Weekly Market Commentary - Jul 28, 2014 - Aug 1, 2014

Sensex ended this week down by 2.5% while Nifty was down by 2.4% and Midcap down by 0.2%

Monday - Sensex down by 0.5%, Nifty down by 0.5%, Midcap down by 0.3% 
Investors continued to book profits in the blue chips names ahead of the derivative expiry this week. RBI monetary policy review on next Tuesday will be the next catalyst for Indian stocks.

Tuesday – Markets closed on Id-Ul-Fitr (Ramzan Id)

Wednesday - Sensex up by 0.4%, Nifty up by 0.6%, Midcap up by 0.7% Markets went up slightly after Bharti Airtel, Lupin Ltd and Dr Reddy's Laboratories Ltd posted results better than street expectations. The gains were capped ahead of derivative expiry, expected Fed statement later in the day and lower than consensus L&T results.

Thursday - Sensex down by 0.7%, Nifty down by 0.9%, Midcap up by 0.1% Markets fell on the derivative expiry day weighed down by FII sales after not so impressive numbers from Maruti Suzuki and HCL Technologies. Cadila Healthcare also slumped 4.5% USFDA made certain observations after conducting a "product specific" inspection of its Moraiya manufacturing plant.

Friday - Sensex down by 1.6%, Nifty down by 1.5%, Midcap down by 0.7% 
Sensex and Nifty declined nearly by 1.5%, marking their biggest single-day fall in nearly 3-1/2 weeks in tandem with global market peers ahead of U.S. jobs data. Some analysts are anticipating that a strong US job report will prompt Fed towards interest rate hike, effectively slowing down the interest rates fueled rally across the globe.