For the week ended April 8 , the markets recorded a steep fall of approximately 2% in spite of the RBI reducing the rates by 25 basis points. The less than expected rate cut probably triggered the sell-off dragging the indices down to a three week low. The Sensex and the Nifty ended at 24674 and 7555 which are 594 and 157 points down respectively.
Going ahead , this is a holiday shortened week with markets being closed on Thursday and Friday. Thrusday is Baba Saheb Ambedkar jayanti and Firday is Ram navami. So , much action is not expected from the participants except reactions to international trends. Moreover the next quarter results are going to be started with Infosys announcing the results on Friday. Expect more action next week as the results season kicks off.
Last week the stock markets opened train on a weak note due to sell off in pharma stocks. The US health regulators has issued some observations which could have a negative impact on some companies in the sector. The CNX pharma and the BSE S&P health care indices recorded a dip but subsequently , short covering in derivatives and somewhat good news from the US fed lifted he sentiments up. The Indian indices – the Sensex and the nifty – closed at 25,270 and 7,713 respectively with minor loss.
Indian markets started the last week on a strong note but turned volatile by the mid week as invetsors started to book profits. Due to lower inflation numbers , the hopes of a rate cut by the RBI is flying high and the overseas investors have kept the buying pressure up . Overseas investors have so far pumped in 16500 Crores into the market. As a result, the indices closed at 25,338 and 7,717 for the Sensex and Nifty respectively.
The Indian stock markets extended the positive streak to the third consecutive week closing at 24,953( for the Sensex) and 7,604 (for the Nifty) thanks to rising crude oil prices , renewed buying from FII’s and all round positive cues from around the world. The market sentiments also got a boost when the US fed decided to keep the rates unchanged and decided to reduce he probable number of rate hikes in 2016 to 2 from 4.
Going ahead, this is a holiday shortened week. Markets will be closed on Thursday and Friday on account of Holi and Good Friday respectively. Since there is no economic data to be published in the first three days of the week , it would be a silent week ahead with range bound movement.
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