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Saturday, 7 January 2017

Stock Market Weekly commentary thorough 2 January–6 January 2017

The domestic benchmark Nifty index concluded first week of the New Year, 2017 on a positive note. The Indian stock markets finished the weekend marginally lower, when the BSE Sensex closed lower by 119 points, it added 0.05% overall to settle 26759, whereas the NSE Nifty finished lower by 30 points, added 0.07% close the week at 8243. Both Midcap & Smallcap stocks rose by 2.4% and 3.2% respectively. 

A mixed rally in auto, metal and bank stocks helped the key benchmark indices score modest gains on the ultimate trading day of the week. Indian shares reversed the past week’s robust gains. Market sentiments were dented following higher oil prices, weak domestic industrial production data and increasing possibility of a delay in the implementation of GST. 

In the upcoming week, market players will be seeing at CPI and IIP figures, the figures of both have reasonable economic impact and helps in assessing present economic situation. An accelerating global reflation is being viewing ahead. 

Oil and gold prices moved higher last week, while U.S. consumer confidence reached a 15-year high. Fed Reserve meeting minutes released this week may provide clues about future monetary policy in the U.S. 

Government may keep on interest subsidy for exporters in the Budget. The Finance Ministry is expected to continue 3% interest subsidy scheme for exporters in the approaching Budget with a view to help them tide over the hard global trade environment.  

Many banks and housing finance companies lowered their lending rates to facilitate for cheaper home and corporate loans. Bank of India, Corporation Bank Punjab & Sind Bank reduced their MCLR upto 9%. Also, the home loan rates for women will be lowered 5 bps.

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