A very good week for the markets. Sensex went up by more than 770 points in the span of four trading days. Nomura raised BSE Sensex target to 30,310 by August 2015 citing the cyclical pick-up in growth. UBS maintained its 12-month Nifty target of 8,000 putting a premium on growth potential of the Indian economy especially when it comes out of ruts.
Narendra Modi's decision to do away with Planning Commission has unshackled the Indian states economy from the clutches of last remaining Soviet style institution. I couldn't think of a better way to say Happy Independence Day.
Sensex ended this week up by 3.1% while Nifty was up by 2.9% and Midcap up by 1.6%
Monday - Sensex up by 0.8%, Nifty up by 0.8%, Midcap up by 0.9%
Sensex and Nifty snapped their losing streak and rose nearly 1% on good numbers from stocks such as Mahindra & Mahindra and cooling-off in tensions between Russia and Ukraine. Realty stocks gained after SEBI put its stamp on FM’s decision of setting up of REITs, a widely acclaimed move that will offer a new source of financing to India's cash-strapped property developers and new investment vehicle to the nation.
Tuesday - Sensex up by 1.4%, Nifty up by 1.3%, Midcap up by 0.7%
Investors cheered the Tata Motors results – the firm tripled its quarterly net profit on back of strong JLR sales. Analysts are also upbeat about the overall health of the economy and expect July CPI to rise marginally to 7.40% from 7.31% in June, as per a Reuters’ poll. Also, a poll of 27 economists expects factory output in June to rise by 5.4% y-o-y in comparison with the 4.7% growth in May.
Wednesday - Sensex up by 0.1%, Nifty up by 0.2%, Midcap down by 1.1%
Sensex and Nifty ended the day marginally higher as gains in IT stocks due to weak rupee were offset by decline in capital goods stocks as BHEL’s earnings disappointed the street. Gains were also capped as lenders fell after govt. released July CPI data at 7.96% vs. 7.46% in June.
Thursday - Sensex up by 0.7%, Nifty up by 0.7%, Midcap up by 1.0%
Benchmark indices went up as WPI inflation dropped to five-month low level due to moderation in fuel costs and investors prepare for maiden Independence Day speech of PM Narendra Modi. Investors are expecting some key reform related announcements on Friday.
Friday – Exchanges closed on account of Independence Day
ReplyDeleteNifty50 going forward has support placed in the region of 9,350-9,360 and, on the upside, resistance is likely to come in around levels of 9,450 and 9,480.ONGC is the top Nifty gainer and Bharti Infratel is the top Nifty loser in the morning hours.capitalstars