Domestic benchmark indices opened on a negative note Monday weighed down by a 4 per cent drop in Infosys following the IT major’s less-than-expected FY19 revenue guidance.
Weakness in Asian markets on air strikes in Syria by US-led alliance too hurt the domestic sentiment.
Third time lucky! The bulls on Dalal Street came out with flying colours for the third week in a row, with both the headline indices shutting shop with handsome gains.
The S&P BSE Sensex added 565 points, or 1.68 per cent, for the week gone by to settle at 34,192, while the broader Nifty50 soared 149 points, or 1.44 per cent, to 10,480.
Sanjeev Zarbade, Vice-president for PCG Research at Kotak Securities, says: “The S&P BSE Sensex is seen closing firmly in the green with gains in excess of 1.5 per cent over the previous week to close above the 34,100 level. The rally was driven by easing concerns over the possibility of US-China trade war.”
While geopolitical tensions in Syria pushed up crude prices, domestic bond yields witnessed a sharp reversal. FPIs sold equities worth $172 million while DIIs bought stocks worth $469 million over the past five sessions.
Projection of a normal monsoon in CY2018, a pickup in the investment cycle, industrial capex and improving demand added to the positive news. However, election-related uncertainty, rising crude prices, tepid GST revenues and talks of global trade disruptions are key challenges, Zarbade said.
“In this backdrop, we expect FY2019 to be a volatile year for the Indian market. The investment themes we like include stocks dependent on rural demand, travel and leisure and consumer plays,” he said.
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