Indian equities witnessed a volatile week from May 2nd to 5th on the back of sharp selling in banking and financial stocks after the MCSI plan for HDFC and HDFC Bank fueled fears of funds outflow in the merged entity. HDFC twins lost around ₹64,000 crore of market cap in 1 day. In the week ahead, macroeconomic data coupled with foreign funds flow, major Q4 earnings, and global trends will dictate markets trend. The performance of key segments like auto, FMCG, energy, IT, and banks will be keenly watched.
Indian equities witnessed a volatile week from May 2nd to 5th on the back of sharp selling in banking and financial stocks after the MCSI plan for HDFC and HDFC Bank fueled fears of funds outflow in the merged entity. HDFC twins lost around ₹64,000 crore of market cap in 1 day. In the week ahead, macroeconomic data coupled with foreign funds flow, major Q4 earnings, and global trends will dictate markets trend. The performance of key segments like auto, FMCG, energy, IT, and banks will be keenly watched.
In the holiday-shortened week from May 2nd to May 5th, Sensex and Nifty 50 closed with an upside of nearly 1%.
In the holiday-shortened week from May 2nd to May 5th, Sensex and Nifty 50 closed with an upside of nearly 1%.
On Friday, Sensex shed 694.96 points or 1.13% to close at 61,054.29, while Nifty 50 plummeted by 186.80 points or 1.02% to finish at 18,069. HDFC and HDFC Bank recorded heavy losses on Friday with a downside of nearly 6% each.
On Friday, Sensex shed 694.96 points or 1.13% to close at 61,054.29, while Nifty 50 plummeted by 186.80 points or 1.02% to finish at 18,069. HDFC and HDFC Bank recorded heavy losses on Friday with a downside of nearly 6% each.
However, overall, the weekly drop is nearly 3% in HDFC Bank and that of HDFC is over 2%. Sensex gained 443 points or 0.7%, and Nifty 50 surged by over 171 points or 0.96%.
However, overall, the weekly drop is nearly 3% in HDFC Bank and that of HDFC is over 2%. Sensex gained 443 points or 0.7%, and Nifty 50 surged by over 171 points or 0.96%.
Ajit Mishra, VP – of Technical Research, at Religare Broking said, “Markets settled almost unchanged in a volatile week amid mixed signals. Initially, the tone was positive, which further strengthened on the weekly expiry day however a sharp cut in the HDFC twins on the final session erased all the gains. Consequently, both the benchmark indices, Nifty and Sensex, ended unchanged at 18,069 and 61,054.29 levels respectively.”
Ajit Mishra, VP – of Technical Research, at Religare Broking said, “Markets settled almost unchanged in a volatile week amid mixed signals. Initially, the tone was positive, which further strengthened on the weekly expiry day however a sharp cut in the HDFC twins on the final session erased all the gains. Consequently, both the benchmark indices, Nifty and Sensex, ended unchanged at 18,069 and 61,054.29 levels respectively.”
Meanwhile, in terms of sectoral indices, Mishra added that they traded mixed wherein auto, energy, and FMCG posted decent gains while banking, realty, and pharma settled lower.
Meanwhile, in terms of sectoral indices, Mishra added that they traded mixed wherein auto, energy, and FMCG posted decent gains while banking, realty, and pharma settled lower.
The broader indices managed to end higher for yet another week and gained in the range of 0.5%-1.0%.
The broader indices managed to end higher for yet another week and gained in the range of 0.5%-1.0%.
Also, Vinod Nair, Head of Research at Geojit Financial Services said, “The domestic market continued to be positive at the beginning of the week, aided by strong FII inflow and favorable domestic macroeconomic data. The manufacturing PMI and the GST collection in April were better due to an increase in new business, a strong pickup in consumer demand, and improved supply chain conditions.”
Also, Vinod Nair, Head of Research at Geojit Financial Services said, “The domestic market continued to be positive at the beginning of the week, aided by strong FII inflow and favorable domestic macroeconomic data. The manufacturing PMI and the GST collection in April were better due to an increase…
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