The week that was: Nifty gains over 2%, Energy index shoots up over 7%

Bank Nifty gained 1.5%, Infra index was up 1.2%, while the FMCG index was up 1%.

Jul 15, 2018 04:07 IST India Infoline News Service

IT Stocks Up
It turned out to be an impressive week for the Indian equity markets as the Sensex hit an all-time fresh high, while Nifty and Bank Nifty both came close to their respective all-time peaks.

Traders and investors seem impressed by the healthy start to the earnings season and easing crude oil prices. IT bellwether TCS managed to beat market estimates, while IndusInd Bank was in-line. Apart from these, Karnataka Bank too came out with better-than-expected quarterly earnings, while Cyient results were below expectations.

However, towards the fag end of the week, profit-booking set in as the picture is not all that rosy on the macro front. India’s retail inflation grew 5% in June to a 5-month high. The country’s industrial production slowed down to 3.2% in May on weak manufacturing sector output. Meanwhile, the market capitalization of HDFC Group crossed the Rs1tn-mark, making it the second Indian business to hit the milestone after the Tata Group. 

Nifty Energy was the top gainer and shot up 7.7%, while Bank Nifty gained 1.5%, Infra gained 1.2%, and FMCG index rose by 1%.

Media index, meanwhile, declined 4%, auto index (-0.5%), and the pharma index declined marginally by 0.3%. 

The coming week promises to be action-packed as results will begin to flow. Heavyweights like HDFC Bank, Hindustan Unilever, Ashok Leyland, Zee Ent, Ultratech Cem, MindTree, Bajaj Finance, and Kotak Mahindra Bank are scheduled to release their quarterly earnings.  

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