Nifty losses over 2%, Pharma sector outperforms

Source: indiainfoline.com

After witnessing a fantastic Thursday rally amid short-covering, Friday saw profit booking once again dragging the indices to close the week in the red. Markets ended lower despite the US indices hitting all-time highs.

For the week, the Infra index plunged 3.7%, Bank Nifty declined 2.8%, FMCG and Energy index were down 2.5% each, the Auto index fell 2.5%, the IT index was down 2%, and Realty fell 0.8%.

TCS came out with results during the week with profits beating market estimates, however, revenue growth was slightly disappointing, which means the overall earnings for TCS was a mixed bag. IndusInd Bank results were in-line with market expectations. Infosys came out with quarterly earnings post market hours on Friday. Net profit and revenues were above street expectations, while the margins were in-line with estimates.

Next week promises to be full of action as heavyweights like ACC, Colgate, Mindtree, Yes Bank, Dabur, RBL Bank, HDFC Bank, and Amara Raja would be releasing their results. In terms of macro-economic data, the wholesale price index and trade deficit data for June will be released on July 15, 2019.