Indian stock markets have extended the winning streak to third consecutive week as Nifty ended with a weekly gain of ~2.1%. The headline index Nifty registered 3-month highest close after Finance Minister announced a tax cut previous week. However, sentiments dampened to some extent as profit booking happened after a steep rally in the market.
During the week, Bank Nifty witnessed a downwards consolidation after a staggering rally in the preceding week. The index traded within the bands of 29450–30800 in the week. On the higher end, sustained trades above 30300 may induce further rally towards 31600-32000 over the short term whereas support is placed at 29400/28800.
On the other hand, the IT index ended with a loss of 1.64%, while Pharma index ended as one of the major losers for the week, falling by 3.61%.
The Asian Development Bank (ADB) sharply lowered India's growth forecast. India’s growth forecast for the fiscal year 2019 was lowered to 6.50% from 7.20% after growth slowed 5% in the April–June quarter. However, it has indicated that the country will rebound to grow at a higher rate of 7.20% in the next fiscal year.
In global developments, Germany’s economy is suffering its worst downturn in almost seven years as a manufacturing slump deepens, raising pressure on the government to add fiscal stimulus. Factory activity is shrinking at the fastest pace in a decade and growth in services is softening, according to a monthly report by IHS Markit. There were also further signs that the labor market is taking a hit. That could have an adverse impact on demand and set off a negative spiral for Europe’s biggest economy.
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