Nifty Auto was the outperforming sector for the week, up 2.2
percent while on the other hand Nifty PSU Bank was the top loser, down 2.7
percent.
Indian equity indices resumed their weekly gains after a
blip amid the ongoing polls in the world’s largest democracy and a
slowdown in global growth.
The S&P BSE Sensex
gained 0.96 percent to end the week at 39,140.28 and the NSE Nifty 50 Index
rose 0.94 percent to close at 11,752.80. The benchmarks also clocked fresh
intra-day highs during the period.
The NSE Nifty 500 Index
gained 0.66 percent during the week, led by gains in PC Jeweller Ltd. and Adani
Green Energy Ltd.
On the institutional activity
front, FIIs remained net buyers to the tune of Rs 2,789 crore while DIIs too
were net buyers to the tune of Rs 281 crore.
On the currency front, the rupee largely remained range-bound
between 69-69.6 during the week, to finally close with marginal gains.
As the deadline for Iran
waivers is coming to end, the rupee is likely to come under pressure. A move
past 69.6 should trigger the next leg of upward movement, said Ambareesh
Baliga, independent market expert.
Nifty Auto was the
outperforming sector for the week, up 2.2 percent while on the other hand Nifty
PSU Bank was the top loser, down 2.7 percent.
From the BSE Auto space, Tata Motors was the top gainer
which jumped 9.39 percent followed by TVS Motor Company, Motherson Sumi
Systems, Hero MotoCorp, Ashok Leyland, Bajaj Auto and Maruti Suzuki.
From the banking space,
Oriental Bank of Commerce ended 5.18 percent lower for the week. It was
followed by J&K Bank, Bank of India, Allahabad Bank, Syndicate Bank,
Punjab National Bank, Andhra Bank and Bank of Baroda.
Jet Airways was the top loser,
down 37.78 percent for the week after the company decided to shut all
operations temporarily. Reliance Capital ended the week, down 18 percent
followed by Reliance Power, Avenue Supermarts, Indiabulls Ventures, PNB Housing
Finance and Dewan Housing Finance.
Heavyweights Reliance Industries, Tata Consultancy Services and Infosys have declared their respective Q4
numbers.
Oil & gas major, RIL
gained 4.06 percent for the week after it reported a 9.8 percent growth in the
fourth quarter with a consolidated net profit of Rs 10,362 crore. This was
driven by a 19.4 percent increase in quarterly revenue to Rs 1.54 lakh crore.
The company attributed the
robust revenue performance to strong growth in its retail and digital services
businesses which grew by 51.6 percent and 61.6 percent, respectively.
Higher petrochemical volumes also contributed to growth in revenue, the company
said.
IT major Tata Consultancy
Services surged close to 5 percent for the week after it reported the
strongest revenue growth in the last 15 quarters clocking a revenue growth
of 2.4 percent QoQ.
Though the EBIT margin of the
company was marginally down at 25.2 percent, against expectations of 25.7
percent. Global brokerage firms also reaffirmed their faith in India's
largest software services exporter by revenue as they upgraded the stock.
However, Infosys for the week
shed 5.01 percent after the company was hit by a slew of downgrades, post-March
quarter results.
The Bengaluru-based
technology major reported 2.4 percent QoQ growth in revenue but margin at 21.4
percent was below expectations of 22.2 percent.
Also, the IT major
lowered its revenue guidance to 7.5-9.5 percent in constant currency
terms. The company had set the revenue guidance at 8.5-9 percent in FY19 as
opposed to 6-8 percent in FY18.
The other losers for the week were Vedanta, YES Bank, Edelweiss Financial
Services, Punjab National bank, Bharat Electronics, Indiabulls Housing Finnace,
Bank of Baroda, Tata Chemicals and LIC Housing Finance which were down 2-5
percent.
Volatility will continue to
remain on the higher side as knee-jerk reactions are expected due to the
ongoing results. Investors must stay on the by-lanes and not rush in to ride
the current rally till the uncertainty fades away, said Jimeet Modi, Founder
& CEO at SAMCO Securities & StockNote.
Polycab India started off trade on April 16, 2019, on
expected lines, at Rs 638 on the Bombay Stock Exchange, according to CNBC-TV18.
The stock opened with an 18 percent premium over its issue price of Rs 538.
Another new name, Metropolis Healthcare shares maintained positive momentum
throughout the trading session on April 15, the day one on exchanges.
The stock closed at Rs 959.85
on the National Stock Exchange, up Rs 79.85, or 9.07 percent over the issue
price of Rs 880.
It touched an intraday high
of Rs 982.70 and low of Rs 935. On the BSE, it gained 9.04 percent to end at Rs
959.55 after hitting a day's high of Rs 981.30 and low of Rs 934.80.
Source: https:// www.moneycontrol.com/news/business/markets/market-wrap-tata-motors-tvs-among-top-gainers-jet-airways-fell-the-most-3859721.html
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