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Markets cheered the New Year as major global markets gained in the first fortnight of 2018. There was a general optimism among investors in the U.S. which overcame weak economic data.
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The unveiling of new rules for European financial markets gave a fillip to sentiment in the region. Upbeat economic data also contributed to the gains. The Asian region was no exception and gained too — talks between South and North Korea being the main reason. There were some unpleasant surprises too as the Bank of Japan in a sudden move cut its bond purchases.
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Indian peers joined the celebrations taking positive cues from upbeat manufacturing and services sector data for Dec 2017. Parliament approved the recapitalisation programme of the government that will deal with non-performing assets of state-run banks.
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The banking sector was impacted after the Lok Sabha approved the recapitalisation programme, under which India’s biggest state-owned banks are likely to get Rs. 80,000 crore of fresh capital this fiscal year. The auto sector saw domestic car sales drop and industry players have set their eyes on the upcoming budget for relief on imported electric vehicle parts.
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The oil and gas sector is looking to raise the issue of bringing natural gas under GST in the budget as it will cut losses. The pharma sector gained as an industry major announced its entry into the over-the-counter segment and the U.S. Food and Drug Administration is expected to inspect another major company’s manufacturing facility in Feb.
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Gold prices moved up as U.S. reported weak economic data. The Iran unrest boosted Brent crude prices that crossed $70 per barrel. The rupee rose against the U.S. dollar as domestic and foreign banks sold the greenback.
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