Markets To Consolidate Next Week

Benchmark indices ended the week higher again, thanks to the spectacular rally seen on Monday. The Nifty ended the week with the best weekly gain in four months.

Private sector banks like ICICI Bank, IndusInd Bank and NBFC players like Bajaj Finerv saw spectacular gains.

The markets did relatively better with the exception of select stocks like Yes Bank, IndiaBulls Housing, Indian Bulls Real Estate ending the day lower.

Stocks in the news

There were several stocks that also came under selling pressure this week. Among these included names like Lakshmi Vilas Bank, where there were reports tat the Economic Offences Wing has registered FIR for offences of cheating, criminal breach of trust by banker, criminal misappropriation and criminal conspiracy upon the Directors of the Board.

Shares in Strides Pharma Science hit a 52-week low of Rs 305, falling almost 8 percent on Friday, after the company suspended sales of ranitidine tablets in the US market. Zee Entertainment on the other hand hit a new 52-week low as mutual funds were reported to have sold the promoters pledged shares.

Yes Bank too had a bad week, with the shares hitting a new 52-week low in trade. Among the stocks that saw a good rally this week was Hindustan Zinc, where there were hopes of the government selling its stake in the company.

Global cues key

Global cues would remain key to market momentum, particularly news to the enquiry on impeachment of US President Donald Trump as also trade tensions over US and China. It is also a truncated week for India, given that the markets would remain closed on Oct 2 on account of Gandhi Jayanthi. Expect a little less instability in the coming days and more of consolidation. Much would also depend on the fact whether FPIs lend some support to the markets going forward.

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