On Friday (Sept 6) Indian stocks closed higher led by auto & banking stocks. The Sensex and Nifty gained by 337 and 98 points respectively on Friday. On the weekly-review, the markets ended lower.
One of the economical factors behind the weekly loss can be attributed to the Gross Domestic Product (GDP) numbers which was declared on Tuesday, 3rd September 2019, was not inspired by the investors.
According to the GDP, the growth rate for the quarter April – June was 5 percent, which is the lowest growth rate in 6-years.
Reacting on the GDP outcome, the Nifty declined a 225-pts in trade on Tuesdays (3-Sept) session. Following days, there was also some considerable gains in the Nifty, but it was not adequate to wipe out the losses through the week.
For the week, BSE Sensex was down 0.9 percent and the NSE Nifty also down by 0.7 percent. The Nifty 500-stock index declined 0.6 percent.
Most of the banking/Financial stocks through the week ended on a weak note. One of the stocks that continued to slide the week was Indiabulls Housing Finance. for stock market tips visit us.
The shares of the IndiaBulls Housing declined on media reports that a Public interest litigation (PIL) had been filed in the Delhi High Court.
Coal India stock emerged in weekly gains in the Nifty package. This is because of a 7% dividend yield on the stock by which investors were emerged in buying Coal India stock.
Share of Reliance Industries Limited (RIL) also witnessed some buying support through the week, especially on Friday, after rolling out its Broadband JioFibre.
Real estate stocks were in mixed reactions by the investors, in spite of media reports that there would be a one-time loan recast for stressed builders.
Looking for Week ahead markets, Much would depend on global markets. This week, global markets reacted positively after reports that China and the United States would work together to tackle trade disputes.
Auto stocks also had favorable gains in the week on hopes that the govt would announce some measures for the Auto sector.
Eicher Motors and Maruti Suzuki performed well on Friday. It is also hoped that the markets could keep up the upside stability with auto stocks in the next week.
Shares of Prabhat Dairy added 30% gains for the week after the promoters of the Company are intending to acquire 4.8-Cr equity shares from the shareholders.
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