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After three weeks of sideways movement, Nifty ended the week with gains of over 2 per cent and closed above its important psychological mark of 9300 for the first time ever on the monthly basis. During the week gone by market started the week on positive note on Monday after the market’s favoured candidate won through the first round of the French election, sparking a mass unwinding of safe haven trades.

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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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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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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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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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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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Key benchmark indices edged lower last week, as weakness in global stocks played spoilsport towards the end of the week. Some key positive data such as strong GDP numbers and core sector growth was offset by weak Nikkei India Manufacturing Purchasing Managers Index (PMI) for November, coupled with decline in November auto sales. Continued FPI outflows weighed on the indices. Investors keenly awaiting the RBI’s monetary policy this week, remained cautious. Investors maintained caution ahead of the crucial jobs data for November in US on Friday, 2 December 2016 and Italy's constitutional referendum on Sunday, 4 December 2016 which could determine whether or not the country will remain in the euro zone.The S&P BSE Sensex, fell 85.68 points or 0.32% to settle at 26,230.66 last week. The Nifty 50 index lost 27.50 points or 0.33% at 8,086.80.Buying was witnessed in the select mid-cap and small-cap counters. The BSE Mid-Cap index rose 0.13%. The BSE Small-Cap index gained 0.46%.

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