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Indices struggle for direction; Bank Nifty under performs

he Indian equity markets extended the consolidation for fourth consecutive week as Nifty just managed to clock in marginal gains. Markets danced to the tune of crude oil prices and weakening Indian currency against the US Dollar.
 
Brent crude that had crashed to around $50 a barrel in 2018 is back to $75. Brent crude price has gained more than 35% in 2019 so far. On the other hand, the rupee continued to weaken and hit six-week low of against the US dollar.

For the week, Nifty ended almost unchanged while the Bank Nifty marginally fell by half a percent.

In addition, disappointing earnings from the index heavyweight like Maruti too took a toll on the Auto sector.

Indiabulls Housing Finance and Bharti Infratel also posted dismal quarterly numbers. On the brighter side, Tata Steel and Ultratech Cement beat estimates while Axis Bank, HDFC Bank came out with earnings that were in line the estimates.

Coming week would be a truncated one as exchanges will be shut on account of national elections in Maharashtra.

However, heavyweights like Britannia, Kotak Bank, Dabur, Bandhan bank, Hind Zinc, LTI, MRF, L&T Finance, TVS Motor, Raymond, Ambuja Cement, Exide Ind and Tata Power are among the important companies scheduled to release their earning.

The Nikkei PMI manufacturing and service data will be announced next week.

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