Markets to continue to remain volatile, undecided

Markets behaved on expected lines and were under pressure in the week gone by and lost some ground. BSESENSEX was down 522.01 points or 1.37 per cent to close at 37,606.89 points. NIFTY lost 120.70 points or 1.08 per cent to close at 11,073.45 points. The broader indices saw BSE100, BSE200 and BSE500 lose 0.65 per cent, 0.55 per cent and 0.48 per cent respectively. BSEMIDCAP was up 0.41 per cent, while BSESMALLCAP gained 0.43 per cent. In sectoral indices, BSEIT gained 5.02 per cent, while BSEBANKEX lost 4.22 per cent.

The Indian Rupee gained 2 paisa or 0.03 per cent to close at Rs 74.81 to the US dollar. Dow Jones lost 41.57 points or 0.16 per cent to close at 26,469.89 points.

July futures expired on a positive note for the series but lost ground during the week. The series gained 813.25 points or 7.90 per cent to close at 11,102.15 points.

In individual stocks, the top gainer was Dr Reddy’s up Rs 458 or 11.27 per cent, while the top loser was HDFC Bank down Rs 86 or 7.69 per cent.

Shares of Yes Bank issued through the mega follow on offer of Rs 15,000 crore were listed for trading on July 27. They settled down by the end of the week to trade at Rs 11.95, down Rs 1.70 or 12.45 per cent for the week. Compared to the issue price they are down Rs 0.05. Volumes have reduced significantly and one should not be surprised if the share tends to make small gains from hereon in the coming week.

Results season is on in full earnest and they are a mixed bag. Clearly the period for which results are being declared April-June were the worst affected months due to the Covid-19 pandemic.

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