Market outlook: Nifty made ‘Hammer’ pattern, shows positive signals; rupee, trade war in focus
Sector-wise, Bank Nifty underperformed again and lost 1.16%, led by selling in both the public and private sector banks on concern sover rising bond yield, which rose to 8.12%. The metal sector ended with a minor gain of 0.38%; rest all the sectors ended in red, with Auto losing 1.90% and FMCG 1.17%.
In the previous week highlights, the rupee fell 11.1% so far in this year and India’s forex reserve slipped below $400 billion because of the Reserve Bank of India’s (RBI) effort to curb the current fall in the rupee. Image source: Reuters