Mumbai: Indian markets gained on Friday to end in the green. BSE Sensex gained over 250 points while Nifty gained 77 points to end above 11,100 level.
For the week Sensex gained 1.2%, Nifty rallied 1%, Bank Nifty rose 0.8%.
Among top Nifty gainers were HeroMoto which gained 9.2%, HCL Tech 8%, Bharti Airtel 8%, Maruti 7.4%, HUL 6.2%, Bajaj Finserv 6.1%, Bajaj Finance 5.7%, Coal India 5.3%, Tech Mahindra 5%, Bajaj Auto 4.3%. Tata Steel -11.6%, Yes Bank -7.3%.
Tata Motors -7%, UPL -6.3%, SBI -5.8% and Cipla -5.8% were among Nifty losers.
Nifty Resistance for the week is seen at 11250, 11130; Support at 10930, 10850 whereas Bank Nifty Resistance seen at 28880, 28580; Support at 27830, 28000.
It will be a truncated week as markets will remain close on Monday on account of Bakr Eid and Thursday on account of Independence Day.
Let’s take a look at some events which will guide the markets.
Mukesh Ambani-led RIL will hold its 42nd AGM in Mumbai. The company is likely to detail plans on its latest offerings -- the Jio Phone 3 and the commercial rollout of Jio GigaFiber. The annual general meeting (AGM) traditionally gives an overview of the next product offering to come from company's stable.
Following Jio which stormed the market with its cheap data offering in 2016, JioGigaFiber, the company’s fibre to home business, is likely to disrupt the DTH market in the country. JioGigaFiber is likely to offer broadband, fixed landline and DTH service at a fixed cost.
CPI and WPI inflation data
After the Reserve Bank of India (RBI) cut repo rates by 35 bps last week, June IIP data came in at 2% which is a 4-month low. Markets will be eyeing CPI data for the month of July, which is due on Tuesday and is expected at 3.3%. WPI inflation data for the month is due on Wednesday and is expected at 2%.
PM's Independence Day Speech
Prime Minister Narendra Modi will be addressing the nation from Red Fort on the occasion of Independence Day after a landslide victory in the Lok Sabha election. PM Modi has invited innovative ideas and inputs from the public for his upcoming Independence Day speech. The Prime Minister sent out the invite through his official twitter page on July 19, 2019.
Wipro's Rs 10,500 crore share buyback programme will open on August 14 and close on August 28. The IT firm has approved buyback up to 323 mn equity shares for consideration of up to Rs 10,500 crore at Rs 325/share through a tender offer. The promoter group has indicated its intention to participate in the proposed buyback.
DHFL resolution plan
DHFL lenders’ core committee will hold the second meeting on Monday to vet the resolution plan. SBI Caps has asked the body to align the elements of the plan and its feasibility to implement it. After the core committee approval, a larger group of lenders will be approached for approval. The stake of Kapil Wadhawan will be brought below 10% after restructuring.