Markets extended losing streak to second consecutive week as Nifty lost 3.7% in the last five days. Trade tensions between the US & China, global growth concerns and mixed quarterly earnings dragged the markets lower. Market participants turn jittery as we get closer to the Elections verdict, which is scheduled on May 23, 2019. Index heavyweight Reliance Industries was the top laggard as the oil major plunged over 11% losing over Rs1 lakh cr in market capitalisation this week.
The sentiment was hit after top index constituents like SBI, ICICI Bank and Asian paints came out with below expectation quarterly earnings, while the results of Titan, Hindustan Unilever and Marico were in-line with estimates. On the other hand, HCL Tech, Bharti Airtel and Vedanta’s numbers were better than expected.
The India VIX shot up by 10% during the week. Sector-wise, the Energy index plunged by 7%, Metals index slipped by 6.7%, Media index declined by 5.5%, Realty index declined by 4.3%, Auto index declined by 3.5%, Bank Nifty slipped by 3%, Infrastructure index slipped by 3%, FMCG index was down by 1.3% and IT index was down by 0.9%.
Coming week promises to be full of action, in terms of macro-economic data, the Consumer price inflation and WPI is scheduled to be announced on May 13 and 14 respectively. The import & export data will also be announced on May 15, 2019.
Among results next week, HDFC Ltd, IDBI Bank, ITC, Siemens, Jubilant Food, Amara Raja, Lupin and Hindalco are among the companies coming out with their quarterly earnings.
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