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The market edged higher last week, backed by positive global cues. The Sensex crossed the psychologically important 27,000 level. Last week , the Sensex rose 478.83 points or 1.79% to settle at 27,238.06. The Nifty rose 156.55 points or 1.90% to settle at 8,400.35. The BSE Mid-Cap index gained 317.31 points or 2.58% to settle at 12,639.03. The BSE Small-Cap index 249.52 points or 2.01% to settle at 12,689.85. India's industrial production surged at 13-months high pace of 5.7% in November 2016 over November 2015, snapping 1.8% fall recorded in October 2016. The manufacturing sector's production jumped 5.5%, while mining output rebounded 3.9% after three months of decline, contributing to the increase in industrial production. The data was released by the government on Thursday, 12 January 2017. The all-India monthly inflation based on the consumer price index (CPI) dipped to 25-months low of 3.41% in December 2016, compared with 3.63% in November 2016.

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Small Interesting But True Market Story!!

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Key benchmark indices logged small gains in first week of calendar year 2017. Key indices edged lower in three out of five trading sessions during the week. Gains were triggered as buying of equities by domestic institutional investors outpaced selling by foreign portfolio investors. The S&P BSE Small and Mid-Cap indices outperformed the Sensex during the week. Last week, the Sensex rose 132.77 points or 0.5% to settle at 26,759.23.

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Indian market began the first week of New Year on a muted note and shifted into consolidation for the first couple of trading sessions but later gained traction by the close of the week on expectation of normalcy returning in the economy post the demonetization move. One interesting move which brought cheer to the markets was that Banks reduced interest rates by as much as 0.9% across categories. SBI and HDFC Bank have taken the lead and others are following as well. The auto number which came in was not good largely due to impact of demonetization. Although the monthly sales in December 2016 saw a dip, the year-on-year impact varies from automaker to automaker. Tata Motors came in with a big surprise as it posted 30% rise in US sales for the month of December and 24% rise in annual US Sales.

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Domestic equity benchmark indices registered strong losses last week amid lacklustre trend in global markets. Equity markets across the globe lacked a concrete direction in the week gone by, ahead of Christmas holiday mood, and in the absence of any major cues. The Sensex lost 448.86 points or 1.69% to settle at 26,040.70. The Nifty fell 153.70 points or 1.88% to settle at 7,985.75.There was a broadbased decline as the BSE Mid-Cap index tumbled 3.88% and the BSE Small-Cap index shed 2.61%. As the curtains are ready to come down on 2016, the Indian benchmark indices, after losing almost half the gains made between February and September, are now hovering almost flat at the same level as at the end of 2015. The Sensex (26,041) is down 0.3% and the Nifty 50 (7,986) is up 0.5% so far in 2016 with just one trading week left.

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Market declined last week, tracking weakness in other global stocks after the US Federal Reserve hiked interest rate on 14 December 2016. After a 0.25% rate hike by the US Fed, global markets ended on a mixed note in the week gone by. While markets in the developed economies ended strong, the indices in the emerging economies fell on concerns of foreign investors pulling out money from these markets post the rate hike. The Fed raised interest rates by 25 basis points and maintained a hawkish stance, indicating more rate hikes in 2017. Higher interest rates in the US could result in dollar outflows from emerging markets towards the US. This could result in volatility and uncertainty in flows into the Indian equity market and other emerging markets in the coming year. Moreover, the Bank of England has kept interest rates on hold at record low of 0.25 per cent and maintained its easing stance.

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The Indian markets began the week on a negative note on the key GST Bill passage turnaround and parliament winter session conflict. But, it was when US FOMC interest rate hike and hawkish stance made emerging markets jittery, however, the aftereffect of this event lasted till the opening tick and thereafter market recovered with full force. This was clear indication that buyers are active at lower levels. US FED guided of 3 rate hikes in 2017 and much more in 2018 and 2019, portraying that US economy is poised for growth over the next few years. The retail inflation which was released during the week, post demonetisation last month, came at 3.63% VS 4.2% MoM. The wholesale inflation also moderate for the third straight month as it fell to 3.15% in November. In the coming week there are few important global events lined up like the Bank of Japan interest rate decision scheduled on Tuesday after the recent FOMC outcome shall be keenly watched by the global participants. In addition the US and UK GDP numbers clubbed with other data scheduled in coming week, may provide some cues to the listless market.

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Indian equity markets registered strong gains last week, inline with the sentiments in global markets. The Sensex surged 516.52 points or 1.96% to settle at 26,747.18. The Nifty jumped 174.95 points or 2.16% to settle at 8,261.75. The BSE Mid-Cap index rose 2.75%. The BSE Small-Cap index advanced 1.96%, matching the Sensex's gains in percentage terms.Overseas, the key US stock market indices repeatedly surpassed their own record levels during the week amid hopes that the Trump administration will usher in tax cuts, deregulation and fiscal stimulus.

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