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The week that was: Events, policies that moved market
Bulls continued to be in control for the second week running, with the Nifty adding 2.5% and the Sensex, 1.6% over last Friday. But the star performers were mid-cap and small-cap shares, with the respective indices on the BSE rising 6% and 8% respectively.
Bulls continued to be in control for the second week running, with the Nifty adding 2.5% and the Sensex, 1.6% over last Friday. But the star performers were mid-cap and small-cap shares, with the respective indices on the BSE rising 6% and 8% respectively.
Better than expected IIP for November, softening government bond yields (indicating that interest rates may have peaked out for the time being), stability in the rupee, declining food inflation and decent third quarter earnings from key companies, were the factors boosting sentiment.
Metal, power and capital goods shares were among the best performers, gaining between 8-9% on the week, while the IT index index was the worst performer, dropping nearly 7% on disappointing guidance by technology bellwether Infosys. In stock specific action, key Anil Ambani group shares rose between 9-21% on speculation of a patch-up between the Ambani siblings.
A quick look at the key macro and micro developments during the week.
Macro/Policy:
November IIP at 5.9%, way ahead of market estimate of around 2%
Government bond yields touch five-month low, indicating that interest rates may have peaked out for the time being
Food inflation for the week ending December 31 declines 2.2%, on the heels of a 3.36% decline the previous week
Indirect tax mop-up for December increases 16%. Government may meet or slightly exceed full year target of Rs 3.97 lakh crore for indirect taxes
Bank loans grew 11% during April-December, way short of the 18% target for the full year, set by the RBI
RBI not in favour of cutting cash reserve ratio, deputy governor tells bankers
Moody's upgrades India's foreign currency bank deposits to investment grade from speculative grade earlier
100% FDI for single brand retail notified. But market indifferent to move, as government sticks to clause calling for 30% sourcing to local firms
Government asks Petroleum and Natural Gas Regulatory Board to set margins for gas marketing companies
Micro:
Infosys Q3 numbers on expected lines, but cuts dollar revenues guidance for full year to 16.4% from 17.1-19.1% earlier. This sparks a sell-off across technology stocks, including Infosys
HDFC Q3 net profit up 10% year-on-year, but the slowest growth in bottomline in the last three years
Speculation that Thomas Cook 's India arm is up for block, as parent pledges shares in the Indian arm to raise funds
Alfa Laval ups delisting price to Rs 2850 per share, move sparks buying frenzy in MNC shares across the broad
Shareholder revolt brewing at Akzo Nobel as company looks to merge three unlisted subsidiaries with itself, at valuations minority shareholders feel are unreasonable
Kingfisher likely to trim its fleet further as it tries to reduce losses
