Equity Report
Weekly Market Snapshot
Markets end with marginal losses Published on Fri Sep 16, 2016 at 05:52 PM
Markets end with marginal losses
Markets corrected this week after a gap down opening on Monday. A bounce back from a low of 8688 helped to curb the losses. W-o-W, the Nifty lost 0.98%. Market breadth was positive in two out of the four trading sessions of the week.
Global markets
The dollar drifted in tight ranges against its major counterparts on Friday with investors reluctant to take strong positions ahead of a three-day weekend in Japan and monetary policy meetings of the Federal Reserve and Bank of Japan next week.
Wall Street was facing a downbeat end to the week on Friday, with investors staying on the sidelines ahead of inflation data, seen as a factor in the Federal Reserve?s interest rate deliberations.
Asian stock markets rose Friday, helped by gains in Apple Inc.?s suppliers, while some uncertainty remained over the outcomes from central-bank policy meetings in Japan and the U.S. next week.
European shares were lower Friday, with a selloff in shares of Deutsche Bank AG rounding out what looks set to be a losing week for the market.
Indian markets
Merchandise exports fell for the second consecutive month in August, going down by a marginal 0.30 per cent. Exports fell to $21.51 billion in August, against $21.58 billion in the corresponding period last year, government data showed on Thursday. In the month of July, exports had contracted 6.84 per cent, to $21.68 billion.
Eyeing GST rollout on April 1 next year, Prime Minister Narendra Modi has directed that all steps required in this direction be completed before that date. However, Infosys CEO Vishal Sikka on Thursday said the rollout is a hell of a challenge, even as he pointed out that there is stilll time to address them before the deadline. The prime minister held a meeting to review the preparedness for rollout of GST on Wednesday. He observed that the GST Council would need to have intensive meetings to be able to make timely recommendations.
With elections around the corner in Uttar Pradesh and Punjab, Congress Vice-President Rahul Gandhi, his party?s chief ministerial candidate for Punjab Amarinder Singh and Aam Aadmi Party (AAP) chief Arvind Kejriwal are wooing farmers of the two states with promises of a debt waiver. Those in the National Democratic Alliance government at the Centre, who favour a more fiscally prudent course, are also under pressure from within the Bharatiya Janata Party to announce a matching waiver.
Way Forward
Technically, with the Nifty breaking out of the 8688-8752 range, traders will need to watch if the Nifty can cross the recent highs of 8848 for further upsides early next week. Crucial supports to watch in the near term are at 8750.
Markets corrected this week after a gap down opening on Monday. A bounce back from a low of 8688 helped to curb the losses. W-o-W, the Nifty lost 0.98%. Market breadth was positive in two out of the four trading sessions of the week.
Global markets
The dollar drifted in tight ranges against its major counterparts on Friday with investors reluctant to take strong positions ahead of a three-day weekend in Japan and monetary policy meetings of the Federal Reserve and Bank of Japan next week.
Wall Street was facing a downbeat end to the week on Friday, with investors staying on the sidelines ahead of inflation data, seen as a factor in the Federal Reserve?s interest rate deliberations.
Asian stock markets rose Friday, helped by gains in Apple Inc.?s suppliers, while some uncertainty remained over the outcomes from central-bank policy meetings in Japan and the U.S. next week.
European shares were lower Friday, with a selloff in shares of Deutsche Bank AG rounding out what looks set to be a losing week for the market.
Indian markets
Merchandise exports fell for the second consecutive month in August, going down by a marginal 0.30 per cent. Exports fell to $21.51 billion in August, against $21.58 billion in the corresponding period last year, government data showed on Thursday. In the month of July, exports had contracted 6.84 per cent, to $21.68 billion.
Eyeing GST rollout on April 1 next year, Prime Minister Narendra Modi has directed that all steps required in this direction be completed before that date. However, Infosys CEO Vishal Sikka on Thursday said the rollout is a hell of a challenge, even as he pointed out that there is stilll time to address them before the deadline. The prime minister held a meeting to review the preparedness for rollout of GST on Wednesday. He observed that the GST Council would need to have intensive meetings to be able to make timely recommendations.
With elections around the corner in Uttar Pradesh and Punjab, Congress Vice-President Rahul Gandhi, his party?s chief ministerial candidate for Punjab Amarinder Singh and Aam Aadmi Party (AAP) chief Arvind Kejriwal are wooing farmers of the two states with promises of a debt waiver. Those in the National Democratic Alliance government at the Centre, who favour a more fiscally prudent course, are also under pressure from within the Bharatiya Janata Party to announce a matching waiver.
Way Forward
Technically, with the Nifty breaking out of the 8688-8752 range, traders will need to watch if the Nifty can cross the recent highs of 8848 for further upsides early next week. Crucial supports to watch in the near term are at 8750.
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