The Nifty went down -4.71% (INR) / -12.52% (USD) in August. IT and Metals were the few bright spots.
Index Performance
The worst performer of the month award goes to Indian banks thanks to the deadly triumvirate of the falling rupee, rising rates and an asinine government.
Top Winners and Losers
How long will the metals rise? It seems completely counter-intuitive given the worsening credit and growth outlook.
ETFs
| GOLDBEES | +8.89% |
| INFRABEES | +5.26% |
| NIFTYBEES | -5.24% |
| JUNIORBEES | -7.26% |
| PSUBNKBEES | -10.58% |
| BANKBEES | -13.93% |
Gold was the only place to hide from the sinking rupee. But then, the government doesn’t want you to buy gold. Good luck with that…
Advancers and Decliners
Yield Curve
Long-term rates continue to rise but the curve remains inverted.
MIBOR
Overnight MIBOR (inter-bank) rates seem to have stabilized at higher levels after gyrating wildly in July.
Sector Performance
The National Spot Exchange: Rs. 8000 crore scam?
NSEL’s role was to bring farmers and buyers together by eliminating middlemen but it forged/manipulated documents regarding stocks and liquidity and allowed some of the companies to pledge the same stock with more than one financial institutions.
Source: Live Mint Coverage
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