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In
this week market witnessed a volatile , especially after the WPI inflation
numbers hit their 11-year high at 10.49% for April. While higher inflation
raised some concerns, its near-term impact was effectively neutralized by a
drop in the number of Covid-19 cases in India. Nifty closed the week on a positive note and crossed the previous short term resistance of 15,050. Nifty needs to close decisively above 15,200 level to start a fresh bullish move within the channel. As long as it does not take a decisive direction, we maintain a sideways to mild bullish outlook.
A
jump in bank and IT stocks, optimism over recent fall in Covid cases, easing of
lockdown restrictions in some states and strong quarterly numbers from blue-chip
companies pushed domestic stocks higher in this week. Positive global cues
added to the sentiment, as the BSE Sensex rallied 976 points to end above
50,500 level. Nifty surged 1.8% & closed above its psychological mark of
15,550-mark. Nifty constituent SBI jumped 5 % after reporting an 80% surge in
Q4 profit. Peers HDFC Bank, IndusInd Bank and ICICI Bank climbed 4 % each,
helping the index post solid gains for the day. JSW Steel and Hindalco also
gained after reporting multifold jumps in their Q4 bottom lines. Stocks such as
Bharti Airtel, M&M, UPL and Tata Motors added 2%. But sugar stocks such as
Bajaj Hindustan, Sakthi Sugars, Simbhaoli Sugars and Dharani Sugars fell 5 %
each after the government decided to cut sugar export subsidies for the current
season. In the broader market, every two of three stocks settled lower. A total
of 327 stocks hit fresh 52-week highs, while 440 stocks hit their respective
upper circuit limits. Fear gauge India
eased 3 %t to 19 level, comforting the bulls.
