Last updated: 02 Jul, 2021 | 02:51 pm
Indian equity benchmark Nifty 50 ended the week lower, as concerns around rising crude oil prices, inflation, and the rise in cases of the new delta variant weighed.
After moving to a fresh record high intraday, the Nifty reversed gains to settle lower on Monday. Crude Oil prices rose above the crucial $75 per barrel mark, adding to the concerns.
Despite the announcement of Stimulus 4.0 by the government, the index continued its slide on Tuesday. While fresh Covid cases have reduced in India, the new Delta variant continues to be a cause of concern. Some developed countries like the UK and Australia have already imposed fresh restrictions to control its spread.
Nifty ended with modest losses on Wednesday too, as tension in the India-Chinese border impacted investor sentiment. On Thursday, the index ended lower as macro data such as lower PMI for June, and widening Current Account Deficit impacted sentiment.
After four consecutive days of losses, the Nifty reversed losses on Friday, driven by gains in blue chips like Reliance Industries and ICICI Bank. Nifty ended the week with a loss of 0.87%.
Top gainers and losers
Here is a quick recap of the market moving developments:
Check out our other analysis on important market developments!
Vodafone Idea Q4 earnings: Vodafone Idea has reported a much higher than expected loss of Rs 7,022.8 crore, as absence of interconnection usage charge (IUC) and exceptional losses weigh on the bottom-line. Analysts had earlier anticipated a net loss of around Rs 3,854 crore. Read detailed analysis. Read more
Highlights from Infosys AGM: Infosys held its 40th Annual General Meeting on June 19th, Saturday. We have prepared a short update of the announcements, and the outlook going forward. Read here
Infosys buyback: India's second-largest IT company received a buyback approval from the board on April 14, 2021, and shareholders' nod on June 19, 2021, at the company's 40th AGM. The buyback is worth Rs 9,200 crore with a maximum price of Rs 1,750 per share. Read more