A morning walk down Dalal Street | India Inc’s corporate show holds the key

Bulls must have heaved a sigh of relief last week, having ended with gains of 1-1.5 percent on the Sensex and Nifty.

Mid- and small-cap indices too rose up to 3 percent on BSE and NSE as intense buying dominated cues. Investors tried to shrug off all the negativity that it has been undergoing for the past few weeks. There was some resilience to the global selloff observed during the last week.

The rout in international equities weighed on crude prices as well, as they cooled off to USD 80 per barrel levels as well. A steady rupee also aided sentiment.

After the drubbing seen on Thursday, where indices lost over 2 percent in a single session, equity benchmarks reversed almost all of those losses and saw a strong end to the week on Friday.

The Sensex ended over 700 points higher, while the Nifty ended above 10,450-mark. Investor wealth soared by Rs 2.98 lakh crore. In fact, the Sensex posted its biggest single-day gain in 19 months.

For the week ended on October 12, 2018, both Sensex and the Nifty gained 1-1.5 percent. Meanwhile, BSE 500, mid- and small-cap indices rose 1-3 percent. “We advise focusing on earnings, global markets and currency movement for further cues. Traders should prefer hedged trades in such scenario and maintain extra caution in stock selection,” Jayant Manglik, President, Religare Broking had said in a statement last week.