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Weekly wrap: Nifty scales new high on robust earnings, decline in Covid cases

Weekly wrap: Nifty scales new high on robust earnings, decline in Covid cases

Last updated: 06 Aug, 2021 | 04:21 pm

Weekly wrap: Nifty scales new high on robust earnings, decline in Covid cases

The Nifty started off the week with strong gains on Monday, on positive global cues. The undertone of the market was bullish as GST crossed 1 lakh crore in collections.

The index closed at all time high on Tuesday, amid broad based buying. Easing of restrictions and drop in active covid cases boosted market sentiments.
The index registered gains for the third consecutive day on Wednesday. The Sensex and Nifty settled at record high closing with Sensex crossing 54,000-mark and Nifty closing at 16,250 levels. Strong earnings from US companies across the board provide a good boost to sentiments of global investors. 

The main indices rose for the fourth consecutive day and registered another closing high on Thursday. On the final day of the week, the market settled with moderate losses and the Nifty ended below 16,250 level. For the week, Nifty registered gains of  3%.

Top gainers and losers

  • Nifty Media declined the most, down 4.46% after gaining 2.39% last week.
  • Nifty PSU Bank Gains the Most amongst major indices, Up 3.59%, led by SBI.
  • Eicher Motors, Bharti Airtel, HDFC, Kotak Bank and Adani Ports were top Nifty gainers
  • UPL, Bajaj Finserv, Grasim, Ultratech Cement and Cipla were top Nifty losers

Here is a quick recap of the market moving developments:

  • Most Nifty 50 companies post steady Q1 results: You can check the quarterly performance of SBI, HDFC, Bharti Airtel and Sun Pharma
  • IPO euphoria continues: Glenmark Life Sciences made an average market debut with its shares getting listed at just 4% premium over issue price of Rs 720 per share. During the week Devyani IPO was subscribed by 116.7 times, Windlas by 22.4 times, Krsnaa Diagnostics by 66.38 times and Exxaro by 22.65 times in the week. 
  • RBI keeps repo rate unchanged: RBI has kept the GDP growth unchanged to 9.5% for FY22, similar to the IMF forecast earlier. The interest rates were also kept unchanged with the repo at 4% and reverse repo at 3.35%. The CPI inflation for FY22 was projected to 5.7%.  

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