WEEKLY EQUITY REVIEW: NIFTY FIFTY POSTED ITS FIRST EVER WEEKLY GAINS AFTER 5 WEEKS

Last week, Nifty fifty reported a loss of 2.53%. During this Week, Nifty fifty closed with positive notes and reported a gain of 1.02%. It touched a high of 11,181.45 and low of 10,782.60 in this week. Market ended with negative notes on Monday after the government decided to do away with Article 370 that extends special status to Jammu and Kashmir. Market ended with positive notes on Tuesday ahead of the outcome of the RBI’s Monetary Policy Committee on August 7. Equity market ended with negative notes on Wednesday as the 35bps repo rate cut by Reserve Bank of India failed to revive sentiment ruined by the economic slowdown and mixed earnings. Market rose on Thursday after the buzz of likely roll-back of a higher tax on foreign portfolio investors (FPIs). Nifty gained on Friday after reports suggested that the government was likely to announce relief measures for auto, MSMEs and financial markets soon. Sectorial Indexes like Auto, IT, FMCG, Realty, Bank, Pharma Indexes were the gainers with a gain of 2.94%, 2.59%, 1.28%, 1.16%, 0.80%, 0.71% respectively whereas Metal, Media, Energy Indexes were the losers with a loss of 2.48%, 2.03%, 1.93% respectively.