The Nifty went down 1.04% for the week, but yesterday was the proverbial “Black Friday” with the index tanking -4.08% in one day.
Banks were the worst hit with NPAs coming to roost. Plus the CBI is investigating debt restructurings that were a bet too promoter friendly.
Top winners and losers
Advancers and Decliners
The yield curve continued to shift up. Maturities out 5 years mostly flat but short-term looks stressed.
2-3 wheelers over-turned their last week’s under-performance.
Thought for the Weekend
Linear thinking is dangerous. It is the easiest form of reasoning, lying on the path of least resistance. The simpler the path, the more readily people will march along it. Linear arguments are easy to make, as they require the least amount of evidence — past data points with a straight line drawn through them. However, the larger the crowd that follows the wrong line of reasoning, the more people pile in, and the greater the consequences if they are proved wrong.