9450! Nifty 'Bull'dozes Ahead

May 12, 2017 | 04:30 PM IST

Market This Week

The market is making new highs and pushing support levels much higher with every session. This week Nifty index, for the first time, reached near 9450 level. After pushing for infra sector by pumping capital and emphasizing more on the quick development of the Indian economy, the government is focused more on the banking sector as well, as banking is again one of the major driving sectors of the economy. Naturally, the government is focused on asset quality and NPAs. Clearing balance sheets of the banks is a major point of concern for the banks at this point.

Movers And Shakers

Post Steel policy announcement, steel stocks looked much stronger as Government is pushing domestic level production of steel and minimising the import of steel and associated raw materials. Here after getting everything operational, companies will start showing improved profitability in coming quarters.

Pharma is still under threat as US FDA inspections are still on and most of the companies have delivered poor as per expectations of the street. All the large-cap and midcap pharma companies have faced the brunt of the US FDA inspections.

Key Market Drivers

FIIs are booking short term profits and most of the orders were looked like FIIs are hedging most of their investments. This is actually good for the Indian market as FIIs are still in favour of the market as there is hardly any major event left which can correct market, except the war of the countries. There is notable tension at the border as Pakistan is provoking Indian army on the regular basis. Whether it will escalate further or get resolved remains to be seen. On the global front, U.S and North Korea are also flexing their military muscle at this point.

Event Watch

IT companies are still on with their floor cutting spree. All the major IT companies, midcap IT companies are dealing with dealing with the existential crisis. On domestic as well as on global space, few events are left for the current month. Market have tried correcting few times but due to strong support has remained stable. Investors are waiting for correcting to enter but smart investors are still investing cautiously and gaining better returns.

Stocks to Watch

Jamna auto Ltd is on the upside while Glenmark Pharma is on the downside

 

ABOUT AUTHOR

Niveza Editorial Desk : We are a team of stock market nerds trying to stay ahead of the herd. We spend our grey cells everyday to pave a smooth road for our clients in the shaky world of stock market. While...
FULL BIO

LEAVE A COMMENT

RECOMMENDED READING

Profit Booking Drags The Market; Oil & Gas Top Gainers

Share Market News – 19 September 2017 Today's market opened on a positive note but market traded in a very narrow range at a higher level and some profit booking was seen in
Read More>>

Nifty Crossed Another Milestone, Capital Goods Top Gainer

Share Market News – 15 September 2017 Today's market opened positive and rallied to all time high level as buying was seen in all fronts. Banks, Capital goods and consumer
Read More>>

Global Concerns Drag The Market; IT Sector Top Gainer

Share Market News – 15 September 2017 Today's market opened positive and rallied to life time high level but failed to make another milestone as the market is clueless in
Read More>>

Nifty Back At 10,000; Pharma Sector Rallies

Market This Week This week started with a huge buying in each and every sector, especially in metals and fresh pull back was seen in pharma sector stocks, however, the main
Read More>>

Stop! Read Before You Invest In These Trending Stock Market Tips

Various popular stock market news portals and TV channels discuss trending stocks and provide free tips but without in-depth research. We create well-researched equity analysis on these trending stock tips in a single place so you don't waste your
Read More>>