A sharp bounce-back for Indian stock markets after falling 3.5 percent the previous week was halted by the sudden exit of Infosys CEO Vishal Sikka even as mounting concerns about disruptions in the Donald Trump administration dampened sentiments. The Nifty ended the week at 9,837 with gains of 1.3 percent, as it recovered partly from a sharp intra-day fall on Friday.
Indian markets posted their biggest weekly decline in 18 months as several worries dominated the street, beginning with the escalation of tensions between the United States and North Korea.
Indian markets remained sideways for much of the week even as the Reserve Bank of India (RBI) obliged with a 25 bps rate cut on Wednesday. Though the Sensex ended flat, the Nifty gained 0.5 percent to close at 10,066. The marginal rise in the benchmark indexes was on low volumes.
A rally led by strong liquidity inflows helped the Nifty finally scale the 10,000 mark and the Bank Nifty to touch 25,000. Domestic institutional investors have poured $7 billion into Indian equities this year while foreign institutional investors have pumped in $8.6 billion.
The Nifty almost reached the 10,000 mark during the week, boosted by Wipro's share buyback offer and Reliance Industries topping estimates with its quarterly results, followed by the announcement of a virtually free feature phone for subscribers of its telecom arm. Wipro was the top index gainer, followed by Zee Entertainment and HCL Tech. Bharti Airtel was the top loser due to the Jio factor.
Ram Nath Kovind will be India’s 14th president. But for the ruling coalition’s choice and his electoral opponent Meira Kumar, merit and political credentials mattered less than their caste. Both the BJP and the opposition chose them because they are Dalits, which made it difficult for other parties across the political spectrum to reject them.
It was a good week for the bulls worldwide after Fed Chair Janet Yellen indicated that the U.S. central bank's rate increase will continue to be gradual, which means the era of cheap money won’t end anytime soon. Risk-on sentiment prevailed in emerging markets as a result.
The Nifty gained 1.5 percent during the week to end at 9,666 after several sessions of consolidation as investors took the rollout of India’s new tax system in their stride. Positive monsoon data also lifted sentiments. Markets continued to ignore geopolitical tensions due to North Korea’s missile test and the border row between India and China. Macro data also continues to be a cause of concern but liquidity continues to be high.
Indian markets extended a losing streak for the third consecutive week as traders remained wary of the Goods and Services Tax (GST) rollout on July 1. Volatility prevailed throughout on account of a futures-and-options (F&O) expiry that saw the highest turnover ever. The first monthly decline of 2017 saw the Nifty ending June with a drop of 1 percent.
A volatile week saw the Nifty ending lower for a fourth straight session on Friday to close at 9,574. Mid-cap and small-cap indexes underperformed the benchmarks on the back of negative global cues and pressure in metal and oil & gas stocks.
Bitti Sharma is a conundrum. She lives in a small town, works in a dingy government office and her only dream seems to be to get married. She also smokes cigarettes, watches pirated English films and break-dances. The heroine of Ashwiny Iyer Tiwari’s “Bareilly Ki Barfi” seems interesting at first. She ruins it all by reading a book.