Decline in November auto sales numbers, weak Nikkei PMI for November, continued FII outflows and keenly awaited RBI policy meet kept the markets volatile last week. The benchmark Sensex and Nifty closed at 26,331 and 8087 after an initial up move. Many more factors such as absence of any positive triggers, stability of euro zone and continued stand-off in parliament keeps the investors concerned over the near term prospects of the markets. Hence caution becomes the buzz word for this week.
The Indian markets closed in red last week owing to unexpected de-monetization, surprise US election results and weak macro-economic data. The Sensex and the nifty ended 444 points and 135 points lower at 26,830 and 8,296. As expected, high volatility was seen in almost all the counters.
Going ahead, the investors will be on edge since Mr Trump will take charge only in January 2017 and there is no clue as to what steps he will be taking in order to clamp down on imports of goods and services, as expected by the world economy.
The tight run up to the US election and US investigation into Indian drug companies resulted in the markets recording the second highest weekly fall this year. The Sensex and the nifty ended 656 and 195 points lower to end the game at 27274 and 8434.
Going ahead, the second quarter results season is here and more stock specific action can be witnessed at the bourses. ICICI Bank, SBI, Bharat Heavy Electricals, Lupin, BPCL and Mahindra & Mahindra will be in focus this week as they announce the second quarterly numbers. More events are likely to unfold in the Tata – Mistry episode and this will impact Tata counters. In general, the volatility that we experienced last week is likely to continue this week too. Investors may watch out the dollar rates , oil prices , IIP numbers and FII flows to get an idea about the market mood.
The special muhurat trading on Sunday gave up some gains and ended in red as the benchmark Sensex ended lower at 27930. The Nifty also ended in red at 8625.70. Initial gains were wiped off as investors started booking profits. The losses were led by the banking, FMCG and power sectors. Dr Reddy’s, Tata motors, power grid and NTPC were the top losers. However the midcap and small cap indices remained upbeat and closed up .50% and 1% respectively.
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