The benchmark indices on Friday settled the day lower as auto makers dropped on sharp decline in monthly sales and stocks of telecom service providers – Bharti Airtel, Idea Cellular, Reliance Communications (RCom) – were hit by worries about intensifying competition with the extension of freebies offered by Reliance Jio (RJio) till March 2017.
Sentiment was also muted ahead of the release of the US monthly jobs data, a referendum in Italy over its constitution, and the Reserve Bank of India’s policy review next week.
The S&P BSE Sensex ended at 26,230, down 329 points, while the broader Nifty50 closed at 8,086, down 106 points.
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The market hit fresh 7-month high intraday Friday with the Sensex reclaiming 27000 and Nifty 8250 levels. However, profit booking in the last couple of hours of trade dragged the benchmarks as well as broader markets to end flat despite positive global cues.
The 30-share BSE Sensex declined 0.11 points to 26843.03 while the 50-share NSE Nifty rose 1.85 points to 8220.80. The market breadth was also weak as about 1521 shares declined against 1092 advancing shares on Bombay Stock Exchange. The market volatility may continue for some more time after hitting multi-month highs, as investors are eagerly waiting for key events – RBI policy meeting on June 7, Fed meeting on June 14-15 and the referendum in Britain.
Here are some picks from the week gone by.
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This week was very short what with two holidays back to back. We hope you had profitable trading days during the three days that the market was operational.
For this post, we are covering 5 random picks which include positional, short-term and picks from known Masterminds.
We have always lived by the philosophy of helping investors take informed decisions by culling information from various sources.
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