Weekly Equity Market News

Market Snippet
 Market closed on record closing high; clock fourth weekly gain.
 Hero MotoCorp shares gains and hits new high post May sales.
 Cadila Healthcare hits record high on USFDA approval for Levofloxacin.
 GMR Infrastructure surges on significant reduction in FY17 debt.
 TVS Motor hits 52-week high after posted a growth of 15.7% in the month of May 2017, at 282,007 units.
 Karnataka Bank announced slashes home loan rate by up to 40 bps.
 Larsen & Toubro has fixed record date as July 14, 2017 for the purpose of bonus issue.
 Manappuram Finance declared a fourth interim dividend of Rs 0.50 per equity share of Rs 2 each.
 Bharti Airtel gains after bagging SEBI nod for its merger with Telenor.
 Coal India produced 79 million tonnes

Weekly Market View
Nifty extended gains for the third week also being bullish for most of the trading session in last week and ended at record life time high at 9652.60.Hopes of good southeast monsoon rains and strong supportive bullish global sentiments lifted the sentiment for domestic market throughout the week. Nifty looks bullish on weekly and daily chart both on close above the level of 9675 and buying may continue up to 9800 however a healthy bull market correction may be seen below the close below the support level of 9575.

Weekly Nifty Bank View
Nifty Bank too continued with its long term buying trend and closed in line with the nifty scoring new life time high and closing too at new highs of 23341.However nifty bank witnessed profit booking along the week over the concern of NPA in baking system. It looks bullish on close above the level of 24000 for the next target of 24400. MPC review of monetary policy may cause significant volatility in nifty bank next week.

Global Markets Update
World Markets traded bullish in last week of trading following the positive nonfarm payroll data and decreased unemployment rate which lifted the US markets to life time high. S&P 500 closed at 2437.Upbeat German car registration data lifted the DAX to life time high at 12842.Asian markets also performed well in the rally with Nikkei 225 closing at 20168 and Shanghai composite closing at 3106.Non manufacturing PMI data from US and interest rate decision of bank of Australia may have significant impact on world market next in next week’s trading.

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