First week of 2014 was, to say the least, unexciting. Many investors decided to stay on the sidelines as market lacked any fresh triggers. A speech from our PM promising that his govt. would continue to push reforms, create a favourable FDI climate and will work to generate more employment left most people yawning.
Sensex and Nifty lost 1.6% each while CNX Midcap was down by 0.9% this week.
Monday – Sensex down by 0.2%, Nifty down by 0.4%, Midcap down by 0.3%
The markets were lackluster as investors stayed away because of ongoing holiday season.
Tuesday - Sensex up by 0.1%, Nifty up by 0.2%, Midcap up by 0.8%
Small gains seen in the index level as cement and oil and gas stocks registered positive movement owing to the bets on turnaround in Indian economy in 2014.
Wednesday – Sensex down by 0.1%, Nifty flat, Midcap up by 0.5%
Sensex recorded a drop on first trading day of 2014. Investors were cautious as govt. data released yesterday showed India's fiscal deficit is now 94% of the annual target. Also, lower growth of 1.7% in index of eight core industries vs. 5.8% previous year added to the bearish sentiment.
Thursday – Sensex down by 1.2%, Nifty down by 1.3%, Midcap down by 2.1%
Strong opening during the early day was hit by bout of profit booking in the second half of the trading day. Weak manufacturing data from China also kept the global sentiment low.
Friday – Sensex down by 0.2%, Nifty down by 0.2%, Midcap up by 0.3%
Markets continued their cautious stance on Friday as low activity in the market with some value buying and rise in tech stocks countering the profit booking and keeping the index range-bound.
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