Extending the southward journey for second straight week, Indian equity
benchmarks ended the holiday truncated week with a loss of around 0.33%, as
traders remained on sidelines ahead of the election results later this month.
Market started the week on pessimistic note as IMD shared the pre-monsoon
rainfall from March to April has recorded 27% deficiency. Trader also remained
cautious with private report stating that the decline in economic growth
momentum from the Oct to Dec, 18 quarter is going to continue. As per the,
report, the subdued consumption demand and election related uncertainty is expected
to weigh on India’s industrial production. Market extended the loses with the
Finance Ministry’s monthly report stating that India’s economy slowed down
slightly in the last fiscal due to decline in growth in private consumption,
slow increase in fixed investment and muted exports.
The Sensex and Nifty closed the week with loss of 104 points (0.27%) and 42
points (0.36%) respectively.
Mid Cap and Small Cap indices recorded loss 1.86% and 1.79%, respectively,
during the week.
FIIs & DIIs both continued to be net seller were during the week.
Sector Wise Movement
Technology (down by 384.79 points or 2.40%), BSE
Healthcare (down by 312.13 points or 2.16%), BSE Fast Moving
Consumer Goods (down by 250.87 points or 2.12%), BSE TECK
(down by 153.74 points or 1.95%) and BSE Auto (down by 264.61
points or 1.38%) were the top losers
Yes Bank was down by
While BSE Metal (up by 144.66 points or 1.27%), BSE
Oil & Gas (up by 88.99 points or 0.59%) and BSE Consumer
Durables (up by 54.35 points or 0.23%) were the few gainers on the BSE
DCM Shriram was up by 10.30%
A meeting between US commerce secretary
Wilbur Ross with Suresh Prabhu scheduled to be held on May 6. Will discuss the Washington''s
withdrawal of benefits under the GSP programme and the ending of exemptions to
sanctions on Iranian oil imports. Traders would be waiting for the release of
the Nikkei Services PMI data for the month of April on May 6 and industrial
production (IIP) data for the month of March on May 10. With the official start
of the earnings season, market-men will be eyeing the Q4FY19 results
announcements from major corporate
We expect the market to witness healthy consolidation
at the current levels. Investors are, therefore, advised to invest in
fundamentally good companies on every decline.