Stock Specific Rally Continues; Market Down

Nov 10, 2017 | 05:14 PM IST

Market This Week

A lot of profit booking was seen in the market this week as crude oil prices have been increasing in the world market due to supply cuts and political tensions in Saudi Arabia On the other hand, INR has also tumbled as the market was at the resistance level. Market corrections are good for the long-term investors as it gives them plenty of new opportunities to invest in the market.

Movers & Shakers

Titan industries and other jewellery stocks gained 10 to 20% last week after the companies posted outstanding numbers. IT sector was also on the higher side this week due to good numbers presented by the major companies. In the textile sector, Kitex garments rallied 25% due to excellent number presented as standalone profit increased by 85% for the second quarter. Lupin was down 20% last week as USFDA has issued warning letter for the Goa plant and due to heavy profit booking that was seen in almost all of sector especially in Oil and metals sector stocks.

Key Market Drivers

The key drivers for market last week were 1) Increasing Oil prices and weak Indian currency. 2) According to ICRA report, India's logistics sector will grow 9 to 10 % per annum in coming days due to fluctuations in the economy and freight demand due to GST implementation. 3) Some of the companies in consumer durable and jewellery sector had presented a very good number this week and major stocks in this sector were up.

Event Watch

GST Council meeting is on 10 November 2017 in Guwahati and major rate cuts or change in tax slabs in most of the commodities are expected. CPI and WPI Numbers are due on 13th and 14th November respectively and we are expecting to rise in number post rising crude oil prices.

Stocks to Watch

Avenue Supermarts is on the upside while Hindalco is on the downside.

 

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