On a weekly basis, the Sensex registered a rise of 1.11 percent. Foreign Institutional Investors (FIIs) pulled out Rs 2,600 crore from the market this week, despite the spurt in vaccination.
This week there was an uptick in the stock market. However, on a weekly basis, the Sensex rose 1.11 per cent, while the Nifty gained 1.13 per cent. The stock market has not broken the important support level, which shows that the bull run is yet to come. However, profit booking was also seen at the higher level.
Smallcap and midcap stocks showed great growth this week and some stocks showed strength of more than 28 per cent on a weekly basis. This includes shares like Venkys, Indian Overseas Bank, Central Bank of India. The names of Indian Overseas Bank and Central Bank of India have been decided regarding privatization, due to which there was a tremendous rise in these two stocks. In this article, we know about five such stocks which have shown a rise of more than 20 percent on a weekly basis.
These shares outperformed
Venkys (India) Ltd. It gained 28.44 per cent on a weekly basis. Apart from this, 26.14 per cent in Indian Overseas Bank, HFCL Ltd. 22.89 per cent, Central Bank of India 22.47 per cent, Bharat Electronics 19.66 per cent and Jammu and Kashmir Bank 19.05 per cent on a weekly basis.
FIIs pulled 2600 crores out of the market this week
Investor confidence has been strengthened due to the spurt in vaccination. However, FIIs were net sellers in four trading sessions this week. He took out a fund of Rs 2600 crore in the stock market.
What will be the condition of the market next
Nifty 50 has shown a growth of 13 per cent so far this year while it has gained 3 per cent in June. NSE VIX, an index measuring the fear factor, is currently at the level of February 2020. Regarding the market trend in July, Edelweiss Broking Limited says that there will be 15350 support for Nifty while the resistance will be at the level of 16050. On technical basis, the trend of bullish trend in the market may continue.
