Indian equity benchmark indices closed 1% lower for the week ended July 15 amid volatility, weak GDP data, and rising global inflation, which fueled the fears of a further rate hike by central banks across the world. However, reduced FIIs selling, lower crude oil prices, and a good monsoon provided some support to the market. During the week the Nifty50 fell 171.4 points (1.05%) to end at 16,049 levels.
In last week, 40 smallcap stocks advanced between 10-52% including PC Jeweller, ITI, Butterfly Gandhimathi Appliances, Mahanagar Telephone Nigam, Parag Milk Foods, GTL Infrastructure, Precision Camshafts, Anupam Rasayan India, and Garware Hi-Tech Films. On the other hand, KBC Global, DB Realty, Kriti Industries (India), Shakti Pumps (India), Tanla Platforms, and Axtel Industries lost over 10% each.
Mid-cap added 1%, and the gainers were IDBI Bank, JSW Energy, PI Industries, Crompton Greaves Consumer Electrical, NHPC, SJVN, Oberoi Realty, Adani Power, and Bharat Heavy Electricals. However, Losers included REC, Endurance Technologies, AU Small Finance Bank, Info Edge India, and MphasiS.
“We witnessed some correction in the Nifty during the week but the index has not breached its important support levels. The Bank Nifty index showed relative underperformance on Friday, but this index too has a similar positive structure and the 20-day moving average support for the same is placed around 34360,” said Ruchit Jain, Lead Research, 5paisa.com.
