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NIFTY extends rally (+2.9% wow) on lower current account deficit & easing Greece worries
All sectors ended in the green wow with Banks (+3.7%) and FMCG (+3.8%) outperforming.
Foreign inflows surged to US$ 1.13bn wow but DIIs were sellers of US$ 0.41bn, as of the close of June 29, 2011.
Commodities gained 1.3% wow led by Energy (3.9%) and Copper (+3.2%) as risk appetite improved.
Current account deficit for FY11 declined to 2.6% of GDP from 2.8% in the previous fiscal year.
Overview
NIFTY rallied for the second straight week (+2.9%)
as sentiment continued to strengthen. Banks
(+3.7%) & FMCG (+3.8%) led the rally as risk
appetite rebounded despite a fuel price hike after
market close last week. Strong foreign inflows
helped the INR to a two-month high vs. the USD.
The current account deficit (CAD) came in at 1.1%
of GDP for Q1CY2011 vs. 2.1% in the previous
quarter. This sharp & unexpected fall in CAD
signals comfort on a key macro risk but was
accompanied by a slowdown in capital inflows.
NIFTY price performance
NIFTY surged 2.9% this week & has lost 8.3% ytd
Source: NSE, DataStream, GS Global ECS Research.
Foreign and domestic flows
Foreign buying turned positive for the year,
(US$ 500mn vs. US$ 6.7bn for 1H 2010). DIIs have
bought US$ 3.4bn ytd as of the close of June 29,
2011.
Earnings sentiment
MSCI India Utilities had the strongest EPS
sentiment (11.6%) wow.
Commodities
Gold (-2.3%) and Silver (-3.5%) fell wow on
improved risk appetite after the Greek parliament
okayed the austerity plan. Energy gained 3.9% but
Mustard seeds plunged 15.6% wow.
Other Macro data releases this week
June Manufacturing PMI came in at 55.3 vs. 57.5
in May. Exports and Imports increased 56.9% and
54.1% respectively in May.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
NIFTY extends rally (+2.9% wow) on lower current account deficit & easing Greece worries
All sectors ended in the green wow with Banks (+3.7%) and FMCG (+3.8%) outperforming.
Foreign inflows surged to US$ 1.13bn wow but DIIs were sellers of US$ 0.41bn, as of the close of June 29, 2011.
Commodities gained 1.3% wow led by Energy (3.9%) and Copper (+3.2%) as risk appetite improved.
Current account deficit for FY11 declined to 2.6% of GDP from 2.8% in the previous fiscal year.
Overview
NIFTY rallied for the second straight week (+2.9%)
as sentiment continued to strengthen. Banks
(+3.7%) & FMCG (+3.8%) led the rally as risk
appetite rebounded despite a fuel price hike after
market close last week. Strong foreign inflows
helped the INR to a two-month high vs. the USD.
The current account deficit (CAD) came in at 1.1%
of GDP for Q1CY2011 vs. 2.1% in the previous
quarter. This sharp & unexpected fall in CAD
signals comfort on a key macro risk but was
accompanied by a slowdown in capital inflows.
NIFTY price performance
NIFTY surged 2.9% this week & has lost 8.3% ytd
Source: NSE, DataStream, GS Global ECS Research.
Foreign and domestic flows
Foreign buying turned positive for the year,
(US$ 500mn vs. US$ 6.7bn for 1H 2010). DIIs have
bought US$ 3.4bn ytd as of the close of June 29,
2011.
Earnings sentiment
MSCI India Utilities had the strongest EPS
sentiment (11.6%) wow.
Commodities
Gold (-2.3%) and Silver (-3.5%) fell wow on
improved risk appetite after the Greek parliament
okayed the austerity plan. Energy gained 3.9% but
Mustard seeds plunged 15.6% wow.
Other Macro data releases this week
June Manufacturing PMI came in at 55.3 vs. 57.5
in May. Exports and Imports increased 56.9% and
54.1% respectively in May.
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