S&P 500 posts biggest weekly loss since June - Nirmal Bang

U.S. stocks fell, giving the S&P’s 500 its biggest weekly loss since June, as investors pulled money from exchange-traded funds and weighed growing signs the Fed Reserve will cut stimulus this year.

Asian stocks rose, reversing earlier declines on the regional benchmark, as investors snapped up shares in China, now at the cheapest valuation of the world’s top 10 stock markets. Commodities companies climbed.

Snapping two-day losing streak, Sensex on Thu rose over 124 points on emergence of buying support amid rupee gaining strength and global markets witnessing positive trends. Shares of pharma major rallied as revenues came higher than expected, margin improvement was a big surprise, strong uptick in US sales and most brokerage remained positive on the stock despite poor Q2 performance. Brokers said investors covering pending positions before a long weekend and buying in fundamentally stocks available at attractive levels mainly pushed up the market. Maret was closed on Fri on the occasion of EID. Market is expected to open on a flattish note and remain range-bound during the day.

Source : Equity Bulls

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