This is a temporary post that was not deleted. Please delete this manually. (f04cfe71-9f21-4181-9343-fef32470008f – 3bfe001a-32de-4114-a6b4-4005b770f6d7)
Author: shyam
This is a temporary post that was not deleted. Please delete this manually. (decec8b4-080d-45bb-bb33-55221887168f – 3bfe001a-32de-4114-a6b4-4005b770f6d7)
The NIFTY ended on a bullish note, shooting up +3.11% for the week. Biggest losers were CAIRN (-5.69%), BPCL (-2.52%) and TATAMOTORS (-1.88%). And the biggest winners were TATAPOWER (+10.79%), JINDALSTEL (+8.39%) and MARUTI (+6.14%).
Advancers lead decliners 42 vs 7
Gold: -1.64%, Banks: +2.95%. Infrastructure: +6.51%,
Europe soared on Friday following the summit agreement overnight. Stoxx 50 +4.9%, Germany +4.3%, France +4.7%, Italy +7% , Spain +5.8%, U.K. +1.4%.Dow +2.37% to 12901. S&P +2.7%. Nifty +2.52% to 5279
Some perspective from Floyd Norris: There has been 18 European summit meetings since the beginning of 2010, before this one; decisions seeming to indicate action were announced after 10. Over those 10 two-day stretches The MSCI European stock index was up 9.6%. But over the entire two-and-a-half-year period, the European stock index is down 17%. The pattern has been that relief because disaster was averted is followed by disappointment and eventually by a new crisis. Europe has found ways to fund whichever country (or banks) was in trouble, but has not found ways to enable those countries to become economically competitive while remaining in the euro zone. Read the while thing in NY Times.
“People need to stop spending money they don’t have. The solution to too much debt is not more debt. All this little agreement does is give them (banks) a chance to have even more debt for a while longer” – Jim Rogers
Also, FT collected all the EU-skepticism in one place.
Have a nice weekend!
Daily news summaries are here.
The NIFTY ended flat for the week.
Biggest losers were HINDALCO (-5.25%), TCS (-3.06%) and SAIL (-2.76%).
And the biggest winners were ONGC (+5.08%), HEROMOTOCO (+4.30%) and POWERGRID (+3.77%).
Advancers lead decliners 29 vs 20
Gold: -0.34%, Banks: +0.03%.
The week began with expectations that the RBI will cut rates – but all that the central bank did was to point a finger at the government and say “your turn.” Thursday saw the US Fed extending Operation Twist (selling short term treasuries while buying long-terms) but failing to deliver on hopes of QE3. You could say Bernanke did an RBI in that he too pointed a finger at the US government sad said “your turn.”
From an India perspective the benefits from a collapse in oil prices were negated by an almost proportional fall in the Rupee. The only thing that oil prices this low seem to be doing is laying waste to all the “alternative” energy company’s business models that require at least $100 oil.
With Europe throwing fits in the sandbox, anything can happen. Stay hedged!
Daily news summaries are here.
The NIFTY ended on a bullish note, shooting up +1.58% for the week.
Biggest losers were NTPC (-3.72%), BANKBARODA (-2.96%) and DRREDDY (-2.59%).
And the biggest winners were AMBUJACEM (+11.99%), GRASIM (+7.73%) and BPCL (+5.73%).
Advancers lead decliners 28 vs 21
Gold: +2.74%, Infrastructure: -2.26%, Banks: +1.23%.
The markets had enough things to worry about: weekend elections in Greece, slowing global growth, domestic stagflation and policy paralysis. Even though 2012 is mirroring most of 2011, what’s different this time is slowing BRIC growth. The BRICs contributed about half of the international expansion since 2007 but are facing rising headwinds this year. Investors have moved out of emerging market equity funds, India’s 5.3% expansion in the first quarter was the weakest in nine years, Brazil managed a tepid 0.8% even after cutting interest rates and taxes, Russia is forecasting a 4% growth rate as output of oil, the nation’s biggest export, stagnates, and China is targeting growth of 7.5% this year. (Bloomberg)
Have a nice weekend!
Daily news summaries are here.
