Markets ended a highly volatile week with marginal gains snapping a three week losing streak. Indices, however witnessed profit booking on last two days of the week as all eyes were on the G20 meet in Japan. Tensions between US-China and US-Iran capped the rally. In addition, new defaults like Cox & Kings coupled with slashed rating of long-term bank facilities assigned to a SPV of Sadbhav Infrastructure to ‘default’ grade dampened the sentiments.
If that was not enough, monsoon continues to remain a concern. Rains were 24% below average in the week ended June 26, as the seasonal rainfall was scanty over central and western parts of the country, according to media reports.
Next week promises to be full of action as the FY20 Budget will be presented on July 05, 2019. Apart from that, a slew of macro-economic data is lined up too, eight infrastructure industries data and fiscal deficit for May coupled with June PMI manufacturing and service data will be released in the coming week. Also, all eyes will be on the Auto sales numbers.
For the week, Nifty gained by half a percent while the Bank Nifty outperformed surging by 2%. For the week, infra index rose by 2%, Metals index was up by 1.7%, Nifty Bank gained by 1.7%, Midcap 100 index was up by 1.3%, Auto index gained 0.7%, Energy index edged higher by 0.6% and FMCG index was up by half a percent.
On the other hand, the IT index slipped by 1.5% during the week.
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