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After logging gains in prior five weeks, key benchmark indices took a breather last week as investors resorted to profit booking. On the macro data front, the Central Statistical Office (CSO) on Tuesday reported that GDP expanded by 7% in the third quarter, surprising market participants. Subsequently, the benchmark indices rose to record 52-week highs. However, profit-booking started thereafter, that kept indices on a leash. Last week, the Sensex fell 60.52 or 0.21% to settle at 28,832.45. The Nifty 50 index fell 41.95 points or 0.47% to settle at 8,897.55. The BSE Mid-Cap index fell 123.07 points or 0.91% to settle at 13,409.04. The BSE Small-Cap index gained 32.39 points or 0.24% to settle at 13,620.17. Domestic and global macroeconomic data, trend in global markets, investment by FPIs and DIIs, the movement of rupee against the dollar and crude oil price movement will dictate trend on the bourses in week ahead.

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In the week passed by, markets started on subdued note as participants remained cautious ahead of the US president Donald Trump’s speech to a joint session of Congress, there were no negative in the President Donald Trump speech. However, sentiment boosted as the quarterly GDP numbers surprised the market. The GDP for the quarter October- December came in at 7% Vs 7.4% (QoQ). Though there is a slight slowdown, but the market participant were expecting GDP to dip to 6.1% due to demonetisation. Meanwhile, Nikkei India Manufacturing Purchasing Managers’ Index (PMI) inched up to 50.70 in February from 50.40 in January, while Nikkei India Services PMI stood at 50.30 in February, up from 48.70 registered in January. This led to Nifty testing levels of 8892.50 mid-week. However, the level of 9000 was so near yet so far. Finally, the market took a pause after a five weeklong rally and ended the week with losses of about half a percent. In the backyard few important events are lined up in the coming week which is likely to keep market on the tenterhook. The State Election verdict which is due on 11th March. On the economy front, Index of industrial production data for the month of January will be announced on Mar 10. Also, ONGC is all set to take over complete control of HPCL from the government and forward integrate its operations.

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Key benchmark indices clocked decent gains in a truncated last week as record hitting streak on Wall Street helped the upmove. A surge in index heavyweight Reliance Industries (RIL) and positive global stocks during the week also supported gains on the bourses. The Sensex moved above the psychological 29,000 mark in intraday trade on 23 February 2017. The Sensex gained 424.22 points or 1.49% to settle at 28,892.97. The Nifty 50 index rose 117.80 points or 1.33% to end at 8,939.50. The BSE Mid-Cap index rose 0.81%. The BSE Small-Cap index gained 0.89%Macroeconomic data, trend in global markets, investment by foreign portfolio investors (FPIs) and domestic institutional investors (DIIs), the movement of rupee against the dollar and crude oil price movement will dictate trend on the bourses in week ahead.

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Indian equity benchmark indices viz. the S&P BSE Sensex and the Nifty 50 index registered small gains last week amid mixed global cues. However, the overall sentiment in the broader market was subdued during the week.The Sensex rose 134.50 points or 0.47% to settle at 28,468.75. The Nifty advanced 28.15 points or 0.32% to settle at 8,821.70. The BSE Mid-Cap index fell 0.33% and the BSE Small-Cap index declined 0.98%. Both these indices underperformed the Sensex.

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Key benchmark indices advanced last week as investors gave thumbs-up to FM Arun Jaitley's Union Budget 2017-18 which focused on stimulating growth. Last week, the Sensex rose 358.06 points or 1.28% to settle at 28,240.52. The Nifty 50 index rose 99.70 points or 1.15% to settle at 8,740.95. The BSE Mid-Cap index gained 320.68 points or 2.47% to settle at 13,285.41. The BSE Small-Cap index gained 309.98 points or 2.36% to settle at 13,422.10. After four months of selling frenzy, overseas investors turned net buyers in February and pumped in over Rs 2,300 cr. over the last three sessions, enthused by clarity on FPI taxation. The latest inflow followed a net pull-out of Rs 80,310 crore from equity and debt together in the past four months (October-January). Global central banks largely maintained status quo in their monetary policies with the US Federal Reserve, Bank of Japan and Bank of England keeping rates unchanged.

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Indian market began the week with Trump’s bombardment this time on Pharmaceuticals stocks which led to gap down opening, but by the end of the day market recovered from the early morning sell-off. However, market remained nervous ahead of the budget and ended the second session of the week with losses. As Finance Mr. Arun Jaitely started the Budget speech market traded in a narrow range with negative bias, however, by the end market participants realised there has been no changes in the Long Term Capital Gains (LTCG), which kept market participants on tenterhook. ‘No bad news is good news’ is what sums up for stock market from Union Budget 2017. This triggered rally and bulls ended the week with gains of 1.28% and Nifty reclaiming 8,700 mark. Going forward, the first RBI policy meet post the Union Budget on 8th February,2017, will be a major event for the market to watch out for.

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Indian equity benchmark indices the S&P BSE Sensex and the Nifty 50 closed last on a sour note. The slide on the last trading session of the week is attributable to the caution ahead of US President-elect Donald Trump's inauguration later in the global day on Friday, 20 January 2017. Markets across the globe await a clear cut direction from Trump on US' economic policies. The Sensex lost 203.56 points or 0.74% to settle at 27,034.50. The Nifty declined 51 points or 0.6% to settle at 8,349.35.In the broader market, the BSE Mid-Cap index shed 0.43%, while the BSE Small-Cap index bucked the market trend by advancing 0.56% during the week. Positives such as the GST Council breaking deadlock over issues of administrative control over assesses, and broadly agreeing to rollout the GST from July 1 and the tax relief for foreign portfolio investors (FPIs) played a small role in supporting the indices.

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Market began the week on a subdued tone but soon resumed its upward journey after the private sector bank Indusind bank reported better than expected numbers. Sentiments further boosted as the country’s Industrial Output shrugged of the impact of demonetisation to surge to a one-year high of 5.7 per cent in November as compared to a contraction of 1.8 per cent in the previous month. In separate data issued by the statistics department, retail inflation decelerated to 3.41 per cent in December against 3.63 per cent a month ago with vegetable prices showing a slump. During the last couple of days of the week IT bellwether TCS and Infosys reported their earnings, TCS reported a decent set of numbers and Infosys cut the upper end of its full-year revenue growth forecast to 8.8% in constant currency terms as Indian software exporters brace for a more protectionist visa regime in the U.S., the industry’s largest market.

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