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Weekly Market Review
Outlook Of The Week | December 03

The Bulls tightened the grip on Dalal Street in the week gone by on the back of tumbling oil prices and fresh gains in Rupee. The market started with an optimistic note buoyed by the Organization for Economic Cooperation and Development’s statement that India’s economy is expected to grow close to 7.5% in 2019 and 2020. Traders took some encouragement with report that the Reserve Bank of India (RBI) Governor, Urjit Patel told law makers that the impact of note ban was transient and the economy is robust. Expressing optimism over India''s growth, economic policy think-tank, the NCAER in its Mid-Year Review of the Economy projected that Indian economy to grow at 7-7.4% in the current fiscal (FY19).

As per the data released by CSO on Friday after market hours, the GDP growth rate for Q2 FY19 slowed down to 7.1% as against 8.2% in Q1 FY19. The moderation in the GDP growth rate in Q2FY19 is expected to be result of lower consumption demand and weakness in services sector.

The sensex and Nifty closed the week with gains of 1213 points (3.47%) and 350 points (3.32%) respectively;

FIIs & DIIs both were net buyers during the week.

Sector Wise Movement

On the sectoral front, BSE Information Technology index (up by 853 points or 6.3%), BSE TECK index (up by 361 points or 5.3%), BSE Finance (up by 172 points or 3%), BSE Fast Moving Consumer Goods (up by 310 points or 2.7%)  and BSE Consumer Discretionary Goods & Services (up by 94 points or 2.6%) were the top gainers,

Tata Consultancy Services (TCS) and Infosys were up by 8.6% and 7.5% respectively,

While BSE PSU (down by 185 points or 2.6%) , BSE Metal (down by 200 points or 1.7%) and BSE Oil & Gas (down by 175 points or 1.3%) were the top losers on the BSE sectoral front,

Yes Bank and ONGC were down by 13% and 7.8% respectively.

The market participants will be watching the release of Nikkei Manufacturing PMI data on 3rd Dec, Nikkei Services PMI on 5th Dec and will be reacting to Core sector and Q2GDP data which was released on Friday after market hours. The market participants will be eyeing the outcome of RBI’s fifth bi-monthly monetary policy meeting scheduled on 5th Dec. Auto and cement stocks are expected to remain in limelight during the next week as these companies would report their monthly sales figures. On the geo-political front, the market will be keenly watching the outcome of the G20 summit, where Modi,Trump and Abe will discuss major issues of Global Interests.    

The market is expected to be volatile. Traders are therefore advised to act cautiously and invest in fundamentally good companies on decline.   
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ABOUT THE BLOGGERS
Mr. Animesh YadavFundamental & Derivatives Analyst

Animesh has spent 3 years covering Indian derivative market with Moneysukh (Derivative Analyst) and Global OTC derivative market with CRISIL GR&A (Research Analyst). Since, June 2018 Animesh led Fundamental and Derivative Research Desk at Satco cove..

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