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Markets Next Week: Some Stability May Emerge
The markets ended another week lower. The real carnage began on Tuesday, the first day of trading after GDP numbers were declared. The Nifty fell a huge 225 points in a single trading session on Tuesday and the gains of the next few days on the Nifty was just not enough to wipe out the losses.
For the week, the Sensex and the Nifty fell 0.94 percent and 0.7 percent respectively. The 500-stock gauge declined 0.6 percent.
Banking stocks did not have a great week, with most of the banking stocks ending the week lower. Stocks that continued to see a bad week was IndiaBulls Housing Finance. The shares of the housing finance company dipped on reports that a PIL had been filed in the Delhi High Court.
The stock that was among the top gainers this week from the Nifty pack was clearly Coal India. Investors have begun realizing that the dividend yield on the stock itself is a cool 7 per cent, which is why we are seeing buying emerge as soon as the stock hits Rs 185 levels.
Reliance Industries also saw some buying support, particularly on Friday, after rolling out its Jio Fibre Broadband.
Real estate stocks did not move much, despite reports that there would be one time recast of loans for stressed builders. One is not sure, if there would be significant impact for the real estate sector.
How markets would move next week?
Much would depend on cues from across the global markets. This week we saw some solid momentum in global stocks, after reports that China and US would work together to resolve trade disputes. Markets have been hit by the trade wars between the US and China, and one would need to eagerly wait to see some resolution work.
Auto and auto stocks also had a good week on hopes that the government would announce some measures for the sector. Maruti and Eicher Motors both saw a fantastic recovery on Friday.
It is likely that the markets could exhibit stability at these levels. It is struggling to breach the 11,000 mark on the Nifty. If this level is taken out convincingly, we might see further upside in stocks.
