Last updated: 23 Jul, 2021 | 01:47 pm
Nifty posted losses for the week as disappointing Q1 earnings and weak global cues weighed. The Nifty started off the week with losses on Monday, tracking weak global cues. Asian stocks declined on Monday, as inflation fears and rising Covid-19 cases dampened sentiments. Nifty continued its decline on Tuesday, as an increase in the cases of delta variants around the world spooked investors. The stock market was closed on Wednesday on account of Bakrid.
Nifty reversed losses and ended higher on Thursday, after bargain hunting emerged following the losses made over Monday and Tuesday. Nifty had lost nearly 1.8% over the first two days of the week. Nifty closed 1.23% higher yesterday.
Nifty closed a volatile session with decent gains on Friday, registering losses of 0.42% for the week.
Top gainers and losers
- Nifty IT is the top gaining index, with a move of nearly 2%
- Auto & PSU Bank amongst top losing indices this week
- Bajaj Finserv, Wipro, Asian Paints, BPCL and Nestle top Nifty gainers
- IndusInd Bank, HDFC Bank, Tata Motors, HDFC Life & Hindalco top Nifty losers
Here is a quick recap of the market moving developments
- Nifty 50 companies see lacklustre results: After a strong start to the earnings season last week, Nifty 50 companies including HDFC Bank, HUL, Bajaj Finance have reported results below street expectations. HCL Tech, Cipla and Asian Paints were able to post a good set of numbers for the quarter.
- IPO euphoria continues: Zomato shares listed at Rs 116, a premium of 54% as compared to its issue price. Last week, the IPO was subscribed more than 38 times, backed by strong demand across all categories. Clean Science and Technology shares listed at Rs 1582, a 76% premium to issue price on Monday. This IPO had seen 93 times subscription. GR Infraprojects shares debuted at a premium of 109% on the same day. GR Infra’s IPO had been subscribed by more than 103 times. Tatva Chintan IPO which opened for subscription on last Friday, got subscribed by a whopping 180 times this week. The IPO is expected to list on July 29th.
- AGR case update: The Supreme Court has dismissed the plea of Vodafone Idea and Bharti Airtel for corrections in Adjusted Gross Revenue Computation. Earlier, the court had granted 10 years to clear their dues. Vodafone Idea’s total liability amounts to Rs 58,254 crore, while Bharti Airtel owes Rs 43,980 crore. You can read about the AGR issue here.
- ADB downgrades India’s growth forecast: The Asian Development Bank has downgraded India’s FY21 growth forecast to 10% from 11% projected earlier this year, mainly due to the impact of Covid-19.