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Smart show on Dalal Street, markets come off day's high

Last week was the jackpot among most eventful weeks which investors had been waiting for

Policy Pulse
Publish Date: Jun 1 2016 12:52PM | Updated Date: Jun 1 2016 12:52PM

Smart show on Dalal Street, markets come off day's high

Last week was the jackpot among most eventful weeks which investors had been waiting for. Both S&P Sensex, and Nifty50 surged over 5 per cent each during the week, ended on Friday. 

 

The Nifty50 put up a smart show on Dalal Street and broke above key resistance level last week supported by strong global cues, excellent quarterly results by companies such as ITC, L&T, BPCL and SBI and continuous buying by FIIs. 

 

Last batch of corporate results, monsoon advancement, and macro-economic data will dictate the street movement this week.

 

Meanwhile, markets have come off day’s high as investors turned cautious after gains in the previous four sessions with select index heavyweights leading the decline.

 

At 11:45am, the S&P BSE Sensex gained 36 points to quote at 26,689 and the Nifty50 was up 10 points at 8,167. In the broader market, the Midcap and Smallcap indices were up 0.2%-0.3% each. Market breadth was strong with 1130 gainers and 1079 losers on the BSE.

 

Index heavyweight HDFC was down over 3% on profit taking after gains in the previous sessions while ITC was down nearly 1%.

 

Engineering major BHEL was down over 3.5%. Net profit for March 2016 quarter was down 60% at Rs 360 while net revenue, at Rs 9,792 crore, was down 26 per cent over a year.

 

Tata Motors was up over 3% ahead of its results for the financial year ended March 31, 2016.

 

After all this, there are some events that investors should track including auto sales data, quarterly results, GDP and fiscal deficit data and current account deficit.