Nifty extends losing streak to third consecutive week

The Indian equity markets ended with losses for the third week in a row as across the board selling pressure dragged the Nifty to close below the 11300 zone. Sentiment was hit after index heavyweights like Maruti, Bajaj Finserv, Bajaj Finance, Tata Motors, L&T and Kotak Bank came out with result that was below market expectations. The quarterly results of bellwethers like Bajaj Auto and Hindustan Unilever were in-line with estimates, while Asian Paints and Bharti Infratel managed to beat market expectations.

Coming week promises to be full of action as results will continue to flow. ICICI Bank, Dr Reddy’s Labs, DLF, DHFL, Axis Bank, Hero Motocorp, NMDC, Eicher Motors, Tech M, IOC, Ashok Leyland and Tata Global will release their quarterly numbers. Besides, fiscal deficit data, PMI manufacturing and service data are scheduled to be released in the coming week. All eyes will also be on the Auto stocks ahead of the monthly auto sales numbers. Globally, the Fed’s interest rate decision is also scheduled next week.

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