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.
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.
In an early scene in James Erskine’s docu-drama, Sachin Tendulkar’s mother recounts an incident involving a frog in a tiffin box. It is an anecdote that brings a smile to your face and one of the few moments that gives you a sense of intimacy in what is otherwise a sanitised hagiography.