This one should be a quick one. Electricity woes made a big comeback in Ghaziabad. And we had two days of trying to conserve as much (power) we can – by stressing our invertor as little as possible. So, I had to delay my writing of this commentary and now I am doing it from my office so I should make this one quick.
All eyes are on results of general election to be announced on May 16. Market in short term will continue to be swayed by earnings results, inflation and other official economic stats released by govt – unless ofcourse Ukraine crisis turn into a major one. US has already put its economic (powerhouse) machine in motion – building pressure on Russia by way of sanctions. Let’s hope it does not escalate into something bigger and dangerous.
Sensex and Nifty ended this week down by 1.3% while Midcap was down by 0.8%
Monday - Sensex slightly down by 0.2%, Nifty down by 0.3%, Midcap up by 0.7%
Cautious sentiment prevailed in the market as ongoing results season till date has shown increase in topline growth but decline in operating margins. Add to the mix the uncertainty of election outcome and you get a heady cocktail of increasing volatility. Investors also remained wary ahead of the U.S. Federal Reserve's two-day meet starting Tuesday, coming at a time of continued tensions between Russia and the West over Ukraine.
Tuesday – Sensex and Nifty down by 0.7%, Midcap down by 0.6%
Key benchmark indices closed lower as investors continued to book profits. Slowdown in capital inflows and MET forecast of below average rainfall continues to weigh on investors’ mind.
Wednesday - Sensex down by 0.2%, Nifty down by 0.3%, Midcap down by 1.3%
No change in sentiment visible on the street. Continues to be weighed down by global cues (read Ukraine crisis) and domestic uncertainties related to earnings season and elections.
Thursday – Markets closed on Maharashtra Day
Friday - Sensex slightly down by 0.1%, Nifty flat, Midcap up by 0.5%
Sensex and Nifty both continued their falling trend as profit booking increases and indices failed to attract fresh buying. All eyes are on outcome of general elections now.
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