Nifty Gains For the 2nd Consecutive Week Aided By Auto, Financials

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Indian weekly

Investors witnessed another volatile week. It is the second consecutive week when indexes closed positively overall. The rally during the week was led by HDFC Twins.

Nifty Daily Price Movement

The market started the week on a positive on Monday not erased its intraday gains and ended with marginal losses after the volatile session. A sharp selloff was seen in the metal stocks with Tata Steel falling over 12%.

The Indian market closed lower on Tuesday led by the IT index with a fall in heavyweights such as Tech Mahindra, TCS, and Infosys. eMudhra IPO has been subscribed 1.47 times on the final day of sale with Retail Investors subscribing their portion of the issue 2.22 times. 

The Indian market started Wednesday with gains, but bears pulled headlines to take the losing streak for the third consecutive day. Asian Paints tanked 8% accompanied by TCS and Tech Mahindra. The sugar stocks were down as the government plans to restrict the export.

The market finally closed positive on Thursday on the monthly F&O expiry session. Moody’s Investors Service on Thursday slashed India’s economic growth projection to 8.8% for 2022 from 9.1% earlier, citing high inflation.

The Indian equity market closed the week with a gain of over 1% following the positive global cues on Friday. The rally was led by strong gains in banks, IT, and auto stocks. Markets rose globally as easing bets about aggressive interest rate hikes by central banks lifted sentiment.

Key Highlights of The Week

Quarterly results: Zomato reports in Q4FY22 numbers, the losses increased by three times. The revenue was up by 75%. Check our detailed report here. Berger Paints reported a 5.6% increase in net profit to Rs 220 crore, the revenue was up by 8%. Nykaa on Friday reported a 49% fall in YoY profit to Rs 8.56 crore. GAIL reported exceptional Q4 numbers, net profit jumped 40% YoY.

Whole Price Index for April: The Wholesale Price Index (WPI) rose to 15.08% in April compared to 14.55% in March. The data released by the Ministry of Commerce and Industry reveals that wholesale inflation in April 2022 is the highest since 1991. The figure registered in April marks the 13th consecutive month of double-digit wholesale inflation. Check our detailed report here.

Passive funds for ELSS: SEBI has allowed mutual fund houses to launch passive equity-linked saving schemes (ELSS). Under the passive mode, the ELSS will be benchmarked to a specific index without the role of a fund manager. The passive ELSS funds may be benchmarked to Nifty 50, Nifty Next 50, Nifty100, Nifty 200, or any other index.

RBI Annual Report: RBI said in its annual report that the Indian economy is relatively better placed to strengthen the recovery that is underway and improve macroeconomic prospects going forward. The global recovery is expected to suffer a significant loss of momentum in 2022. Risks are large and to the downside - war escalation, shortages, a resurgence of the pandemic, a slowdown in China, etc. Check the detailed report here.