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.
The Nifty closed about a percent lower at 9,588 on profit booking, snapping its five-week winning streak. The index traded flat and sideways the entire week with banking shares in focus after the government initiated talks for consolidation of PSU lenders.
Some of the most awaited events of month took place in the past week but they failed to meaningfully sway the stock markets. The RBI maintained status quo as expected while the UK election threw up an unexpected outcome. The main indexes ended flat as a result.
The trading adage “Sell in May and go away” did not apply to May 2017 as benchmark indexes in India hit record highs and ended the month with gains of 3.4 percent. Upbeat fourth-quarter results and the finalisation of Goods and Services Tax (GST) rates were among the factors that boosted Indian markets.
A volatile week saw markets begin an expected phase of correction. The Nifty fell to 9,300 levels but later bounced back above 9,600. Sentiment was initially dampened by escalating tensions between India and Pakistan and the downgrading of China’s sovereign credit ratings by Moody’s. However, the Narendra Modi government’s third anniversary celebrations seem to have lifted the mood among investors. Mid-cap and small-cap indexes underperformed, both ending 1 percent lower. On the sectoral front, healthcare and realty indexes lost 11 percent and 3 percent respectively while FMCG and automobile indexes extended their winning streak.
A volatile week ended with the Nifty closing slightly in the green at 9,428 on reports that monsoon rains would arrive on the Kerala coast two days ahead of schedule. Recent inflation data which increased hopes of a rate cut aided sentiments in the initial part of the week. However, weakness crept in during the last two trading sessions due political turmoil in the U.S. and Brazil. Indices managed a decent recovery to end the week due to finalising of GST rates on Friday.
The Nifty ended the week up 1.2 percent at 9,401 supported by a rally in consumption stocks. An upbeat monsoon forecast and decent fourth-quarter earnings so far led to benchmark indexes touching record highs during the week. The liquidity inflow remained strong and the absence of any negative news on the global front also helped sentiment. The rupee traded in a narrow range of 64.30 and 64.62 against the dollar.
A mild correction saw the Nifty ending at 9,285, down 0.6 percent after it was unable to sustain a fresh life high during the week. Investor sentiments were hit after service sector activity had its slowest increase in output in the last three month. Uncertainty over the French presidential election results also kept the markets on edge.
The Nifty gained nearly 2 percent on earnings-led optimism to close the week at 9,304 with heightened action in mid-cap and small-cap stocks.
As a young girl growing up in Chennai by the beach, I saw the Sun rise from the sea every day and go across the sky to set on the other side of the city. It appeared to me that the Sun was disappearing below ground to reappear from under the sea the next morning.
India’s most successful movie star is almost unrecognisable in “Tubelight”. Salman Khan has come a long way from the days of bare-chested fight sequences and gyrating dance numbers – a combination that brought him some of his biggest hits and sent legions of his fans into rapture. In Kabir Khan’s drama, this one-time all-conquering hero has morphed into a bumbling dimwit who bursts into tears at the slightest provocation and can barely land a blow on the bad guys.