Weekly wrap: Sensex, Nifty weighed down by global cues

Trade war jitters drove markets downwards globally. Indian benchmarks followed the negative sentiment arising from the trade dispute between the US and China coupled with uncertainty due to the ongoing general elections, during the week.

Major indices, Nifty and Sensex ended the week down by 3.7 per cent and 3.9 per cent at 11,278.90 and 37,462.99 points, respectively. The fall was led by Reliance Industries which fell as much as 10 per cent during the week. It closed the week at Rs. 1,245.75 per share. On Friday, Sensex ended lower by 96 points and Nifty closed 23 points down in a volatile trading session. This was the eighth consecutive fall for the benchmarks.

Financial numbers posted by country’s largest lender SBI on Friday came as positive as the bank improved its asset quality. Canara Bank too reported a strong set of numbers to boost sentiment for the banking sector. While the paint sector major Asian Paints reported a decline in profit on account of higher raw material prices, whereas Apollo Tyres reported 66 per cent YoY fall in profits.

In the upcoming week, results of major market stocks such as ITC, Bajaj Auto, Lupin will lead the way. Though, volatility is expected to continue with weak global trends.