The Indian market ended the truncated week on a sombre note, posting mild gains on both indices. Strong movements by Infosys and pharmaceutical stocks helped the Street, but selling in HDFC group stocks, FMCG stocks capped upside.
The 30-share BSE Sensex was up 28.05 points at 31,596.06 and the 50-share NSE Nifty gained 4.55 points at 9,857.05.
The market was closed on Friday on account of Ganesh Chaturthi.
The broader markets outperformed benchmark indices as the BSE Midcap index gained 0.8 percent and Smallcap was up 0.4 percent on positive breadth. About five shares advanced for every four shares falling on the BSE.
However, among these times, there were over 70 stocks which had a good day and clocked fresh 52-week high milestones. Bajaj Finserv, Bajaj Holding, Chennai Petro, Deepak Fertilisers, Avenue Supermarts, Indiabulls Housing Finance, IndusInd Bank, JSW Steel, and Tata Steel, among others, were in that list of gainers.
Meanwhile, there were 28 stocks that also hit fresh all-time highs, thereby increasing investor wealth. Bajaj Finserv, Deepak Fertilisers, Avenue Supermarts, IndusInd Bank and Heritage Foods, among others were a part of this list.
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The Sensex settled at 31,524, down 270 points, while the broader Nifty50 quoted 9,837, down 66 points at close. The BSE Midcap index settled 0.1% lower, while BSE Smallcap index shed 0.5%.
The benchmark indices snapped a three-session long winning streak, as Infosys cracked after Vishal Sikka’s resignation as MD & CEO, although rivals such as Tata Consultancy Services gained.
According to a BSE filing, Sikka will be Executive Vice-Chairman while UB Pravin Rao is the Interim-MD and CEO.
Infosys saw its sharpest decline since April 12, 2013, down 9.6% to Rs 923. In intraday trade, the stock fell as much as 13% to Rs 884.
But the domestic markets still logged their sixth weekly gain in seven, though they remained below the record highs hit on August 2.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 1,534 shares declined and 1,002 shares rose. A total of 122 shares remained unchanged.
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The markets ended flat, snapping 4-day record closing trend after opening at record highs after information technology heavyweight Infosys’ June quarter results beat Street estimates, while TCS, which declared its results post market hours on Thursday, was the top loser on Sensex and Nifty.
The BSE Sensex settled the day at 32,020, down 16 points while the broader Nifty50 index ended at 9,886, down 5 points
Nifty IT index was the top sectoral loser, down over 1% for the day dragged by Just Dial, TCS, Wipro and Tata Elxsi. Infosys also slipped in red, ending 0.7% down for the day after rising nearly 3% in early-morning trade.
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It’s better to sell when there is a deterioration in business fundamentals. Here are four triggers:
Most investment writing revolves around telling investors what to buy. But selling a stock at the right time is equally important. Many investors base their sell decisions on stock price moves. They book profits if a stock doubles or trebles.
But this can rob your portfolio of potentially big wealth creators in the long run. Instead, it is better to base your sell decision on fundamental changes in the business itself. Here are four sell triggers that work well in India.
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The flower of optimism wilted on Dalal Street on Friday as Wipro hit its lowest level in more than two years.
The benchmark S&P BSE Sensex shed 54 points to end the day at 27,782. The 50-share gauge Nifty50 closed at 8,572, lower by 19 points.
Shares of Wipro tumbled to their two-year low during the session. The stock plunged another 3 percent after a 3 percent decline seen on Thursday. The company had posted weaker-than-expected numbers for June quarter and investors see it wilting under the pressure that the IT giants are facing this year.
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The week was marked by the announcement of results of IT bellwethers Infosys, TCS and Wipro. And of course, the torch bearer of the market, Reliance.
An action packed week came to an end and we do hope our followers would have made money.
Here are some of the picks from the week that just went by.
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The original article appears here on the website of Forbes India.
The quality of the people running the show can make or break an investment decision, says master investor Nemish Shah
Nemish Shah is a reclusive man. He has not met the media for over 15 years. Even after Axis Bank took over his firm Enam Securities in 2010, he was neither seen at press conferences nor were his pictures bandied about in the media. So when he agreed to talk to Forbes India about his investment philosophy, we were excited. We met him at his sprawling office in downtown Mumbai’s Express Towers with stunning vistas of the Arabian Sea. The office is simple with light brown furniture and plenty of open space. There is no receptionist. It is quiet but it does not have the coldness of a private equity firm.
Shah, 59, co-founder and director of Enam Holdings, comes out and smiles warmly. He ushers us into his room at the appointed time of 12.15 pm. Tall and fit, the master investor, walks in a brisk manner. And we quickly get down to business.
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During the past two weeks we highlighted some posts where investors could potentially have made money. But is that the sole purpose of StockArchitect? A resounding NO!!! We believe we offer a lot more than just that.
We also offer views of leading analysts. We have pulled some posts from the past week which inform you of what experts think. Our only purpose is to help investors make informed investment decisions. After all it is your hard earned money.
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