Markets in India corrected for the second week in a row due to geopolitical tensions as well as an earnings season that started on a mixed note. The Nifty ended the week with a loss of 0.3 percent to settle at 9,119.
Markets were volatile during the truncated trading week due to geopolitical tensions, renewed uncertainty over the French presidential election and some stock-specific news back home.
After catching the market on the wrong side on two earlier occasions, the first monetary policy of the new fiscal year moved in tandem with market expectations. The Reserve Bank of India (RBI) kept its repo rate unchanged at 6.25 percent and reiterated the neutral monetary stance assumed in its previous policy in February.
Markets corrected sharply in the last hour on Friday with the Nifty closing a tad below the crucial 9,200 mark. Sentiments were upbeat during the initial part of the week but investors turned cautious after the U.S. launched cruise missiles on an airbase in Syria. The rupee closed at a 20-month high of 64.28 on the back of unabated dollar inflows and weakness in the greenback. The Indian currency has gained 5.7 percent so far this year and seems likely to maintain its momentum due to rising foreign inflows.
The Aam Aadmi Party (AAP) has developed a penchant for hogging the headlines more for the wrong raison d'être than the right political vibes. The party is presently under the media glare over party boss and Delhi Chief Minister Arvind Kejriwal’s attempt to let taxpayers foot his lawyer’s bill in a defamation case and the Shunglu Committee report indicting his government of nepotism and irregularities in appointments. The political storm over the party’s narrative before upcoming local polls in Delhi and its dismal electoral outings in Punjab and Goa raises big questions for the party and its future in Indian politics.
Consolidation continued with markets still hovering in a range and the Nifty gaining 0.7 percent during the week to close at 9,174. However, action was mostly focused on mid- and small-cap stocks. The rupee rose 2.8 percent in March, making it the best performing Asian currency in the past month. Its gain of 5 percent during the January-March period is the biggest for any quarter since Q3 CY12 as FIIs poured in money after as a thumping win for Prime Minister Narendra Modi’s BJP in state elections.
Indian markets consolidated after a recent sharp run-up with the Nifty ending at 9,108 with minor losses, about 0.6 percent down for the week.
The world we inhabit today is rapidly changing in different ways, and shedding old ways of doing things. It has become necessary to equip our future generation with learning and skills that will not just help them survive but also face the challenges of the knowledge century with rigour.
A landslide election victory for Modi’s Bharatiya Janata Party in Uttar Pradesh and the dovish tone set by the U.S. Federal Reserve took Indian markets higher for the second straight week.
The landslide victory for Narendra Modi’s Bharatiya Janata Party (BJP) in the Uttar Pradesh and Uttarakhand elections will define the mood on Dalal Street when the Indian stock market opens on Tuesday after the long Holi weekend.
Saba Imtiaz’s novel, “Karachi, You’re Killing Me!” is a breezy if superficial read - a Pakistani “Bridget Jones’s Diary” of sort that captures the misadventures of a blundering young journalist and her struggle to land the big story and the right man. “Noor”, the official movie adaptation, certainly imbibes the bumbling character of the protagonist, but the breeziness and humour are sorely missing.