Market weekly wrap up

Capitalstars Financial Research Pvt. ltd.

Sensex and Nifty posted their second consecutive weekly loss, falling nearly 2.8% during the week to their lowest levels in over seven months. Both the benchmark domestic market indices have fallen over 8% in October, wiping off nearly all gains of 2018. On the last trading day of the week, the market entered the November derivatives series on a weak note, with the Sensex plunging over 400 points from its Friday’s high while the Nifty managed to hold on to the 10,000 mark.

A sharp sell-off across global equity markets, coupled with fresh weakness in the rupee against the dollar and a mixed bag of quarterly corporate earnings, contributed to the decline in the headline indices. Unabated capital outflows and derivatives expiry, too, kept investor sentiment on tenterhooks. Despite easing crude prices, the rupee posted its first weekly loss against the US dollar in three weeks, closing at 73.46 against the greenback on Friday.

During the week, private sector lender Yes Bank reported a 4% dip in its net profit for the second quarter ended September 2018 to Rs 964.7 crore, as asset quality dropped and provisions rose a little over 50% from the previous quarter. Following the results, Yes Bank share price plummeted 15% to a nearly one-month low before a sharp recovery later. Among other major results, Bharti Airtel posted better-than-expected earnings, while ITC posted a 12% rise in its quarterly net profit led by double-digit growth in its cigarette, hotels and agri businesses.

Weekly losses: The Sensex slumped 966 points or 2.81% to close the week at 33,349.31 points. The Nifty 50 of the National Stock Exchange fell 274 points or 2.7% to end at 10,030 points week-on-week.

Top weekly Sensex gainers: Bharti Airtel (4.24%), HDFC (2.63%), Coal India (1.83%) and ICICI Bank (0.05%).

Securities in Ban For Trade Date 26-OCTOBER-2018
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