Weekly Wrap: Sensex, Nifty Hit Fresh Highs Ahead Of Election, Earnings
Indian equity benchmarks rose for the seventh straight week, clocking fresh record highs, as investors expect strong corporate earnings. That’s the longest stretch of weekly gains in 14 months.
The S&P BSE Sensex and the NSE Nifty 50 Index gained 0.49 percent and 0.36 percent, respectively, this week, to close at 38,862.23 and 11,665.95.
The market sentiment is likely to be governed by upcoming fourth quarter results and impending schedule of elections, according to Teena Virmani, vice president (research) at Kotak Securities Ltd. The revival in earnings in the previous financial year is likely to continue and be a major driver for markets, Virmani said in a statement.
Mustafa Nadeem, chief executive officer at Epic Research, said the next week will be dominated by crude oil prices and the currency movement. “We remain cautiously bullish and would like to utilise the dips,” Nadeem said in a separate statement.
It is also very important to see if the Nifty is able to breach 11,760 on the upside or retreat to 11,500. These are the two numbers that will be seen with importance as that’s the range.Mustafa Nadeem, Chief Executive Officer, Epic Research
How the indices fared:
The Broader Market’s Performance
The NSE Nifty 500 Index gained 0.22 percent during the week, led by gains in Lakshmi Vikas Bank and Shree Renuka Sugars.
Six of the 11 sectoral gauges advanced during the week, led by a 2.9 percent gain in the NSE Nifty Metal Index. On the other hand, the NSE Nifty Media Index was the top loser, down 2.2 percent.
How The Rupee Fared
The rupee ended lower for the second straight week. The local currency weakened 0.12 percent to close at 69.23 against the U.S. dollar.
Key Data To Watch Next Week
- April 12: India CPI inflation for March (YoY)
- April 12: Indian Industrial production for February (YoY)
Earnings To Watch Next Week
Big Talking Points This Week
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