India Leapfrogs In World Bank Ranking; Indices On High
Nov 03, 2017 | 17:10 PM IST
Nov 03, 2017 | 17:10 PM IST
Market This Week:
It was a historic week for the Indian stock market as all three indices (Sensex, Nifty and Bank Nifty) are at an all-time high due to huge buying within PSU banks, metals and specially in consumer durable sectors. India's rank has improved 30 spots to secure a place among the top-100 countries in World Bank's ease of doing business ranking list in 2018 and this has created a positive environment in the Indian market. Crude oil price is increasing continuously in the global market and the rupee was under a little under pressure this week.
Movers & Shakers:
Consumer durable stocks of companies like Symphony Ltd, TTK Prestige, and Titan company Ltd have been gaining in the market. These stocks have posted outstanding results too. Sugar stocks have also increased in the market as the government has increased 5% price of ethanol to ease pressure on suppliers of the fuel and cut crude imports. UPL tanked almost 6% this week despite a good result presented by a company as some profit booking was seen in this stock. Bhushan Steel Ltd tanked 20 % this week due to Earc Trust SC selling 35 lakh shares.
Key Market Drivers:
1) India reaches 30th spot in the ease of doing business in the World Bank's ranking list in 2018.
2) Pharma stocks may face problem in coming days as US states have filed lawsuits against these companies over alleged price manipulation within the US.
3) The government has increased the price of ethanol by 5% to ease pressure on suppliers of the fuel and cut crude imports.
4) Earnings season is also pushing the market in a positive direction as some of the companies in metals, consumer durable and chemical sector companies present very good numbers for the second quarter.
5) USA Fed has maintained the status quo on interest rate decision.
Event To Watch:
The Energy Information Administration's (EIA) USA Crude Oil Inventory is expected to come on 8th of November and it's important to follow as crude oil has been gaining in the market. Result season is going on and some of the companies presenting a very good number for the second quarter.
Stocks To Watch
Yes Bank is on the upside while Escorts Ltd is on the downside.
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