Nifty fails to hold 10500 but posts 7-day winning streak; Sensex up 5% in 3 straight weeks

Nifty fails to hold 10500 but posts 7-day winning streak; Sensex up 5% in 3 straight weeks

Mumbai, Apr 13: The positive momentum in the market continued for seventh consecutive session on Friday, helping benchmark indices to post healthy performance for the third week in a row.
The market shrugged off Syria tensions that lifted crude oil prices to around four-year highs. The fall in March CPI inflation, better February industrial output growth boosted sentiment, but profit booking in banking space and the caution ahead of Infosys earnings (which due later in the day) caused volatility in later part of the session.
The 30-share BSE Sensex was up 91.52 points at 34,192.65 while the Nifty failed to hold 10,500 levels, rising 21.90 points to 10,480.60 that helped the index to post 5 percent rally in three consecutive weeks.
“Markets will react to the Infosys numbers in early trade on Monday. Indications are in the favor of up move to continue and Nifty to test 10,600 in near future,” Jayant Manglik, President, Religare Broking said.
Nikhil Kamath, Co-Founder, Zerodha also believes this upmove is set to continue and recommends gradually adding to long-term portfolios.
Manglik advises keeping hedged positions, considering possibility of volatile swings during the earnings season.
For the week, the Sensex gained 1.7 percent and the Nifty rose 1.4 percent while IT was the biggest gainer among sectoral indices, rising more than 5.5 percent.
Global markets were mixed amid reduced tensions on geopolitical front and trade wars as well. Investors were gearing up for earnings reports
Asian stocks – Japan’s Nikkei 225 and South Korea’s Kospi rose 0.5 percent each while China’s Shanghai Composite fell 0.65 percent. European markets like France’s CAC was up 0.4 percent and Germany’s DAX gained 0.67 percent while Britain’s FTSE was down 0.1 percent at the time of writing this article.
Brent crude oil futures were trading above USD 72 a barrel, up 0.33 percent from previous settlement.
Back home, the IT index was the biggest gainer among sectoral indices for the second consecutive session, rising 1 percent on top of 2 percent upside in previous session as Infosys is set to kick off March quarter earnings season today.
Infosys gained 0.76 percent, Wipro rose 2.5 percent and Tech Mahindra 2.87 percent while TCS trimmed gains from over 3 percent intraday to 0.45 percent at close. HCL Technologies was down 1.9 percent despite the acquisition of Actian Corporation for USD 330 million.
Index heavyweight Reliance Industries was up 1 percent on acquisition of Artificial Intelligence (AI)-based education platform Embibe for USD 180 million.
Titan Company gained a percent on positive management outlook. The company feels jewellery business will see 2.5x growth in revenue from FY17 level, by FY23 against FY22 earlier and it targets achieving uniform customer price revenue of Rs 50,000 crore by FY23.
HDFC Bank was down 0.2 percent. The private sector lender plans to raise Rs 50,000 crore through bonds in the next 12 months to fund business expansion.
Adani Ports, Eicher Motors, Kotak Mahindra Bank, Vedanta, Indiabulls Housing and Hindalco gained 1-3 percent while Bajaj Finserv, SBI and Axis Bank were down 1-2 percent.