The volatile mile

BJP workers shout victory slogans to celebrate their partys success in the NorthEast Assembly elections in Kolkata PicPTIMarkets continued to be volatile and are in the process of finding a base The mood on Tuesday was one of over optimism and markets corrected sharply from there sending them into negative territory and in the process changing the mood to bearish as well The BSESENSEX lost 9521 points or 028 per cent to close at 3404694 points while NIFTY lost 3270 points or 031 per cent to close at 1045835 points The broader indices saw the BSE100 BSE200 and BSE500 lose 033 per cent 030 per cent and 020 per cent respectively BSEMIDCAP was down 061 per cent The BSESMALLCAP though gained 049 per centSector sceneThe top sectoral gainer was BSEAUTO up 198 per cent followed by BSEOILampGAS 089 per cent and BSECAPGOOD 071 per cent The top loser was BSEMETAL down 198 per cent followed by BSEBANKEX 165 per cent and BSEHEACARE 138 per cent In individual stocks the top gainer was Eicher Motor up 367 per cent followed by Aurobindo Pharma 357 per cent and Indian Oil 332 per cent The top loser was Sun Pharma down 668 per cent followed by ICICI Bank 526 per cent and Bank of Baroda 520 per cent Dow Jones had another week of correction and lost 42442 points or 173 per cent to close at 2453806 points The rupee depreciated by 44 paisa or 068 per cent to close at Rs 6517 to the US dollarTraders on the floor of the Dow Industrial Average at the New York Stock Exchange US stocks tumbled joining a global selloff amid fears of a trade war PicAFPPrimary eyeIn primary markets news the IPO from H G Infra Limited was subscribed 498 times with QIB portion subscribed 837 times HNI 497 times and Retail 308 times There are no issues slated during the week on the main board while there are many on the SME exchange The week was full of news and a lot of them would have bearing when Parliament begins its session next week The son of the former Finance Minister P Chidambaram has been arrested and sent to judicial custody Election results in Tripura saw the 25year rule of the Left being brought to an end with the BJP securing majority on its own and 23rd with its electoral ally In Nagaland it would be able to form a government with its allies and while it is touch and go in Meghalaya it could still be advantage BJP with its allies The wins are significant and the entry into the North East of the country in state after state shows that the mindset is changingNoose tightensNonbailable warrants have been issued against Nirav Modi and his uncle Mehul Choksi Further the number of arrests in the PNB scam continue to mount with the government determined to book the people involved The noose seems to be tightening and an ordinance empowering the state to attach assets of absconding people has been passed It would be a stormy session when Parliament begins but the government would get legislative business passed as no one would like to be seen as obstructing passage of bills to book abscondersClocking inIndia clocked a GDP of 72 per cent for the quarter ended December 2017 and is back at being the fastest growing economy overtaking China Punjab National Bank shares seem to have bottomed out and closed at Rs 101 at the end of the week but not before touching a low of R92 The shares lost R 1240 or 1093 per cent during the week Gitanjali Gems the listed entity of Mehul Choksi lost R 450 or 1815 per cent to close at R 2030 Vakrangee shares continued to be under pressure and lost R 3515 or 1850 per cent to close at R 15485 Shares are down from R 51540 on January 24 The company had announced a share buyback on February 12 There is no update on the same so farStorm warningExpect a stormy start to the Parliament opening with the arrest and PNB scam dominating proceedings Election results and the ordinance on proclaimed offenders would be key events With disruptions being the order of the day expect markets to go nowhere in the current week Global cues and update on the scam would decide market trendsCatch up on all the latest Mumbai news crime news current affairs and also a complete guide on Mumbai from food to things to do and events across the city here Also download the new midday Android and iOS apps to get latest updates