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Saturday, 19 May 2018

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Volatile Week: Karnataka uncertainty drags Nifty, Sensex by 2%; Nifty PSU bank index falls 6.5%

Capital goods index underperformed the other sectorial indices with 4 percent fall during the week.

Uncertainty over government formation in Karnataka and rising tension in Korean Peninsula kept investors wary during the week.
The benchmark indices, Nifty and Sensex, ended the week with 2 percent fall breaking their crucial support level of 10,600 and 35,000, respectively.
On Friday, the index formed a bearish candle on the daily candlestick charts and a Bearish Engulfing candle on the weekly scale which indicates dominance by bears.
“The Nifty50 registered a robust bear candle on daily charts whereas entire weekly price action resulted in a bearish engulfing formation on the weekly charts thereby strengthening the possibility of a multi-week corrective and consolidation phase,” said Mazhar Mohammad, Chief Strategist – Technical Research & Trading Advisory,
The brent crude is hovering near USD 80 a barrel, on the back of instability in the Middle East, reinforced by renewed global geopolitical tensions.
Foreign investors stayed net sellers as they sold equities worth Rs 1,496.79 crore, while domestic institutions were buyers in the last week as they bought equities worth Rs 2,026.12 crore.
India's volatility index (India VIX) was up 1.2 percent last week. BSE Smallcap index shed nearly 3 percent, BSE Midcap was down 2.7 percent and largecap index declined 2 percent.
Among the NSE, Nifty PSU bank index lost 6.5 percent, followed by Energy, Nifty and auto index fell 3.5 percent each.
146 stocks has touched the 52-week high including Bajaj Finance, Britannia Industries and HDFC Bank, while 500 stocks touched 52-week low including PNB, Orchid Pharma, IDFC Bank and Idea Cellular in the week ended May 18, 2018.
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