The BSE Sensex closed in the red twice this week, eventually ending with losses of 0.5 percent. The week began with the benchmark index touching an all-time high of 22,023.98 points in trade on Monday, aided by strong foreign buying.
Shares retreated from record highs as investors booked profits and by Friday, some caution was setting in about the pace of recent gains.
Rohit Gulati always wanted to buy a car that would have enough space for all eight members of his family. But with his limited savings, he didn’t see that happening for some years.
In August, the 34-year-old Café Coffee Day supply chain executive, spotted a newspaper advertisement about a new car financing program. Four months later, Gulati was ferrying his family across New Delhi in a new Maruti Eeco.
India’s information technology services businesses will continue to benefit from improving client demand from developed countries in 2014, pushing stocks higher after a stellar performance last year, analysts told India Insight.
India’s No. 1 IT services exporter Tata Consultancy Services (TCS) and its rival Infosys beat analysts’ expectations in their financial results that were released earlier this month. They also raised their sales growth forecasts on signs of improving economies in the United States and Europe.
Kamaldeep Sethi used to be a corporate trainer with a flair for drawing on office walls. Then a colleague talked him into learning the art of tattoos.
Sethi, who goes by the name KD, set up a tattoo parlour in New Delhi in 2005. He now owns three shops, including one in Canada. The 32-year-old is part of a new generation of tattoo artists who left high-paying corporate jobs to follow their passion.
The BSE Sensex rose 3 percent during the week, ending in the green for four of the five trading sessions. Improved guidance from Infosys, hopes of a U.S. deal to avoid a default on its debt and the RBI’s decision to cut a key overnight interest rate helped sentiment.
Rajjesh Mittal spends 20 minutes each morning placing bids for postage stamps on eBay. The IT entrepreneur began flirting with philately, or stamp collecting, two years ago, and has become such an ardent collector that he wants to demonstrate his love for postage by getting a tattoo of independent India’s first commemorative postmark.
Mittal is part of a generation of urban, educated Indians celebrating all things postal in the age of e-mail and Twitter. Though numbers are hard to come by, philately appears to be staging a revival in India, with estimates ranging from 25,000 to over 100,000 active collectors. Like Mittal, working professionals are taking up the hobby, joining stamp-collecting clubs and fostering friendships with enthusiasts from all walks of life.
After rising for four consecutive weeks, the BSE Sensex fell 2.6 percent in the last five trading sessions, as a surprise repo rate hike by the Reserve Bank of India (RBI) on Sept. 20 dampened investor confidence and battered banking shares.
Rajan kicked off his term with a bang on Wednesday, announcing several measures to support the rupee and unveiling steps to liberalise financial markets and the banking sector. Hopes that the government might announce a one-time hike in diesel prices to cut its steep import bill also helped the stock market.
“The Great Tamasha” is a book about cricket, but it is also a tale about the rapid rise of modern India and the corruption that plagues it. A series of scandals in the Indian Premier League (IPL), the glitzy Twenty20 tournament run by the country’s cricket board, got James Astill hooked to the game in India. What followed was the 40-year-old journalist’s first book – an account of India’s rich cricketing tradition, politics, religion and the emergence of the cash-rich IPL.
Astill takes the reader from the slums of Mumbai to a village in north India, places where cricket is as much tamasha (spectacle) as it is religion. Bollywood stars, business tycoons and cricketers, both past and present, feature in “The Great Tamasha”. So does Lalit Modi, a former IPL chairman, now an outcast in India’s cricketing circles.
Indian shares ended in the green in three of five trading sessions but jittery market reaction to the U.S. Federal Reserve’s announcement of a gradual end to its $85 billion bond-buying stimulus took the BSE Sensex down 2.1 percent for the week. The broader 50-share Nifty lost 2.4 percent.
The U.S. central bank’s monetary programme has been a source of easy money for emerging markets such as India that used FII inflows to finance its current account deficit. The possibility of a liquidity drought and a consequent selloff by foreign investors spooked the markets with the rupee plummeting to a record low of 59.98 against the dollar on Thursday.