It was a dull week for stock markets as the initial positive start was lost mid-way due to fears of rate hike by the Fed. The benchmark indices the Sensex and the Nifty ended at 25,302 and 7,750 down approximately 0.80%.
The result season has been a mixed one with most of the public sector banks delivering poor results. The numbers of SBI will be keenly watched this week and may also influence the market movement. Other corporates coming out with results include BPCL, Tata Power, Cipla, Tech Mahindra, Bajaj Auto, GAIL, Tata Steel, Larsen & Toubro, Bharat Heavy Electricals and Coal India. Apart from this , the May derivatives would come to an end this week and hence there are more chances of volatility in the markets.
The Indian markets ended in red for the second consecutive week due to negative global cues, weak trend in crude oil prices and caution over assemble elections results. Global markets fumbled due to weak Chinese manufacturing data. However, US markets rebounded due to weaker than expected job data which may suppress the Fed to postpone further rate hikes. The domestic indices – Sensex and the Nifty closed at 25,229 and 7,733 down 1.48% each.
The week that passed by saw the markets starting off on a high note on Monday but lost momentum as it went ahead. However , the markets closed in green buoyed by earnings numbers , hopes of RBI rate cut , rise in commodity prices , good monsoon forecast and continued buying from FIIs. The Sensex and Nifty finally closed the week at 25,838 and 7,899 – which is 211 and 49 points high respectively.
Last week witnessed positive signals from the stock markets as the Indian indices shrugged off the blues and ended the holiday shortened week in green , thanks to positive monsoon predictions, better marco economic numbers and positive global trends including strong crude oil prices. The Sensex and Nifty ended at 25,627 and 7,850 (up approx. 3.80%).
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