Nifty posts highest weekly close; earnings in focus

For the week, Nifty edged higher by 0.94%, while Midcap 50 index was down by half a percent. PC Jeweller was the top F&O gainer, surging 29.7% during the week.

Apr 20, 2019 03:04 IST India Infoline News Service

Stock Market Up

Market resumed its upward momentum at the start of the week with NSE benchmark index Nifty posting its highest weekly close.

Retail inflation rate touched a 5-month high of 2.86% in March. On the other hand, industrial production stagnated in the month of February. The IIP rose a mere 0.1% in the month of February 2019, compared with growth of 1.7% in January 2019 and 6.9% in the same month a year ago.

Meanwhile, the Meteorological Department has forecast a ‘near normal’ monsoon this year, with rainfall likely to be 96% of average. However, weak El Nino conditions are expected to prevail through June-September monsoon season this year.

The rally which propelled at the start of the week was matched by a sharp profit booking on the last trading day of the week as traders and investors preferred to take some money off the table.
IT index gained 1%, Bank index rose 0.93%, while Pharma index ended flat. On the other hand, PSU Bank index witnessed some profit booking and fell by 3%, Realty index ended 2% lower.

For the week, Nifty edged higher by 0.94%, while Midcap 50 index was down by half a percent. PC Jeweller was the top F&O gainer, surging 29.7% during the week.

Coming week, markets would react to the Q4FY19 earnings of major heavyweights like Reliance Industries & HDFC Bank.

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