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As India celebrated its Independence Day this week, Nifty once again came close to the psychological 11,500-levels. The Indian equity market extended the winning streak to the fourth consecutive week as expectations of easing tensions between China and the US on trade issues cheered traders.
The weakening of the rupee on the back of the currency crisis in Turkey and constant FII outflows were the highlights of the week. However, the street is completely ignoring these headwinds. The results season, which passed by so far, was positive and has provided much-needed comfort to the perception of overvaluation creeping in the markets.
Meanwhile, India’s retail inflation for July softened significantly to 4.17% as against 4.9% in the prior month. Price pressure within the food basket moderated, while relatively lower oil prices also provided some respite. On the other hand, India's IIP for June expanded 7% yoy, a five-month high.
For the week, the Pharma index zoomed 6%, IT index shot up 3%, FMCG index was up 2.7%, Midcap 100 index gained 1.6%, Realty index rose 1.3%, the Auto index rose 0.3%, while Bank Nifty ended flat.
On the other hand, the Infrastructure index was down 1.2%, the Metals index declined 1.1%, and the Energy index fell 0.8%.
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