the market but the poor progress on the vaccination front is denting the sentiments. Next week, investors would keenly track the state elections outcome and Auto monthly sales data which would keep the market on the edge, while on the global front, key macro-economic data like US Non-Payroll Farms data, US PMI data and BoE monetary policy would be kept an eye on," says Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

Investors have over the last 1 year seen their returns doubling in most stocks and hence there might be some profit booking that happens. Since last year, markets have seen a solid rally and hence investors need to be watchful, while investing in higher levels.

comments

No Comments Till Now.

Write Your Story