Market Rises As Banks Rob The Show
Jan 13, 2017 | 16:44 PM IST
Jan 13, 2017 | 16:44 PM IST
Market This Week
Quarter earnings season has started. TCS played it smart by disclosed it's quarter earnings just a minute after market closing so as to nullify instant impact on stock. This was an astute move by the company management which is going through a transition phase at this point. As the result lined up with the expectations not much movement was recorded in the company's stock. IT giants are lined up for their earnings and earnings can add more volatility in the market. Adding to this the union budget is round the corner which might initiate a rally in the next few weeks.
Movers & Shakers
The government is mulling a 'cash tax', the likely proposal of which may figure in the 2017-18 Budget, as part of efforts to initiate digital transactions. The government is currently evaluating the proposal. The step to encourage digital transactions could be a modification of the United Progressive Alliance governments banking cash transaction tax, where tax will be imposed on cash withdrawals above a certain limit.
Key Market Drivers
India grew fastest among major economies worldwide at over 7.5 percent in 2016 and can continue to drive global growth in 2017 with its share in the world GDP expected to rise to 17 percent. Asia can remain the fastest growing region of the world, but the spotlight will shift away from China to India and Indonesia. Indonesia is set to become the world's 16th trillion dollar economy. The week banks recorded good growth. Bank index saw a huge leap. ICICI, IndusInd Bank were the top gainer in the sector this week. Chemical sector too witnessed reasonable growth.
Event Watch
As the union budget is approaching it seems that the market sentiment is getting more and more positive everyday. Several significant event like budget, RBI meeting, etc. are scheduled in the same week which will have an impact on the market. To add to it the quarterly results are also scheduled all this month. As market sentiment is mostly positive, minor hiccups like profit booking might offer a slight pull back. However, it will be safe to assume that in the next few weeks market will see a lot of movement.
Uflex Ltd is on up side while Idea Cellular Ltd is on down side.
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