 "Weekly: Nifty hits 6,000; Fed stance & Infy Q1 cheers")
Markets have strengthened their grip helping the Nifty to touch 6000 mark. The US Fed Governor Ben Bernanke's statement that a highly accommodative policy is needed for the foreseeable future.
India's trade deficit narrowing down to $12.24 bn and better than expected Q1 results from software major Infosys fuelled the rally.
Meanwhile, FIIs turned net sellers to the tune of Rs 1,040 cr during the last 5 trading sessions.
India's consumer price index (CPI) or retail inflation rose to 9.87% (combined) in June 2013 as compared to 9.31% in May 2013. The corresponding inflation rates for rural and urban areas are 9.63% and 10.13%.
For the week ended Friday, the 30 share index, Sensex surged gained 462.65 points or 2.37% to 19,958.47. The NSE Nifty advanced 141.10 points or 2.4% to 6,009. The S&P BSE Mid-Cap index gained 0.94% and the S&P BSE Small-Cap index rose 0.79%. FIIs were net buyers to the tune of Rs 4,918 cr during the last 5 trading sessions.
Markets on Monday made a gap-down opening led by the weak Asian cues. Sentiments got dampened as Rupee slipped past the psychological level of 61/$ and hit yet another lifetime low of 61.21. The better-than-expected US employment data prompted fears that Fed may rollback its stimulus programme earlier than expected, which further weighed on the sentiments.
On Tuesday, markets opened higher buoyed by the firm global cues and recovery in rupee. The rupee appreciated to 59.84/dollar in early trade but concerns of an early rollback in Fed stimulus programme saw the Indian unit weakening back to 60.35. Sensex end at 19439.
On Wednesday, markets opened higher but soon turned volatile and ended negative as the cautiousness emerged post the Chinese trade data that indicated the recovery in the emerging market to be slower than expected. There was some concern with IMF lowering India's growth projections for 2013-14 to 5.6% from the 5.8% it projected in April. Sensex shrank 145 pts.
On Thursday, markets made a gap-up opening on firm Asian cues and traded firm throughout the day as US Fed Chairman Ben Bernanke commented that highly accommodative monetary policy would be needed for the foreseeable future, and the dollar stabilized. Sensex surged 382 pts to end at 19676.
On Friday, markets opened higher mainly led by the firm global cues and better than expected first quarter numbers of IT major Infosys. The company with fifth-highest weightage on the Sensex defied analysts’ estimates and posted steady dollar revenue growth for fiscal 2014.
Sentiments improved further after country’s trade deficit narrowed in June to $12.24 billion from a 7-month high, helped by a slowdown in gold imports, which should ease pressure on the current account balance and the beleaguered rupee.
Also, India's trade deficit narrowed in June to USD 12.24 billion from a 7-month high, helped by a slowdown in gold imports, further cheered the markets. Sensex closed at 19,958.
India's trade deficit narrowing down to $12.24 bn and better than expected Q1 results from software major Infosys fuelled the rally.
Meanwhile, FIIs turned net sellers to the tune of Rs 1,040 cr during the last 5 trading sessions.
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However, India's industrial production, as represented by the Index of Industrial Production (IIP) showed a de-growth of 1.6% in May 2013, as against the market expectations of 1.5% rise.
India's consumer price index (CPI) or retail inflation rose to 9.87% (combined) in June 2013 as compared to 9.31% in May 2013. The corresponding inflation rates for rural and urban areas are 9.63% and 10.13%.
For the week ended Friday, the 30 share index, Sensex surged gained 462.65 points or 2.37% to 19,958.47. The NSE Nifty advanced 141.10 points or 2.4% to 6,009. The S&P BSE Mid-Cap index gained 0.94% and the S&P BSE Small-Cap index rose 0.79%. FIIs were net buyers to the tune of Rs 4,918 cr during the last 5 trading sessions.
Markets on Monday made a gap-down opening led by the weak Asian cues. Sentiments got dampened as Rupee slipped past the psychological level of 61/$ and hit yet another lifetime low of 61.21. The better-than-expected US employment data prompted fears that Fed may rollback its stimulus programme earlier than expected, which further weighed on the sentiments.
On Tuesday, markets opened higher buoyed by the firm global cues and recovery in rupee. The rupee appreciated to 59.84/dollar in early trade but concerns of an early rollback in Fed stimulus programme saw the Indian unit weakening back to 60.35. Sensex end at 19439.
On Wednesday, markets opened higher but soon turned volatile and ended negative as the cautiousness emerged post the Chinese trade data that indicated the recovery in the emerging market to be slower than expected. There was some concern with IMF lowering India's growth projections for 2013-14 to 5.6% from the 5.8% it projected in April. Sensex shrank 145 pts.
On Thursday, markets made a gap-up opening on firm Asian cues and traded firm throughout the day as US Fed Chairman Ben Bernanke commented that highly accommodative monetary policy would be needed for the foreseeable future, and the dollar stabilized. Sensex surged 382 pts to end at 19676.
On Friday, markets opened higher mainly led by the firm global cues and better than expected first quarter numbers of IT major Infosys. The company with fifth-highest weightage on the Sensex defied analysts’ estimates and posted steady dollar revenue growth for fiscal 2014.
Sentiments improved further after country’s trade deficit narrowed in June to $12.24 billion from a 7-month high, helped by a slowdown in gold imports, which should ease pressure on the current account balance and the beleaguered rupee.
Also, India's trade deficit narrowed in June to USD 12.24 billion from a 7-month high, helped by a slowdown in gold imports, further cheered the markets. Sensex closed at 19,958.