The Nifty ended -2.37% for the week, largely fueled by RBI’s move to tighten liquidity to save the Rupee from “evil speculators.” IT was the best performing sector, benefiting, ironically, from the Rupee’s slide.
Index Performance
Top winners and losers (CNX 100)
| HEROMOTOCO | +5.22% |
| TECHM | +7.55% |
| IDEA | +9.40% |
| JPASSOCIAT | -15.93% |
| CANBK | -15.43% |
| UBL | -15.00% |
In spite of Abhishek Bachchan’s endorsement, IDEA was the best idea…
ETFs
| GOLDBEES | +2.04% |
| NIFTYBEES | -2.48% |
| JUNIORBEES | -3.27% |
| PSUBNKBEES | -3.44% |
| BANKBEES | -3.52% |
| INFRABEES | -3.77% |
Banks continued to under perform and Gold was the only place to hide this week.
Advancers and Decliners
Market breadth was largely negative…
Yield Curve
Short term rates continued to rise, putting a squeeze on rate sensitives…
Sector Performance
Rate sensitives and cyclicles got trounced
Thought for the weekend
I’ve had it with optimism. Optimism, at least US style, got us into this mess. It gave us 30+ years of indulgent parenting in which self-esteem was considered to be more important than skill acquisition, self-discipline, cooperation, and learning to cope with adversity.
Source: NakedCapitalism