Here is a 5-minute wrap of the happenings in the market this week
Hello and welcome to The Market Podcast, the 5-minute wrap-up that tells you what transpired in the markets this week and what to expect in the next.
I'm Nazim Khan and with me is Santosh Nair, Editor of Moneycontrol. Santosh, thanks for joining.
Santosh: Thanks.
Nazim: Santosh, how was market action this week?
Santosh: Shares across all categories—large cap midcap and small cap—took a beating this week. The Sensex and Nifty were down 2 percent each week-on-week, and the mid and small cap indices were down close to 3 percent. Two key factors said to be dragging share prices lower are political uncertainty and a drop in fund flow into the stock market. Many are comparing the current downtrend in second line stocks, to the bear market of 2001-02. That is because share prices are not falling off a cliff, but are grinding lower.
The terrorist attack in Pulwama, Kashmir of Thursday, that claimed the lives of nearly 40 CRPF men also weighed on sentiment.
Interestingly, the mood in the market was bearish despite some positive macro data. Factory output for December was at 2.4 percent, a big jump over the 0.3 percent for the previous month. Retail and wholesale inflation for January were at multi-month lows, and the rupee has been steadily climbing
Nazim: What were the important business developments this week and what are we tracking next week?
Santosh: The RBI report on Yes Bank said that there was no divergence in the bad loans reported by Yes Bank and RBI’s assessment of the bank’s loan book.
It was a bad week for the aviation sector in general
SpiceJet’s third quarter net profit fell 77 percent YoY to Rs 55 crore
Indigo has cut back on its daily schedule by almost 30 flights a day because of pilot shortage. The airline has said that the situation is under control and that it will be adding around 20 commanders every month for the next few months.
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