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Weekly Market Outlook
Outlook Of The Week | July 24

OUTLOOK OF THE WEEK

The major indices started the week on optimistic note with report that India''s trade deficit has narrowed in June and FIIs have invested nearly Rs.11000 crores in the capital markets in the first two weeks of July but witnessed major selloff on the very next day as traders remained concerned with private report that suggested India''s Current Account Deficit (CAD) is likely to widen to 1.3% of GDP in 2017 from 0.6% in 2016 and the industry body ASSOCHAM latest report that the inflation outlook is expected to remain quite muted at least till festival season of Durga Puja and Diwali. However, the indices recovered in later part of the week as sentiments remained positive on the back of better than expected earnings from Infosys, Reliance Industries and buy back and bonus announcement from Wipro and RIL, respectively. This caused the indices to end with marginal gains. 

The BSE Sensex and CNX Nifty closed the week with marginal gains of 8 points (0.03%) and 29 points (0.3%) at 32,029 and 9,915, respectively.

The Mid Cap index ended the week with marginal loss of 0.01% and Small Cap index ended with gain of 0.5%.

FIIs were net buyers while DIIs were net sellers during the week.

The Technology, IT and Metal sectors were major gainers with gains of 2.8%, 2.7% and 1.9%, respectively. However, FMCG sector was major dragger to the major indices with loss of 6.6%.

Apart from Sterlite Tech in Technology sector , Himachal Futuristic and Zee Enter. gained 17.2% and 7.8%, respectively, to end at Rs.16.74 and Rs.554.45.

In IT sector, Mastek and Wipro gained 14.7% and 10.4%, respectively, to end at Rs.327.60 and Rs.286.40.

In Meal sector, Coal India and Hindalco gained 4.7% and 4.3%, respectively, to end at Rs.262.25 and Rs.214.25.

The coming week is going to be very volatile with F&O series expiry for the month of July. Investors will be eyeing the monsoon session of parliament that may see introduction of some important bills. The finance ministry is working on the capital infusion strategy for public sector banks and market will await announcement in this regard. The market participants will also be tracking monsoon update by India Meteorological Department (IMD) and lots of important earnings during the week.

On the global front, the market participants will be eyeing important FOMC Meeting Announcement on July 26.

We expect the major indices to trade with choppiness but positive bias.

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Mr. Sumit SrivastavaFundamental Analyst

Sumit Srivastav has been known for his extraordinary fundamental calls. In the crowd of self proclaimed market analysts, he stands out with his pensive and In-depth analysis. Sumit Srivastava carries a decade of rich market experience and currently..

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