Weekly-Commentary-3-July-2020

by | Jul 3, 2020 | Market Updates | 0 comments

A Mixed Bag

Comparison of indices – closing of 3rd July vs closing 26th June 2020

Last week: NIFTY50 +2.2%, Midcap +0.5%, Smallcap +0.0%

Sectoral/Thematic: Auto 3.6%, FMCG 2.6%, Realty -3.8%, Pharma -1.7%, 

Nifty Hits New 3-Month High on Recovery Hopes

IT, energy and auto stocks were among the best performers after a strong US jobs report and better-than-expected PMI data worldwide raised hopes of a quicker economic recovery. India’s service sector contraction was softer than expected in June as the government eased lockdown rules to revive the economy.

GST revenue collection of Rs 90,917 crore in June

GST collection in June 2020 is 91% collection in the same month last year. Government has allowed a relaxed time schedule for filing of GST returns. Some returns of May 2020, which would have otherwise got filed in June 2020, will get filed during first few days of July 2020.

Gold Flat on Virus Fears, Upbeat Data

Spot gold traded at $1,775 per ounce on Friday, not far from a near eight-year high of $1,789 reached on Wednesday, as concerns about a spike in coronavirus cases across the globe were partially offset by strong economic data from the US and China, and promising results from a COVID-19 vaccine trial. For the week, the metal lost 0.1%.

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