No Chill for Netflix, Holcim Mulls Exit, and $ Index Hits 101 | Weekly Market Wrapup
by Arihant Capital Markets Ltd. Online Stock Broker including Online Share & MobilAfter witnessing a stellar performance in 2020 and 2021 by adding at least 36 and 18 million subscribers in a year, Netflix sent shockwaves in the market this week. It has declared that it has lost over 2,00,000 subscribers in 1 quarter. Was it due to return-to-work, rising inflation, or password sharing? What do you think?
Holcim, a Singapore-based, global cement giant has now declared that it will be selling off its stake in Ambuja and ACC cement. It owns 63% of Ambuja Cements, and Ambuja owns 50% of ACC. Additionally, Holcim holds 5% in ACC. The news will have a ripple effect on several sectoral players. The dollar index hits 101 for the first time in 2 years.
Nifty closed the week with a 1.74% loss and ended at 17,172, losing 304 points. BSE Sensex ended the week at 57,197 and Bank Nifty lost 3.79% during the week, ending at 36,045.
What to Expect from the Markets
-Mr. Abhishek Jain, Research Head, Arihant Capital
Global markets continue to face pressure, selling accelerated after Jereme Powell’s announced a 50 bps hike from May. Globally, investors have been withdrawing funds from equity regularly. Indian markets closed with negative momentum dragged by losses in information technology, banking, and reality. This is a reaction to global sentiments and March quarter earnings. The market declined for three out of the five sessions, weighed down by inflation concerns and the lowering of growth estimates by IMF. Geopolitical tensions and supply issues caused by volatility in crude oil prices also weighed in on sentiment.
Most of the sectoral indices ended on a negative note. We witnessed selling in banking stocks amid concerns about higher interest rates (which can put pressure on NIMs). Selling continues in IT stocks over concerns about their growth and margins.
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Created on Apr 25th 2022 02:35. Viewed 306 times.