Geopolitical worries were back in focus on Friday with markets witnessing the sharpest single-day fall of 2017.
The Nifty closed the week above the 10,000 mark in spite of heavy selling by foreign institutional investors (FIIs) and ongoing geopolitical tensions. IPOs continued to hog the limelight and saw a good response.
Indian markets remained in a narrow range throughout the week with the Nifty dipping 0.5 percent to close at 9,935 after gaining for three straight weeks.
Indian markets posted their third weekly gains, shrugging off negatives on continued liquidity and short-covering. The Nifty neared the 10,000 mark, gaining 1 percent with mid-caps clearly outperforming.
Indian markets ended a truncated week on a flat note due to lack of triggers. A bit of relief for Infosys along with gains in pharma stocks managed to limit a further slide in the Nifty. However, the momentum did not evince any confidence for the Nifty to be able to again cross the 10,000 milestone in a hurry. Oil climbed on Hurricane Harvey fears.
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.
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