Despite mixed global cues last week, India’s benchmark Bombay Stock Exchange (BSE) jumped to a record high continuing an upward movement for the third straight week.
BSE benchmark breached the level of 38,000 for the first time and recorded a gain of 313.07 points to close at 37, 869.23 on Friday (10) as a result of improved capital inflow and good earnings.
Meanwhile, NIFTY was also recorded gains and closed at 11,429.50. The gains were recorded amid global cues which include, trade war between China and the US and political tensions between the US and Russia.
Stocks of consumer durable, bank, metal, realty, IT, auto and FMCG led buying whereas, health care, IPO, capital goods, oil and gas, PSU, and power stocks recorded profit-booking.
Among key results of last week, Lupin PAT recorded a fall of 43 per cent, while PNC Infra PAT recorded a jump of 244 per cent, followed by Future Lifestyle PAT which moved up 20 per cent.
According to the analysts, a positive trend on the Indian stock exchanges look good for the current quarter. At an aggregate level Indian industries are very likely to post double-digit profit growth in the present quarter.
According to the market experts, the market is expected to give a muted response next week as the global cues are not favoring a bullish trend in the market. A weak trend in the stock exchanges of the world may result in a negative trend.
A robust index of industrial production (IIP) for the month of June, favourable monsoons are very likely to support the stock markets in the next week.
According to the Ministry of Statistics and Programme Implementation, India’s IIP for the month of June 2018 stands at 127.7, which is 7.0 percent higher when compared to the level in the month of June 2017. The cumulative growth for the period April-June 2018 over the corresponding period of the previous year stands at 5.2 percent.