The NIFTY ended tepid, moving just -0.01% for the week.
Biggest losers were ASIANPAINT (-4.48%), JINDALSTEL (-3.14%) and HEROMOTOCO (-3.13%). And the biggest winners were DLF (+6.45%), BHARTIARTL (+5.33%) and JPASSOCIAT (+5.17%).
Advancers lead decliners 29 vs 19
Gold: +0.35%, Banks: +3.37%. Infrastructure: +1.05%
Friday saw a big miss in US unemployment numbers. The Dow ended -0.93% to 12777, after being down more than 1.38%. Gold -1.66% to $1582.70, in spite of late-day QE3 chatter. Europe gave up most of its intra-week gains: Stoxx 50 -2.3%, Germany -1.9%, France -1.9%, Italy -2.3%, Spain -3.2%, U.K. -0.5%. The Euro flirted with 2012 lows.
Unless there’s some strong reform measures coming out of the government next week, expect the markets to fade: corporate earnings are likely to be week, any growth in IT earnings are likely to be on account of the week Rupee and domestic growth will continue to be stagflationary.
Should we get ready for a post-capitalistic West?
“The domination of capitalism globally depends today on the existence of a Chinese Communist party that gives de-localised capitalist enterprises cheap labour to lower prices and deprive workers of the rights of self-organisation,” says Jacques Rancière, Professor of Philosophy at the University of Paris VIII.
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