Jeff Mason is a White House Correspondent for Reuters and the 2016-2017 president of the White House Correspondents’ Association. He was the lead Reuters correspondent for President Barack Obama's 2012 campaign and interviewed the president at the White House in 2015. Jeff has been based in Washington since 2008, when he covered the historic race between Obama, Hillary Clinton and John McCain. Jeff started his career in Frankfurt, Germany, where he covered the airline industry before moving to Brussels, Belgium, where he covered the European Union. He is a Colorado native, proud graduate of Northwestern University and former Fulbright scholar.
Twitter handle: @jeffmason1
Markets ended at an over two-week high on Friday as investors turned optimistic after exit polls forecast a victory for the ruling BJP in the Gujarat assembly election. The result will be out on Monday. For the week, the Nifty ended higher by 0.7 percent at 10,333. The broader markets, however, under-performed.
It was a good week for the stock markets as domestic investors remained cheerful on hopes that Gujarat’s ruling BJP party will win the state election despite a tough fight from the Congress.
The Nifty fell 2.58 percent to end at a two-week low of 10,122. India’s GDP data, which was in line with expectations, failed to cheer markets as worries escalated that rising crude oil prices could worsen fiscal deficit. However, a missile launch by North Korea was largely ignored by investors.
Markets remained volatile throughout the week with sustained selling pressure in the first three trading days after a rise in crude oil prices and concerns over the trade deficit widening to a three-year high. The last two days saw sentiments improving after the Cabinet approved key reforms such as the formation of a Goods and Services Tax (GST) national anti-profiteering authority and hiking the carpet area cap for housing interest subvention.
Indian markets fell after a six-week rally with sentiments affected over fears that a rise in oil prices may negatively affect India's terms-of-trade, weaken growth and add to pressure over meeting the fiscal deficit target.
The Nifty scaled record highs after India's ranking jumped 30 spots to number 100 in the World Bank’s Ease of Doing Business list. The extended rally was led by gains in realty and pharmaceuticals. Decent results for India Inc also boosted sentiment.
Markets jumped higher this week after the Indian government provided a 'stimulus' in the form of recapitalisation of public-sector banks that was higher than market expectations.
Markets logged their second week of gains as earnings season kicked off on an optimistic note. The Nifty crossed its all-time high, ending the week at 10,167 with gains of 2 percent. Mid- and small-caps clearly underperformed with the focus remaining on large-caps as key frontline companies announced their results.
India’s benchmark indexes logged gains of 2 percent during the week as firm global market cues along with positive macro data back home aided sentiment. Market participants were also buoyed by expectations from the GST council meeting on Friday. The mid- and small-cap indexes
Geopolitical worries were back in focus on Friday with markets witnessing the sharpest single-day fall of 2017.