The Indian stock market had rallied through the first fortnight of October but it gave back the bulk of its gains in the second half.
The sentiment-driven rally also got support from stock specific earning results and Finance Minister Arun Jaitley's statement that the Centre will step up reforms to attract more investment and fill up infrastructure deficit.
A large number of successful IPOs ensured that the total investor wealth, measured in terms of cumulative valuation of all listed shares, rose by nearly Rs 6 lakh crore during the year to Rs 106.23 lakh crore
Dilip Bhat, joint managing director of the Prabhudas Lilladher group, a financial products agency, talks to Business Standard about the market rally ahead of the elections.
The market last tumbled 10% or more in December 2016 following demonetisation. The decline was followed by a sharp rebound. This time the chances of such a v-shaped recovery are less.
Sharp fall in capital goods production and manufacturing activity also dented sentiments.
Mirroring the overnight weakness on Wall Street, the Sensex opened 19 points lower at 5,598, and soon slipped to an intra-day low of 5,579. The index is now down 28 points at 5,589.
Short-covering and the propping up of net asset values have potential to boost frontline as well as second-rung names next week
The broader NSE index has fallen about 0.9% as investors wait for corporate results
Mirroring the gains at Wall Steet and strong Asian markets, the Sensex opened with a positive gap of 11 points at 5,263. It moved up a tad to touch a high of 5,269, before slipping into negative zone owing to profit-taking.
The Bank of Japan's action has nullified the effects of the end of the US' quantitative easing programme but the dependence of foreign institutional investors remains a concern
The markets have opened with a positive gap of 16 points at 4,972 ahead of the presentation of the Budget in the Lok Sabha today.
It is too early to say if we have seen the "final" bottom to these stocks in August 2013 or if another attempt to test them will be made before or just after elections, says Sonali Ranade.
The Sensex closed with a gain of 75 points at 4,835. The Nifty ended above the 1,500-mark at 1,508 -- up 24 points.
Financial shares were the top losers.
Private lenders HDFC Bank and ICICI Bank were the top gainers along with index heavyweights
In India, however, the Nifty continues to climb a wall of worry as general elections loom, fiscal deficit surges and the current account deficit is barely under control following subdued gold and crude prices, says Sonali Ranade.
market rally, especially in mid-caps, has also been driven by a pick-up in the monsoon and the government's resolve to get the goods and services tax (GST) Bill cleared in the recent session of Parliament.
Sensex, Nifty put up a good show in closing trade.
Participants will keenly watch fate of GST Bill in Parliament.
Total assets under management (AUM) for September stood at Rs 20.4 lakh crore compared with Rs 20.6 lakh crore at the end of August.
Only six sectors are likely to report good set of numbers in Q4 FY15.
Experts say the BSE Sensex could rise to around 32,000 in a year.
Among the private banking majors ICICI Bank and HDFC Bank were down 0.2%-0.5% each.
Even as the Indian benchmarks, the BSE Sensex and Nifty 50, crumbled over three per cent today, experts are optimistic about the Indian economy and believe investors can still make 30 per cent plus returns in 2015
India Inc on Thursday rallied behind the Army's move to conduct surgical strikes on terror launch pads across the Line of Control and said it was the time to act tough while ruling out any negative impact on the country's economy and trade.
SBI, PNB, Bank of Baroda, Canara Bank, Dena Bank, Central Bank of India ended down 3%-12% each.
The benchmark indices have rallied 28 per cent this year, while the broader market has outperformed
Second-tier NBFC stocks are trading at 24.4x their trailing earnings, which is nearly twice their 15-year average of 13.9x
The markets had been on an upward trajectory since August 2013.
A weak dollar sentiment across the board alongside unwinding of long positions by speculative traders ahead of key US macro data release largely supported the rupee
In recent past, midcap stocks have performed well, say experts.
When there is panic, you get an opportunity to get your hands on some of the good stocks.
Do not decide your investments based on election results.
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After 3 weeks of consecutive rally, this week was a breather for the index, which corrected by almost 1.5%.
Broader markets outperformed with BSE Midcap and BSE Smallcap adding 0.23% and 0.45%, respectively
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