Sensex, Nifty extend winning streak to fifth session
Markets continued to remain resilient, extending their winning streak to the fifth consecutive week. The marginal upswing in the markets was witnessed despite the escalating trade war rhetoric from China and USA, wherein no one is ready to blink first.
Globally, all eyes are on the OPEC meet outcome, where Saudi Arabia and Russia are reportedly pushing for an increase in oil production, which can cool-off the surging crude oil prices. Saudi Oil Minister was quoted proposing an increase in oil production by 1 mbpd, which will be distributed among the nations based on their production abilities.
Stock-specific actions were the flavor of the week, wherein HDFC twins shimmered, gaining more than 2%. Meanwhile, sugar stocks continued to remain under humongous selling pressure with Shree Renuka Sugars, Balrampur Chini, and Bajaj Hindustan shedding 15%, 10%, 7%, respectively, at the close.
IT was the biggest under-performer; the index gave away 3% and managed to form a bearish engulfing candlestick pattern on the weekly charts. Nifty Bank index was among the outperformer lead by strong gains in ICICI Bank and HDFC Bank.
Nifty FMCG index rose by 0.5%, metal was down 3%, while auto and realty sank 1% each. CPSE index was down 2%, PSU Bank index was down 3%, infra index was down 1.3%, and media was down 1%.
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