The Indian market snapped a four-week losing streak to close with gains of over 1 percent. The Nifty rose 1.02 percent while the S&P BSE Sensex closed with gains of 1.25 percent for the week ended August 9.
The S&P BSE Sensex is now back above 37,000 while the Nifty also managed to reclaim 11,100 levels for the first time since July 31.
The broader market performed in line with benchmark indices as the S&P BSE Midcap index rose 0.92 percent while the S&P BSE Smallcap index closed with gains of 1.62 percent for the week ended August 9.
More than 300 stocks in the S&P BSE 500 index closed in positive while as many as 19 stocks closed with gains of 10-30 percent which included names like Jammu & Kashmir Bank, Venky’s, Apar Industries, Future Consumer, Vinati Organics, Central Bank of India, Jet Airways, and SRF among others.
The Indian rupee is trading higher by 13 paise at 70.56 per dollar on Friday versus Thursday's close 70.69.
On the institutional front, FPIs were net buyers in Indian markets for Rs 203 crore while DIIs were also net buyers to the tune of Rs 606 crore, provisional data showed.
Continuing with their selling spree, foreign investors pulled out a net amount of Rs 9,197 crore in just seven trading sessions in August due to unconducive domestic and global factors.
Big News:
As many as 790 companies will declare their results for June quarter which include names like Amtek Auto, Apex Frozen, Apollo Hospitals, BGR Energy, Bharat Forge, Bosch, DB Realty, EIH, Gabriel India, Glenmark Pharma, Godrej Industries, Ipca Laboratories, Kaveri Seed, Dr Lal Pathlab, NALCO, NMDC, ONGC, Sun Pharma etc. among others.
Sun Pharma: PAT likely to fall by 1.4% YoY
ONGC: PAT likely to grow by 7.3% YoY
Glenmark Pharma: PAT likely to grow by 43% YoY
(All estimates are from Motilal Oswal)
Technical View:
Nifty formed a bullish candle on the weekly charts| Snaps 4 weeks of declines
The index still managed to close above the 11,100 level and formed a small bullish candle resembling a Shooting Star kind of pattern on the daily charts.
Experts feel technically 11,062 which is the intraday low formed on Friday would be an important level to watch out for to retain upside momentum in the coming session.
Three levels: 11062 (Friday's low), 11166 (200-DMA), 11273 (200-days EMA)
Max Call OI: 11500, 11000
Max Put OI: 11000, 10800
Stocks in news:
Avenue Supermarts, the operator of D-Mart retail chain August 9 said Founder Radhakishan Shivkishan Damani has completed the sale of 0.998 percent stake in the open market to adhere to minimum public shareholding norms.
Facing headwinds amid a slowdown in the economy, Tata Steel on Saturday said it is likely to revise the planned capital expenditure for the 2019-20 fiscal to Rs 8,000 crore from Rs 12,000 crore.
Skills and talent Development Company NIIT Ltd on August 10 posted a consolidated net profit of Rs 1,090.4 crore for the June quarter, and said its board has approved a buyback programme of up to Rs 335 crore.
Technical Recommendations:
We spoke to Angel Broking Ltd and here’s what they have to recommend:
Motherson Sumi: Buy| LTP: Rs 107.35| Target: Rs 120| Stop Loss: Rs 99| Upside 12%
HDFC: Buy| LTP: Rs 2211.65| Target: Rs 2285| Stop Loss: Rs 2175| Upside 4%
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