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Weekly Market Review
Outlook Of The Week | March 11

Market started the holiday truncated week on optimistic note, as Indian service sector gathered momentum in the month of February. As per the survey report, the Nikkei Services Business Activity index rose to 52.5 in Feb from 52.2 in Jan. Further, the Nikkei Indian composite PMI Output index – which measures both manufacturing and services also, surged to 53.8 in Feb from 53.6 in Jan. IIP data for the month of Dec, 18 accelerated to 2.4% from 17-month low of 0.3% in the previous month. WPI data for the month of Jan, 19 rose by 2.76% slowing from 3.8% rise in prior month.

Market extended the gains during the week aided by the RBI’s statement that it would infuse Rs 12,500 crores into the financial system on 7th Mar, 19 and bulls tightened grip on Indian Market. However, markets trimmed some of their weekly gains on Friday, as market participants were concerned about a report that the government may be staring at higher than projected deficit for the current fiscal with country’s direct tax collection may witness a shortfall of Rs. 60,000 to 70,000 crore over the revised target of Rs. 12 lakh crore for FY19. As per the report, the direct tax revenue growth is at 12.2% so far as against revised full year aim of 19.8%.  

 

 

The Sensex and Nifty closed the week with gain of 608 points (1.7%) and 172 points (1.6%) respectively,

Mid Cap and Small Cap indces gained 2.1% and 3.9%, respectively, during the week.  

FIIs were the net buyers whereas DIIs were the net seller during the week.

Sector Wise Movement

On the sectoral front, BSE Consumer Durables (up by 818 points or 3.8%), BSE Power (up by 68.4 points or 3.7%), BSE PSU (up by 226.8 points or 3.3%), BSE Finance (up by 160.2 points or 2.8%) and BSE Oil & Gas (up by 372.4 points or 2.7%) were the top gainers,

Suzlon Energy was up by 23%

While BSE Information Technology (down by 327.5 points or 2.1%) and BSE TECK (down by 142.6 points or 1.9%) were the only losers.

Reliance Comm was down by 11.5%

The market participants will be eyeing the announcement of IIP and WPI data to be released on 12th Mar and 14th Mar, 19.

Mid & Small Cap witnessed buying in the previous week and the same is expected to continue. However, Nifty & Sensex may continue to be range bound.  

The market is expected to remain volatile. Investors are, therefore, advised to 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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