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“It has been a while since Reliance Industries consolidated. The earnings were pretty strong. The O2C segment did pretty well while Jio continues and retail continues to get more traction. Also, the demerger of Jio Financial Services was another small trigger and the market was valuing it at about Rs 200-220.

The tentative deal between President Biden and Kevin McCarthy to raise the US debt ceiling may have negative consequences for financial markets. Once the deal has passed, the government is expected to make large bond issuances, which could lead to a liquidity drain from banks and cause financing to become more expensive for companies already struggling in a high-interest rate environment. Some banks fear that markets have not yet accounted for this risk, and some warn that delaying the resolution could cause volatility in the market. However, some believe that the drain on liquidity could be absorbed by money market mutual funds.

“I do sense that there is a growing appetite for equity amongst the HNIs and family offices as well. And that trend is going to continue. And this entire piece of financialisation or savings is certainly very beneficial for Indian equities. As such, we have been in a decent bull market right from the lows of the pandemic.”

We enter a “decisive” week; going by the technical setup on the charts, markets may look at initiating a definite directional bias this week and whatever trend it catches on may stay on at least for the short term.

Sundar has settled a case with markets regulator Sebi by returning the advisory fee and disgorging over Rs 6 crore. The case related to PR Sundar and Mangayarkarasi Sundar, promoters of Mansun Consulting, offering investment advice without the necessary registration from the market regulator.

​For some 6 counters from the largecap basket, the closing price of stock has gone above last month’s high. This is a bullish indicator as it indicates the stock is moving upward and has crossed the last month’s high.​

​VWAP is an important metric as it offers pricing insight into both the trend as well as value of a stock. ​

Shares of National Aluminium Co (Nalco) surged by over 5% as its Q4 revenues and profits beat market estimates. The Indian government-run firm is hopeful of profitability looking up in the current fiscal even though prices of aluminium may remain subdued due to tepid economic expansion globally.

Star Health Insurance was the top loser and the stock fell 8.8% over the week. Overall 12 block deals were executed worth Rs 668 crore, according to a Nuvama report. Over 1.21 crore shares changed hands at an average price of Rs 551, this report said.

Gold prices are heading for their third weekly decline after experiencing a surge in early May, soaring to a 33-month high of $2,085.4 per troy ounce. Hawkish comments from Fed officials, strong economic data from the US, and positive talks on the US debt ceiling have all boosted the dollar index and US benchmark treasury yields, forcing down bullion commodities.