"The BSE-30 Index gained 1% over the past week to close at 34970 on strong 4QFY18 corporate earnings. Except Axis Bank, all the companies in the BSE-30 Index reported ahead of our estimates. Crude prices continued to rise and INR depreciated. TCS (+11%), Yes Bank (+10%) and Mahindra and Mahindra (+7%) were the top gainers in the BSE-30 Index, while Tata Steel (-7%) and SBI (-5%) were the major losers. FPIs sold equities worth US$253 mn over the past five trading sessions, while DIIs bought US$285 mn during the same period.
Going ahead, the focus would be on corporate earnings, bond yields (US as well as in India) and Crude price. So far, the Indian equities have shrugged off the negative implications of increase in Crude price on Inflation, Current Account Deficit and Gross Fiscal Deficit. But, we would like investors to be watchful of this concern. While better than expected results in IT and couple of Banks have kept the market sentiment high, weak numbers from other sector stocks in coming days could lead to downside for the market".