Week in 5 charts: Nifty regains 10,900; Sensex slips below 37K on weak GDP data

The market remained volatile in the truncated week ended September 6 on the back of poor GDP data, muted auto sales and bank merger news. However, buying from DIIs helped the indices regain some lost ground as they bought equities worth Rs 4,462.44 crore. The BSE and the NSE remained shut on September 2 on account of Ganesh Chaturthi. However, on September 3, the market registered the worst day in the last 11 months as benchmark indices fell 2 percent on the back of slow economic growth and a mega bank merger announcement by the finance minister on August 30. However, after a selloff on September 3, the market witnessed some buying in the next three days which helped the Nifty close above 10,900 level, but Sensex failed to regain the 37,000 mark. Last week, the Sensex shed 351.02 points to end at 36,981.77 while Nifty was down 77.05 points at 1,0946.2. India's gross domestic product (GDP) grew 5 percent in April-June 2019-20 while it was 8 percent in the same quarter of 2018-19. Automakers have registered a double-digit decline in the sales numbers for the month of August 2019. Last week, the government announced its plans to further consolidate the PSU banking space, as well as a set of measures to improve governance practices and additional details on fund infusion in PSBs. On a weekly basis, the rupee ended 32 paise lower at end at 71.72 on September 6 against the August 30 closing of 71.40. Markets rallied sharply on September 6 after taking a breather in the previous session. The indices clocked their best gains of the week but ended lower for the week. The gains came on the back of positive Asian markets amid easing US-China trade tensions, said Deepak Jasani, Head Retail Research – HDFC securities. Further upsides are likely in the coming week once the immediate resistance of 11,043 is taken out. Crucial supports to watch for resumption of weakness are at 10,816, he added. The S&P BSE Midcap index was down 0.76 percent and S&P BSE Largecap Index shed 0.78 percent while Smallcap Index was up 0.48 percent last week. On the BSE, TCS lost the most in terms of market value, followed by HDFC and Reliance Industries. On the other, Infosys gained the most in terms of market value. The Nifty Realty index underperformed the sectoral indices with a loss of 4.8 percent during the week.   Disclaimer: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd. Get