Declining Covid cases and a rapid vaccination drive have boosted investor confidence in this pocket, as they expect the situation to be much better in a few months.
Domestic equities continued to relatively underperform their global peers in the last four sessions, and ended the week on a modestly negative note. The week gone by was a truncated one, as Wednesday was a trading holiday. Nifty had a similarly wide trading range, as it oscillated in a range of 500-odd points before closing on a negative note. The first day of the week was saw the market close deep in the red; while the subsequent three sessions saw Nifty stage a pullback rally.
Following such volatile moves, the headline index ended with a net loss of 217 points, or 1.46 per cent, on a weekly basis.
Nifty PSU Bank index closed down 9.26% at 1988.3 today. The index has slipped 14.00% over last one month. Among the constituents, Indian Bank dropped 11.27%, Canara Bank shed 11.13% and Bank of Baroda fell 10.68%.
The Nifty PSU Bank index has soared 53.00% over last one year compared to the 57.06% increase in benchmark Nifty 50 index. In other indices, Nifty Media index has dropped 8.10% and Nifty Realty index is down 7.50% on the day. In broad markets, the Nifty 50 has dropped 3.53% to close at 14310.8 while the SENSEX has slid 3.44% to close at 47883.38 today.
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Dalal Street week ahead: Commodities, metals, select midcaps look well poised
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The coming week will be a truncated one, with Wednesday being a trading holiday on account of Dr Babasaheb Ambedkar Jayanti. Given the current technical setup, Nifty continues to walk the double-edged sword just like the week before his one.
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Moving in a trading range that was wider than the previous week, Indian equities did not make any directional headway over the past five days and ended flat. Nifty oscillated in a range, but stayed within the falling channel that the index had formed following the formation of its lifetime high.
Inox Leisure Ltd is quoting at Rs 265, down 4.95% on the day as on 13:19 IST on the NSE. The stock rose for a third straight session today in last one year as compared to a 65.88% down 2.08%. in NIFTY and a 45.12% up 74.44% in the Nifty Media index.
Inox Leisure Ltd is down for a fifth straight session today. The stock is quoting at Rs 265, down 4.95% on the day as on 13:19 IST on the NSE. The benchmark NIFTY is down around 1.9% on the day, quoting at 14584.85. The Sensex is at 49117.01, down 1.82%.Inox Leisure Ltd has lost around 18.96% in last one month.Meanwhile, Nifty Media index of which Inox Leisure Ltd is a constituent, has eased around 13.29% in last one month and is currently quoting at 1580.4, down 4% on the day. The volume in the stock stood at 9.37 lakh shares today, compared to the daily average of 5.28 lakh shares in last one month.