WEEKLY EQUITY MARKET: INDIAN EQUITY MARKET STAYED VOLATILE AND ENDED FLAT IN THIS WEEK
Domestic Equity Market continued its volatility in this week and ended flat over the previous close. The NSE Nifty recorded a loss of 0.01% over the previous week’s close. Domestic equity market witnessed a biggest fall on Monday as a new strain of Covid-19 in parts of the United Kingdom dampened the investor’s sentiment The Market bounced back on Tuesday led mainly by gains in IT and pharma stocks . Market showed a positive sign on Wednesday led by strong gains in IT, FMCG and PSU banks. Market react positively and ended over 1% on Thursday led by gains in banking and pharma stocks amid positive global cues. Domestic Equity Market closed on Friday on the event of “Christmas”. Sectorial Indexes like IT, Pharma, FMCG were the gainers with a gain of 3.24%, 1.15%, 0.04% respectively while Media, Metal, Energy, Auto Indexes were the losers with a loss of 3.17%, 2.25%, 2.15%, 2.08% respectively.
TOP STOCKS IN NEWSCAST:
Mind tree rose nearly 9% on weekly basis as as Goldman Sachs 12 month target price of Rs. 1795 on Mindtree implies 23% potential upside vs the sector coverage average of 4%. Digitalization at scale and COVID-19’s acceleration of Work from Anywhere has boosted technology demand across industry verticals and geographies.
LTI surged over 8% as the company signed large deals of $456 million. The company reported strong revenue growth numbers and healthy margin expansion in Q2FY21.
Sunteck rallied over 5% as Maharashtra government is considering to nearly halve the premiums on real estate projects.
Wipro jumped 5% in this week as the company has announced to launch its share buyback programme on December 29, 2020, and close on January 11, 2021. The buyback offer is for up to 23.75 lakh fully paid-up equity shares of the company of the face value of Rs2 each for Rs400 per equity share.
PNB plunged over 13% after the PSU bank launched a qualified institutional placement (QIP) on Tuesday to raise funds from institutional investors.
PVR lose over 10% on fears over new Covid-19 strain that shut down much of Britain.
