Indian indices, already reeling from the IL&FS crisis, falling rupee and high oil prices, got another jolt from a selloff in U.S. stocks following President Donald Trump's scathing remarks against the Federal Reserve. Adding to investors' concerns was the IMF’s prediction that the global economy will grow at a slower pace of 3.7 percent compared to its earlier expectation of 3.9 percent. This deepened the cuts during the first half of the week. The Nifty, however, rebounded from the extremely oversold territory to end the week 1.5 percent higher.
Markets posted their worst week in 31 months, with the Nifty losing all the gains it had made in 2018 to end at 10,316. A confluence of factors including the RBI’s surprise decision to keep the repo rate unchanged, fears that the government will move away from deregulation of fuel, and the IL&FS fiasco led to an extended decline spanning five weeks.
Markets ended in the red for the fourth consecutive week led by a sharp correction in financial services. Sentiment remained cautious after the government raised import tariffs on select goods and the RBI announced measures to ease liquidity concerns.
India’s benchmark indices ended near two-month lows after an extremely volatile session on Friday triggered by panic selling in NBFCs, particularly housing finance firms, on fears of debt default.
Markets had a roller-coaster ride to extend their losses for a second week. Stocks fell sharply in the initial part of the week after the rupee hit a fresh low of 72.9 against the dollar.
Markets snapped their longest stretch of weekly gains since January after the rupee declined to a fresh low, raising concerns about the outlook on economic and earnings growth.
Markets extended their winning streak to a fifth consecutive week as benchmark indexes again hit life highs. The Nifty ended up 0.75 percent at 11,557 while the mid-cap index outperformed and was up 1.5 percent.
Markets extended their winning streak to the fourth consecutive week as expectations of easing trade tensions between China and the United States cheered traders. A largely positive earnings season added to sentiments and relieved market fears on the valuation front.
Markets edged higher with India’s benchmark indexes hitting fresh lifetime highs, although the marginal underperformance of mid-cap and small-cap indexes continued. Lingering trade war worries kept the mood cautious globally while SBI’s June-quarter results dampened sentiments. For the week, the Nifty ended up 0.6 percent to settle at 11,429.
Markets extended gains for the fifth consecutive week even as tepid global cues played spoilsport. In its policy review, the Reserve Bank of India raised repo rates by 25 bps as the fallout of rising inflationary pressure in the near future prompted the central bank to front-load its action.