The first week of the calendar year 2019 ended with losses amid broad-based selling pressure. A sell-off in the US equity markets led to a weakness in global markets, consequently leading to a phase of declines in the Nifty too.
Moreover, sentiment took a further hit over the fiscal deficit situation after the government, once again, missed the Rs1 lakh cr monthly GST collection target in December. This raised concerns that the government may fail to contain the fiscal deficit.
Sector-wise, most IT stocks suffered losses on Friday after the Indian currency appreciated against the US dollar. In addition, investor sentiment was also hit after the tech-heavy Nasdaq index fell sharply.
Metals stocks too lost their sheen after Chinese data showed a drop in factory output, indicating a slowdown. Tata Steel, Hindalco, and Jindal Steel & Power were among the top losers.
Moreover, sentiment took a further hit over the fiscal deficit situation after the government, once again, missed the Rs1 lakh cr monthly GST collection target in December. This raised concerns that the government may fail to contain the fiscal deficit.
Sector-wise, most IT stocks suffered losses on Friday after the Indian currency appreciated against the US dollar. In addition, investor sentiment was also hit after the tech-heavy Nasdaq index fell sharply.
Metals stocks too lost their sheen after Chinese data showed a drop in factory output, indicating a slowdown. Tata Steel, Hindalco, and Jindal Steel & Power were among the top losers.
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