Mkt this week: Fed testimony, Q1 nos aid damp sentiment

The week was marked by a series of events ranging from the RBI taking measures to curb the rupee volatility to the dovish statements released by the US Federal Reserve's Ben Bernanke to the better-than-expected earnings season, all impacting the market significantly. Here's a recap

Major earnings this week

The first quarter earnings so far have been good with some companies posting better-than-expected results. IT major Tata Consultancy Service' consolidated net profit rose higher-than-expected 16 percent year-on-year to Rs 3,831 crore. Private sector lender Axis Bank  reported a 22 percent rise in its net profit to Rs 1409 crore. Bajaj Auto, country's second largest two-wheeler maker, posted net profit growing 2.8 percent year-on-year to Rs 738 crore.


Sensex closes flat; TCS up 5%, BHEL down 8% on order woes

For the week, the Sensex gained 0.96 percent and the Nifty rose just 0.3 percent while the broader markets fell around 0.5 percent. Market analysts suggests caution for traders going into the next week

 RBI opens new attack to clamp rupee free fall

In a major attack to clamp the further decline in the Indian rupee against the US dollar, the Reserve Bank of India (RBI) on Monday late evening issued a series of liquidity measures. Bonds yields are now expected to go up while a dearer rupee is likely to create a squeeze in funds availability. Consequently, the demand for rupee is expected to rise.

 Children dead after eating mid-day meal in Bihar school

A mid-day meal proved fatal for school children in Chhapra in Bihar and left more than 23 dead and over 30 hospitalised. The state government has ordered an inquiry.  Tragedy struck Dharamsati village on Tuesday afternoon as more than 50 children, all aged between 8 and 12 years, fell seriously ill after eating the mid-day meal at their school.

 Bernanke tells Congress Fed flexible on bond buying

Federal Reserve Chairman Ben Bernanke said on Wednesday the US central bank still expects to start scaling back its massive bond purchase program later this year, but he left open the option of changing that plan if the economic outlook shifted.

Government gives nod to hike FDI caps in 13 sectors

A beleaguered government on late Tuesday evening announced a raft of investor friendly measures to woo overseas funds by easing foreign direct investment (FDI) caps in 13 sectors like insurance, commodities as well as stock exchanges, tea, telecom, courier services, defence productions, asset reconstruction companies, credit information companies and others.


 POSCO pulls out of $5.3 billion steel mill in Karnataka

South Korea's POSCO said on Tuesday it will pull out of a USD 5.3 billion steel mill development in Karnataka, but will proceed with another USD 12 billion project billed as India's largest foreign direct investment.

ArcelorMittal scraps Rs 50,000 cr steel project in Odisha

In the biggest foreign investment pullout, world's largest steel maker ArcelorMittal today scrapped its USD 12 billion (Rs 50,000 crore) steel plant in Odisha over inordinate delays, problems in acquiring land and securing iron ore linkages.


 Hindustan Unilever stock touches lifetime high

Hindustan Unilever ( HUL ) shares surged more than 12 percent intraday to hit an all-time high of 698.95 Wednesday on MSCI and FTSE rebalancing. The float of the stock will go up to 33 percent from 24 percent in FTSE All-World Index and All Emerging Index with effect from July 22.