18:01
Moneycontrol BureauBenchmark indices fell 0.5 percent during the week as concerns over global liquidity and back home, the growing support for the Aam Aadmi Party, kept investors edgy.
The big worry now is that a strong showing by AAP in the 2014 elections could increase the probability of a hung Parliament.
Banking, realty, automobile and capital goods shares were the big losers, while buyers showed a clear preference for defensive sectors like pharma, IT and FMCG.
Global macro data was mixed, with news out of China continuing to disappoint. The HSBC PMI reading for December slipped to 50.9, the lowest reading since August 2011. The US November trade deficit narrowed to a 4-year low, inflation in Eurozone was below expectation and unemployment in German fell in December.
Back home, trade deficit in December increased to USD 10.14 billion, compared to USD 9.22 the month before. Industrial output in November contracted 2.1 percent, compared to a 1.8 contraction the month before, indicating that the slowdown is yet to play out fully.
Gold loan firms Manappuram Finance and Muthoot Finance surged 35 percent and 27 percent respectively after the RBI raised the loan-to-value limit for gold loans to 75 percent from the earlier 60 percent.
Shares of Financial Technologies (FT) were up 40 percent for the week, even as the Economic Offences Wing filed its first charge sheet I the NSEL fraud case. Speculation is that a strategic investor will buy a sizeable stake in FT.
In policy news, IOC's divestment is unlikely to happen this fiscal following resistance from the oil ministry and a general lack of interest in the issue, reports CNBC-TV18.
The Union Cabinet has cleared a proposal to partly sell the stakes in L&T, ITC and Axis Bank held through the Specified Undertaking of Unit Trust of India (SUUTI).
Infosys flagged off the third quarter earnings season with in-line quarterly performance and a higher dollar revenue guidance for FY14. even as volume growth disappointed. However, the performance lifted sentiment for the IT sector on Friday when the numbers were announced.
MTNL shares rose 10 percent for the week after the government approved a proposal to refund Rs 4533 crore in return for the 4G airwaves held by the company.
Among big Nifty losers for the week, JP Associates, Axis Bank, DLF , Hindalco , Tata Steel , IDFC , SBI, Ambuja Cements, Bank of Baroda , L&T, ACC , and ICICI Bank were down 4-8 percent.
Nifty gainers included Dr Reddy's, Sun Pharma Up 5.2% Coal India , ONGC , HCL Tech , JSPL and TCS , gaining 3-5 percent.
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