Market Weekly Round Up by Shrikant Chouhan, Head Equity Research, Kotak Securities Ltd
Below the Quote on Market Weekly Round Up by Shrikant Chouhan, Head Equity Research, Kotak Securities Ltd
The Nifty-50 Index and Sensex lost around 3% each over the past week, while the mid-cap index lost 3.9% and small-cap index gained +4.5%. Global markets continue to remain buoyant, with Brazil, Germany and the US being the top-performing markets. Nervousness around the election outcome and a muted Q4FY24 earnings season have resulted in downbeat sentiment.
All sectoral indices lost (except Auto and FMCG) on a week-on week basis. Capital Goods, Consumer Durable, Oil and Gas, Realty, Power and Bank nifty lost the most, gaining between 2% to 4. While Auto and FMCG gained marginally during the week. Within the Nifty Index, Hero MotoCorp (+8%), Britannia (+6.7%) and Hindustan Unilever (+6.2%) gained the most, while Kotak Shriram Finance (-9.0%), L&T (-7.2%) and Dr Reddy (-7.1%) lost the most. Meanwhile, FPIs were net sellers and DIIs were net buyers in the same period. Going forward, D-street will focus on the macro trends, inflation and global situation including geo-political concerns.
In Global news, in US, Dow Jones Industrial Average notched a seven-day winning streak on Thursday — its longest since nine days straight of gains in December. New jobless claims data rekindled hope for Federal Reserve rate cuts later this year. In Eurozone, the U.K. economy emerged from a recession, first-quarter gross domestic product data released Friday showed. GDP rose 0.6% on the previous three months — above the 0.4% estimate. In Asia, pan’s overall household spending in March fell 1.2% year on year, less than the 2.4% expected by a Reuters poll of economists. China's exports and imports returned to growth in April after contracting in the previous month, signalling an encouraging improvement in demand at home and overseas.
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