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The week that was, Nifty wipes out weekly gains

The Indian equity markets snapped a two week losing streak after macro numbers brought some joy to the street. Robust Industrial Production growth in January coupled with slowing down of retail inflation were among the major factors that propped up sentiments.

However, profit booking coupled with reports that the monsoon could be below normal due to El Nino impact, caused some panic offloading in the market towards the end of the week, erasing gains.

February’s wholesale inflation lowered marginally to 2.48% versus 2.84% in the previous month. India’s IIP expanded to 7.5% in January, compared to a 7.1% growth rate in December. Retail inflation in February slowed down to 4.44% compared to 5.07% in January.

Shares of TCS fell 6.5% during the week after its promoter Tata Sons sold about 1.5% stake in block deals.

PSU Bank index gained by 2.5% during the week followed by Small Cap index, up 2%, and Midcap index, up 1.5%. On the other hand, Energy index fell by 0.6%, IT index was down by half a percent and Metals index declined by 0.3%.