Markets have extended the losing streak to second consecutive week as Nifty cracked below the 11450 levels. Benchmark indices ended at a two-month low after Finance Minister quashed hopes of a tweak in FPI surcharge. Sentiments also dampened after heavyweights like Yes Bank and Mindtree missed market expectations, earnings of IndusInd Bank were in-line with estimates, while Wipro managed to beat expectations.
For the week, Nifty Auto index plunged 6%, Midcap 100 index fell by 4%, Nifty Bank declined 3.6%, Metals index was down by 3%, Infra index was lower by 2.4%, Energy index was down by 1.6%, Pharma index was down by 1.2%. FMCG index was down by 0.7%.
On the other hand, the IT index rose by 1% during the week.
Results will continue to dictate the trend, HDFC Bank, DHFL, United Spirits, TVS Motors, HUL, L&T, Asian Paints, Tata Motors, Bajaj Finance, Bajaj Finserv, Bajaj Auto, JSW Steel, Maruti and ICICI Bank are scheduled to release their quarterly earnings. Additionally, crude oil prices and currency too would play a vital role in dictating the trend in the coming week.
Meanwhile, Wholesale price-based inflation (WPI) declined for the second consecutive month to hit a 23-month low of 2.02% in June. WPI was at 2.45% in May, while it was 5.68% in June 2018.