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A shopkeeper hangs lights for sale, which are used to decorate temples and homes during the Hindu festival of Diwali, in Kolkata, India October 18, 2016. REUTERS/Rupak De Chowdhuri
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People watch a large screen displaying India’s benchmark share index on the facade of the BSE building in Mumbai. REUTERS/File Photo
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A man looks at a screen displaying news of markets update inside the Bombay Stock Exchange (BSE) building in Mumbai, India, February 11, 2016. REUTERS/Danish Siddiqui/File Photo
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Markets ended lower for the first time in seven months in September as FII inflows slackened due to tensions between India and Pakistan.
A money lender counts Indian rupee notes at his shop in Ahmedabad, May 6, 2015. REUTERS/Amit Dave/File Photo
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The Nifty gained 0.6 percent during the week to end at 8,831, in line with strength in global indexes after risk appetite improved on the Fed’s policy decision. Mid-cap and small-cap indexes outperformed their larger peers, gaining 2 percent and 1.5 percent respectively, and FIIs were net buyers to the tune of $445 million. The rupee rose to close at 66.6 against the dollar.
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A volatile trading week left investors confused on the direction of markets, and the Nifty ended almost 1 percent lower at 8,780. FIIs were net sellers to the tune of $106 million during the week.
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A volatile week saw the Nifty surging on Tuesday after weak U.S. jobs data, with liquidity gushing in for the next two days followed by a correction on Friday after the ECB left policy rates unchanged. The decision gives room for the U.S. Fed to consider raising interest rates in the near term, which is likely to hit inflows to emerging markets like India. North Korea’s nuclear test also seemed to rattle sentiment. The Nifty finally closed at 8,866, up about 0.7 percent.
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Markets led by large-caps conquered Nifty 8,800 levels after a gap of 18 months. Measures announced by the government to revive the construction sector boosted sentiment, while disappointing GDP numbers were shrugged off by investors as a revival in growth is seen on the back of a good monsoon and an expected boost in consumption due to a hike in the pay of current and former government employees.
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Markets remained sideways in the absence of any major trigger and the Nifty ended the week lower by 1 percent at 8,592. The index failed to breach the 8,700-8,750 band yet again as caution prevailed ahead of a speech by Fed Chair Janet Yellen, who told a global monetary policy conference after Indian markets closed on Friday that the case for a rate increase in the U.S. had grown stronger.