The domestic stock market, once again, went berserk over the week gone by, hitting yet another milestone on Friday.
Giving thumbs up to the Modi government’s three years in office, the domestic equity benchmarks scaled fresh lifetime highs on Friday.
The S&P BSE Sensex scripted history as it breached the 31,000 mark for the first time ever! The 30-share index rallied 278 points to settle at 31,028, with Tata Steel being the top gainer.
Giving thumbs up to the Modi government’s three years in office, the domestic equity benchmarks scaled fresh lifetime highs on Friday.
The S&P BSE Sensex scripted history as it breached the 31,000 mark for the first time ever! The 30-share index rallied 278 points to settle at 31,028, with Tata Steel being the top gainer.
The broader Nifty50 of the National Stock Exchange followed the suit and hit the milestone of 9,600 in intraday trade.
On a weekly basis (May 22-26), the BSE Sensex gained 1.4 per cent while the NSE’s Nifty added 1.63 per cent.
Sans any major positive trigger, the market was on a high solely on sustained optimism among investors.
On a weekly basis (May 22-26), the BSE Sensex gained 1.4 per cent while the NSE’s Nifty added 1.63 per cent.
Sans any major positive trigger, the market was on a high solely on sustained optimism among investors.
Among key events, Anil Ambani-owned Reliance CommunicationsBSE -0.58 % posted its second straight quarterly loss on Saturday, hit by a price war that has broken out with the arrival of Reliance Jio.
The launch last year of rival Reliance Industries’ new Jio 4G broadband service with free voice and data services has forced other networks to come up with cheaper plans, squeezing margins and in some cases dragging sales, with bigger rivals Bharti AirtelBSE 1.12 %, Idea CellularBSE 0.31 and Vodafone India also suffering from the cut-throat tariff war, said a Reuters report.
The telecom operator posted a loss of Rs 1,285 crore for the financial year, its first-year loss since inception compared to a net profit of Rs 660 crore when compared on a like-to-like basis.
Pharma companies' health continued to be a worry as drug major CiplaBSE -2.48 % reported a consolidated net loss of Rs 61.8 crore for the quarter ended March 31 against a net loss of Rs 92.8 c ..
The launch last year of rival Reliance Industries’ new Jio 4G broadband service with free voice and data services has forced other networks to come up with cheaper plans, squeezing margins and in some cases dragging sales, with bigger rivals Bharti AirtelBSE 1.12 %, Idea CellularBSE 0.31 and Vodafone India also suffering from the cut-throat tariff war, said a Reuters report.
The telecom operator posted a loss of Rs 1,285 crore for the financial year, its first-year loss since inception compared to a net profit of Rs 660 crore when compared on a like-to-like basis.
Pharma companies' health continued to be a worry as drug major CiplaBSE -2.48 % reported a consolidated net loss of Rs 61.8 crore for the quarter ended March 31 against a net loss of Rs 92.8 c ..
Macroeconomic data: Come Wednesday, and the government will release the biggest economic indicator numbers – GDP (gross domestic product) data for the fourth quarter of 2017.
In the previous quarter, the economy grew at a healthy rate of 7 per cent, despite the demonetisation shock. Analysts polled by Reuters had expected a 6.4 per cent growth rate in the quarter to December. However, The pace of growth did slow down from the growth of 7.4 per cent logged in the second quarter of the fiscal year.
The GDP data will be a major factor in deciding market movement. The numbers will mirror the actual progress made by the Modi government.
In the previous quarter, the economy grew at a healthy rate of 7 per cent, despite the demonetisation shock. Analysts polled by Reuters had expected a 6.4 per cent growth rate in the quarter to December. However, The pace of growth did slow down from the growth of 7.4 per cent logged in the second quarter of the fiscal year.
The GDP data will be a major factor in deciding market movement. The numbers will mirror the actual progress made by the Modi government.
Global cues: On the global front, China Caixin manufacturing PMI data for May 2017 will be announced on Thursday, June 1, 2017. US manufacturing PMI for May 2017 is slated for release on Thursday, June 1, 2017. US nonfarm payrolls data for May 2017 is scheduled to be released on Friday, June 2, 2017.
Technical factors: The correction, which was much anticipated, arrived swiftly and sharply, especially in the midcap and smallcap space, making the foundation of the Nifty50 to move higher. Although, the market did not go below the 9,300 level, it was the trailing limits for investors and positional traders, said Jimeet Modi, CEO, Samco Securities.
Technical factors: The correction, which was much anticipated, arrived swiftly and sharply, especially in the midcap and smallcap space, making the foundation of the Nifty50 to move higher. Although, the market did not go below the 9,300 level, it was the trailing limits for investors and positional traders, said Jimeet Modi, CEO, Samco Securities.
GST implementation: After a long wait of 10 years, the goods and services tax (GST) –billed as India's biggest tax reform since Independence – is all set for implementation from July 1. “The prime benefit of GST is that India will become a common market. One product or service will have a single tax rate in any part of the country. The multiplicity of taxes on the same commodity or service will now go,” wrote Revenue Secretary Hasmukh Adhia.
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