Benchmark equity indices -- Sensex and Nifty -- ended the intraday trade on a negative note, tracking losses in heavyweights Infosys, TCS and HDFC Bank.
Benchmark equity indices — Sensex and Nifty — ended the intraday trade on a negative note, tracking losses in heavyweights Infosys, TCS and HDFC Bank. Even as the broader NSE Nifty declined 3 days this week, it managed to gain for the week and held 11,900-level. Nifty Bank equaled the longest winning streak since 2017 this week, even as IT, FMCG and Auto index declined for the third week in a row. Sensex ended 215.76 points lower at 40,359.41, while Nifty closed 54 points down at 11,914.40. Infosys was the top loser in the Sensex pack, followed by TCS, Asian Paints, Bharti Airtel, and HCL Tech. Tata Steel, NTPC, Vedanta, and ONGC were the major gainers in the Sensex pack.
“We expect the Indian markets to remain under pressure in the near-term, as there are no visible positive triggers, which could boost investor sentiments. Further, market participants would continue to track global factors such as the US-China trade deal, crude oil price, and currency movement. We would recommend investors to follow stock-specific approach,” Ajit Mishra Vice President, Research, Religare Broking said.
IT stocks led the fall in the market amid reports of changes in US work visa requirements aimed at protecting American workers, traders said. Meanwhile, the Indian rupee depreciated marginally to 71.79 against the US dollar in intra-day trade. Brent crude futures, the global oil benchmark, dipped 0.03 per cent to $63.95 per barrel.
Expectation for the Week
“Markets are likely to remain lackluster the coming week. Movements will occur based on news and events that are likely to transpire from the Government in terms of economic policies, disinvestment and international geo-political events. In the short term, bourses overreact to news which makes contra betting a profitable proposition,” Jimeet Modi, Founder & CEO, SAMCO Securities & StockNote said.