The Indian equity market declined this week, with the Nifty falling 0.7% to close a three-session winning streak. The decline was driven by weakness in banking stocks after a recent rally and concerns about inflation remaining high after a services PMI index slipped to a five-month low, suggesting continued economic pressures. Top gainers for the week included Ranbaxy, JP Associates, and BHEL, while top losers were HUL, Airtel, and Sun Pharma.
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WEEKLY EQUTY REPORT BY EPIC RESEARCH-09 APRIL 2012
1. Weekly Equity Report (09 APR 2012)
Weekly News Hitting Indian Market
Sensex, Nifty hit; services PMI revives worries.
Eurozone composite PMI confirms contraction.
Another Fed stimulus less likely: FOMC minutes.
India's services PMI slides in March.
IMD sees monsoon ‘above normal’ in 2012.
Weekly trend of the Market
The Nifty headed for their first fall in four sessions after a services index slipped to a five-month low,
raising some concerns about the economy and leading investors to book profits in banking stocks after the
recent rally in the sector.
The HSBC Market Business Activity index fell to 52.3 in March from 56.5 the previous month. Although
that was above the 50 level that indicates expansion, the extent of the fall worried some investors.
The same indicator showed input prices charged to consumers inched up in March, suggesting inflation
could remain high, which would dampen the prospect of an interest rate cut at the central bank meeting
on April 17.
"While the service sector is still expanding and showing some degree of resilience, the lingering inflation
pressures and lack of economic policy progress is dampening sentiments and growth," HSBC said in a note
to clients on Wednesday.
The NSE Bank Nifty fell 1.2%, after gaining 5.1% over the previous three sessions. The broader Nifty fell
0.7%, ending a three-session winning streak.
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