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Indian indices underperform global markets

Barring the Indian stock market (down 3.5%) and Singapore stock market (down 0.3%), the major global markets closed on a positive note. The US stock market closed all time high levels; the rally was largely driven by technology stocks. Better than expected earnings propelled the US market to higher levels. Most of the global markets closed higher, ensuing positive lead from Wall Street. European markets pared gains on the last trading day of the week, on the back of dull end to the meeting on Greece’s debt troubles. However, major European indices finished the week in green. As per the data released by HSBC on Thursday, China’s manufacturing activity declined to one year low levels. On the back of this, China markets pulled back some gains, but still closed higher for the week gone by. Japan’s markets advanced above the 20,000 mark, and hit 15-year high during the week. The Indian markets were down by 3.5% during the week on growing concerns over fourth quarter earnings and other global factors. In the last one week alone the currency has depreciated by about 1.8%. One of the reasons attributed to the fall in the rupee is the sell-off in equity markets by foreign institutional investors (FIIs). It is worth mentioning here that from an all-time high closing level of 29,682, the BSE-Sensex has tanked about 8.5% till date. The selling by FIIs has resulted in a surge in demand for US dollars. The outflow of dollars has put the rupee under

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Sensex

Sensex 27437.94-297.08 (-1.07%)

Nifty

Nifty 8305.25-93.05 (-1.11%)

HMap

Adv/Dec

Advances :693 shares
Declines :2076 shares

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