The week that was, Nifty snaps 3-week losing streak
The IT sector outperformed during the week after Nasscom projected that the Indian IT services industry is expected to grow at 7-9% in FY19.
After going through a dismal February series, indices have welcomed the March series on a positive note as benchmarks find some relief from the relentless selling seen in the past three weeks. Fears of more than three rate hikes by the Fed seem to have deteriorated bringing down bond yields which triggered a relief rally.
The IT sector outperformed during the week after Nasscom projected that the Indian IT services industry is expected to grow at 7-9% in FY19. Besides, Sun Pharma stole the limelight amid USFDA Halol plant inspection. The stock shot up on Friday despite U.S. drug regulator issuing a Form 483 with three observations.
Meanwhile, India’s trade deficit hit a 56-month high in the month of January. A 9% rise in exports at US$24.3bn was outweighed by a 26% rise in imports which stood at US$40.6bn. This has left a trade gap of US$16.3bn, the highest since May 2013.
On the other hand, Foreign direct investment (FDI) in India increased by a marginal 0.27% to US$35.9bn during the April-December period of the current fiscal,
For the week, Nifty and Sensex marginally gained by 0.4% each.