Markets registered modest losses in the weekend Thursday, tracked by weak global cues. The Nifty recorded lower intraday gains through the week, breaking the recent lows of 9,162. The Nifty ended with modest week of week losses of 0.52 per cent. Realty stocks, Infrastructure, Pharma and O&G were top gainers sectorally, while the telecom, Metals, Capital Goods & Cement indices were the top losers. The breadth of the markets were positive in two out of four trading days of the week. Markets remain closed on Friday, 14 April 2017, on account of Dr. Baba Saheb Ambedkar Jayanti and Good Friday.
Global markets were mixed throughout the week since investors remained watchful in the face of uncertainty over Syria and North Korea and tightening polls in the French presidential election. Investors were further worried over tensions between the U.S and Russia after Donald Trump suggested there could be no peace in Syria. Asian stocks were in mixed performance amid a push of regional economic data.
Back home, growing geopolitical worries, together with disappointing Q4 result of an IT major dragged the Indian stock markets lower with the BSE Sensex going down 0.8 per cent for the week, while the NSE Nifty-50 index was down 0.7 per cent. BSE Midcap & BSE Smallcap outperformed the frontline indices to gain 0.8 per cent and 1.4 per cent, respectively.
Bhushan steel Ltd, BCPL Ltd, Container Corp, Piramal Enterprises and Rural Elect were the top gainers in BSE group-A, during the week. The top losers during the week include Adani power, Vedanta Ltd, Reliance Communication and Jaiprakash Associates.
The IT major Infosys Ltd declared a fourth quarter financial results 2017, reporting a profit at Rs 36 billion for January – March quarter, an undergrowth of 2.8% against Rs 37.08 billion in the preceding quarter. The revenue fell 0.88 percent to Rs 171.2 billion, compared with Rs 172.73 billion in the previous quarter.
Oil prices rose on 12 March 2017, putting crude futures on track for its largest streak of gains since August 2016. Crude oil prices were up 1.3 per cent for the week gone by. Saudi Arabia has been reported to be lobbying OPEC and other producers to extend a production cut beyond the first half of 2017.