F&O Expiry and RBI meet takes centre stage :: CSEC Research

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F&O Expiry and RBI meet takes centre stage

Indian bourses extended their gains for the third week in a row mirroring its global peers on account of positive global and domestic macro economic data. Oil & Gas, banking, infra and realty indices spooked the S&P CNX Nifty and the BSE Index to close above 5000 and 16,700 mark. The volumes were in the higher side when compared to previous week, the FII bought shares worth of Rs 37,053 million and DII continued to sell their holdings worth of Rs. 21,098 million. Amongst the Nifty gainers list ADAG shares rallied, mart gained on the back of prove hike of its vehicles. M&M topped the Nifty losers list. On the macro front The Wholesale Price Index-based food inflation remained in the negative zone for the third week in the row, at (-) 0.42 per cent for the week ended January 7. It was above 16 per cent in the corresponding week last year and (-) 2.9 per cent in the previous week. Indian government has raised import and excise duties on gold and silver. The new rates (on ad valorem basis) — two per cent on 10 gm gold and six per cent on one kg silver — mean that importers will have to pay double the duty. Similarly, excise duty has been hiked to 1.5 per cent per 10 gm for gold and four per cent per kg for silver.

The upcoming week is likely to be volatile ahead of RBI meet on Tuesday followed by F&O expiry on Wednesday. Rate sensitives will be focus ahead of this meet. Meanwhile, Stock specific action is likely to be witnessed on account of Q3 numbers. L&T, Maruti Suzuki India, Sterlite Industries (India), Idea Cellular, GAIL (India) and Kotak Mahindra Bank, Cairn India will unveil their Q3 numbers this week. Many of the Asian markets are likely to remain closed for the week on account of Lunar New year holidays.

Regards,

CSEC Research