Market Recap for March 13-17
Here’s a look at some statistics for the Indian market, as defined by shares that trade on the NSE:
In addition to the advance/decline ratio, I’ve shown TRIN values (for more on TRIN, refer to my previous post) - they remain in the bullish range. The concern however is the sharp dropoff in net FII purchases, despite the 1% rise in the Nifty-50 index on Thursday. Mutual funds did pick up the slack somewhat but its the FIIs who seem to impact the short-term direction of the market.
As for sector performance, here’s a look at the past week, courtesy of ICICIDirect:
PSUs were the surprise winners, with oil stocks (ONGC, IPCL) showing strong performance on Friday. Capital good stocks (ACC, ABB, L&T, M&M, etc.) look like they are taking a breather after their massive runups over the past few weeks. My pick continues to be the
(mid-cap) IT sector.
All in all, a relatively quiet week for the markets, apart from the new highs in the major indices.
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