WEEKLY EQUITY REVIEW: NIFTY FIFTY WITNESSED A VOLATILE TRADING THIS WEEK AND CLOSED WITH LOSSES OVER FRIDAY’S CLOSE.
Last week, Nifty fifty reported a gain of 0.18%,During this Week, Nifty fifty stayed volatile and ended the week with negative notes by witnessed a loss of 2.10% over Friday’s close. Market ended with negative notes on Monday as the government proposed imposing an additional surcharge on FPIs and Punjab National Bank detected another alleged fraud. After pricing in tax proposals announced in Budget, the market shifted its focus to June quarter earnings season that will be kicked off by IT major TCS on Tuesday. Market ended with negative notes on Wednesday as rising crude prices along with fall in financial services, metals, auto and PSU oil stocks dented sentiment. Market railed on Thursday after the US Federal Reserve Chairman Jerome Powell bolstered expectations the Fed would cut U.S. interest rates soon. Nifty fifty ended with negative notes on Friday as traders turned cautious ahead of Infosys' Q1 earnings and economic data, which announced later in the day. Sectorial Indexes like Pharma, Media Indexes were in the gainer side with a gain of 2.75%, 0.63% respectively whereas Bank, Auto, Energy, FMCG, IT, Metal, Realty Indexes were in the loser side with a loss of 2.78%, 2.49%, 2.44%, 2.41%, 2.07%, 0.88%,0.50% respectively.
TOP STOCKS IN NEWS:
Den Networks rose 9.83% this week as the Company swings to profit in June quarter.
Sun pharma’s share price up by 8.61% this week due to its strong India positioning and improving US outlook that will aid profitability.
Yes Bank shares gained 2.7 percent intraday on July 10 even as global investment firm Jefferies turned bearish on the stock, citing liquidity concerns.
Mind tree declined 15.21% this week as the company had announced that L&T had acquired control of the company and had been categorised as a promoter with 60.06 per cent stake in the company. The company’s founders Krishnakumar Natarajan, Parthasarathy NS and Rostow Ravanan resigned from the board within 48 hours of L&T gaining control of the IT firm.
