Indian market managed to close on positive note after it seen some selling pressure at the start of week on the back of rupee depreciation, higher crude prices and worries over trade war between the United States and China.
For the week, Sensex ended lower by 255 points (0.66 percent), while Nifty shed 91 points (0.78 percent) at 11,589. Nifty Bank ended down 2 percent at
The rupee fell 1 percent against US dollar ended at 71.73 for the week ended September 7. During the week, Indian currency was weighed down by trade
concerns and rising crude prices. It has touched its record low 72.10 in the week gone by.
Reliance Industries (13.52 percent) was a major contributor to the Nifty followed by ICICI Bank (9.36 percent), M&M (8.15 percent), Bajaj Finance (7.83 percent) and HUL (5.15 percent).
On weekly charts, Nifty registered Hammer kind of formation with long lower shadow as more than fifty percent of intra week losses were recouped, said Mazhar Mohammad, Chief Strategist – Technical Research & Trading Advisory, Chartviewindia.in.
In the last week, Foreign investors sold equities worth Rs 789.60 crore, while domestic institutions bought equities worth of Rs 1,167.85 crore.
India’s volatility index (India VIX) rose 10.24 percent last week. The largecap ended 0.88 percent lower, midcap fell 2.23 percent, while smallcap was down
Nifty PSU Banks has underperform the other sectorial indices with a fall of 5.4 percent during the week.
HUL lost most to its market value on the BSE Sensex, followed by SBI, Maruti Suzuki and ITC.
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