For the Indian Stock Market, the week that passed was a short one. The markets remained closed on Monday, the 25th of May on account of Ramzan. However, the week turned out to be one with strong gains witnessed after a while. After the dampening of sentiments that followed the stimulus package announcement by FinMin, the lockdown extension and the rising number of Corona cases in the country, the markets had been showing a downtrend for three consecutive weeks. As the markets closed on Friday, NIFTY ended above 9500 levels at 9580.30 and SENSEX settled at 32,424.10.
Though the main stock indices showed early gains on Tuesday, as markets closed for the day, the indices showed slight losses. S&P BSE Sensex fell 63.29 points at 30,609.30 and Nifty 50 index fell 10.20 points at 9,029.05. The market witnessed a strong rally on Wednesday. S&P BSE Sensex jumped 995.92 points at 31,605.22 and Nifty 50 index surged 285.90 points at 9,314.95 as the markets called it a day. The robustness continued on Thursday as well when S&P BSE Sensex jumped 595.37 points at 32,200.59 and Nifty 50 index gained 90.20 points at 9,580.30. After a refreshingly buoyant week, the markets closed with modest gains on Friday.
The positive sentiments could be attributed to the hopes of lockdown easing globally and within the country. However, the persistent US-China tensions seemed to have capped the uptrend. This coupled with weak GDP figures and bleak outlook for the next quarter might play a pulldown factor in the week to come.
Few headlines that stirred the stocks last week:
- ITC acquires Spices maker Sunrise Food – In the wake of the acquisition announcement, ITC stock rose 5.96%
- Bharti telecom to raise $1 billion via block sale of Airtel Shares – With the news breaking out in the market, Telecom major Bharti Airtel dropped 6.85%.
- Suzuki Motors ready to restart production at Gujarat Plant – With the news, Maruti Suzuki India (MSIL) jumped 9.31%
- Eicher Motor to consider stock split – The news along with expected Q4 results on 12th June, made the stock surge 18.95%
- HDFC Q4 results: Profits dips 22% as provisions spike – Even with a decline in profit figures, HDFC rallied 9.42%
- Kotak Mahindra launches QIP for fund raising – The stock surged 5.47% based on the announcement.
- Sun Pharma Q4 results, profit tumbles 37% – Sun Pharmaceutical Industries rose 1.33% after the result announcement for the Company’s Q4 of FY 2020.
- TVS Motor Q4 results: Profit slump 45% YoY – Amidst the slump, the stock managed to gained 7.36%.
- Wipro appoints Capgemini executive Thierry Delaporte as its MD and CEO – The stock shot up by 12.52%.
As the markets open tomorrow, the early market moving sentiments would be based on Q4 GDP results and lockdown ease of the economy.