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Markets May Remain Rangebound Next Week
The week was extremely volatile for the broader markets, especially a sudden dip in select stocks. The Nifty ended the week with gains of around 130 points.
Several stocks reacted to news, which pushed them lower. IndiaBulls Housing Finance was the worst impacted this week, after the RBI did not approve its merger with Lakshmi Vilas Bank.
The stock lost a huge 19 per cent on Thursday, but, recovered some ground on Friday. It would be interesting to watch the stock, given that there is a board meeting on Monday to determine a buyback of shares. Another stock that was exceedingly volatile during the course of the week was IndusInd Bank.
The bank did put up a good show for its quarterly numbers, but, the share only plunged on the day of its results and added a little but more to losses on Friday. While the results were good, analysts were probably reading into additional provisions by the bank.
Shares in RBL surprisingly lost ground and over the last few quarters has halved investor wealth. Yet again concerns over rising NPAs has dragged the stock lower in the last three months. A slight whiff of negativity can send stock prices crashing.
Shares of Bandhan Bank and Gruh Finance had a stellar week as there were reports that the MSCI has announced addition of Bandhan bank to MSCI India largecap index.
TCS, which reported margins that the markets did not like, fell in trade on Friday, a day after declaring numbers.
Markets remain vulnerable to selling pressure
Indian markets would remain vulnerable to selling pressure at higher levels. Quarterly numbers would remain the key to market movement in the coming weeks. It's going to be more of reaction to individual stocks, more than anything else.
Investors are advised to trade with caution in the coming days, especially companies where quarterly numbers are to be declared.
