As many as 8 companies on the BSE will declare their results for the quarter ended June which include names like Bajaj Consumer Care, Tata Metaliks, and Tinplate Company of India Ltd.
Bears continued to maintain their hold on the D-Street for the second consecutive week, but closed above 100-days exponential moving average (EMA).
It witnessed selling pressure around the 5-day EMA placed around 11,600 levels. The index retested 11,600 levels thrice in the week gone by.
Investors lost over Rs 3 lakh crore in just five trading sessions. The average market capitalisation of BSE-listed companies fell from Rs 151.35 lakh crore recorded on July 5 to Rs 148.08 lakh crore seen on July 12, which translates into a fall of Rs 3.27 lakh crore.
Some of the index stocks which witnessed a decline include names like TCS, HDFC Bank, Nestle India, Maruti Suzuki, L&T, Titan Company, ICICI Bank, State Bank of India, Bharti Airtel, Wipro, Tata Motors, etc. among others.
The S&P BSE Sensex fell 1.97 percent while the Nifty50 saw a decline of 2.1 percent, compared to 2.58 percent fall seen in the S&P BSE Smallcap index and about 1.17 percent downtick witnessed in the BSE Midcap index.
Almost 370 stocks in the S&P BSE 500 index gave negative returns for the week ended July 12, and about 18 of them fell 10-20 percent. Those include names like Jet Airways, Sadbhav Engineering, MindTree, REC, Dilip Buildcon, Jaiprakash Associates, Indiabulls Ventures, HEG, Titan Company, etc. among others.
The rupee depreciated 25 paise to close at 68.69 against the US dollar July 12 amid rising crude oil prices and unabated foreign fund outflows.
On the institutional front, FPIs were net sellers in India markets for Rs 850 cr while the DIIs were net buyers to the tune of Rs 940 cr, provisional data showed. For the week, FIIs pulled out more than Rs 3000 cr from Indian equity markets in the cash segment.
Big News:
As many as 8 companies on the BSE will declare their results for the quarter ended June which include names like Bajaj Consumer Care, Tata Metaliks, and Tinplate Company of India Ltd.
Technical View:
Nifty formed a bearish candle on the daily as well as the weekly charts.
The index failed to hold on to 11,600 levels and formed bearish candle on daily as well as the weekly charts. For the week, the index lost 2.18 percent.
The strength in the market is possible only if the index closes decisively above 11,600 levels, but if it breaks 11,490 on closing basis then there could be more selling pressure, experts said.
Three levels: 11538, 11639, 11700
Max Call OI: 12000, 11700
Max Put OI: 11300, 11500
Stocks in news:
Dewan Housing Finance Corporation (DHFL) has posted a big loss of Rs 2,224 crore for the quarter ended March 2019, which was dented by additional provisioning.
Allahabad Bank has reported fraud of Rs 1774.82 crore by Bhushan Power & Steel to the Reserve Bank of India (RBI), the Kolkata-based state-owned lender said in an exchange filing on July 13.
Software services provider Infosys' June quarter profit fell 6.8 percent sequentially but raised its full-year constant currency revenue guidance to 8.5-10 percent.
Technical Recommendations:
We spoke to Angel Broking and here’s what they have to recommend:
Jindal Steel & Power: Buy| LTP: Rs 139.05| Target: Rs 150| Stop Loss: Rs 134| Upside 8%
UBL: Buy| LTP: Rs 1386| Target: Rs 1445| Stop Loss: Rs 1345| Upside 7%
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