- Market set fresh records; Nifty settled above 10850 for the first time ever.
- Banking stocks in focus today as government mulls allowing 100% FDI in banking.
- HDFC Bank reports divergence of Rs 2,051 crore for FY17; profits grow 20 percent.
- Jubilant Foodworks, posts stellar rise in Q3 profit to Rs 66 crore; SSSG at 17.8 percent.
- Biocon gains 4% on global partnership with Sandoz for biosimilars in immunology, oncology
- Kotak Mahindra Bank Q3: Standalone profit rises 20% to Rs 1,053 crore; asset quality improves.
- HCL Tech Q3 profit rises 0.3%; maintains FY18 constant currency revenue, EBIT guidance.
- Bharti Airtel Q3 net profit tanks 39 percent which stood to Rs 306 crore.
- IDFC Bank Q3 profit falls 24% to Rs 146 cr, asset quality deteriorates.
- Lupin announced that they launch generic Vibra-Tabs tablet in US.
Weekly Market View
Nifty traded higher breaking the 10,900 mark for the first time, as investors remained bullish after the GST Council decided to cut rates on 83 goods and services. Continued foreign fund inflows, encouraging quarterly results and a firm trend in other Asian bourses also boosted the trading sentiment. Nifty posted biggest weekly gains of the year and ended at 10901.05.Index looks bullish ahead too and if sustains above the new life time high then further fresh buying may be seen. Key support and resistance for the market is at 10775 and 11000 respectively.
Weekly Nifty Bank View
Nifty Bank too traded in line with nifty 50 scoring new life time high and closing at new life time closing high at 26896.05 on account of sustained buying seen in banking stocks amid firm global cues ahead of budget and corporate earnings. Nifty bank looks bullish ahead too and may continue the bull run if sustains above the closed level however 26500 may act as good support for correction rally.
Global Markets Update
World markets traded higher despite the news of US govt shutdown; failing to dampen the bullish investor sentiments. . All three benchmark indexes clinched their third straight weekly advance. S&P 500 ended at 2810.30.The German index DAX 30 also gained to close week in green at 13434.45. Most Asia-Pacific stocks finished higher as investors largely ignored ongoing U.S. budget negotiations. Shanghai composite and Nikkei 225 ended at 3487.86 and 23808.06 respectively.
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