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  Business   Market  07 Nov 2018  Samvat 2074 sees 7 per cent gain

Samvat 2074 sees 7 per cent gain

THE ASIAN AGE.
Published : Nov 7, 2018, 12:40 am IST
Updated : Nov 7, 2018, 12:40 am IST

Issues that plagued markets will exert pressure on equities next year also.

The year started on a euphoric note that took the markets to an all-time high with small- and mid-cap stocks leading from the front.
 The year started on a euphoric note that took the markets to an all-time high with small- and mid-cap stocks leading from the front.

MUMBAI: The equity markets signed off Samvat 2074 on a flat note, but clocked over 7 per cent gains during the year amidst high volatility triggered by both domestic as well as global factors. The Sensex closed the day at 34,991.91, up 40.99 points or 0.12 per cent and the Nifty ended on a flat note at 10,530, up 6 points or 0.06 per cent.

The year started on a euphoric note that took the markets to an all-time high with small- and mid-cap stocks leading from the front. However, the threat of trade war, sudden spike in oil prices and the resultant weakness in the India currency ended the dream run for domestic equities.

“It turned out to be complete opposite of what investors had expected during the beginning of the Samvat 2074,” said Ambareesh Baliga, a senior research analyst.

While some of the issues that plagued the markets are likely to continue to exert pressure on the domestic equities going forward, he said others are likely to subside providing good support to the markets.

“I believe Samvat 2075 is going to be much better that last year for equities as most of the negatives have already been factored in the current prices. One major relief for domestic equities is the fact that the global oil prices have reversed its up-trend while the Indian rupee is now expected to stabilise and recover from its historic lows. This is a huge positive,” Mr Baliga said.

According to Deven Choksey, MD at K.R.Choksey Securities, Indian equities are starting the new Samvat year on a relatively positive note with both economic growth and corporate sentiments gaining strong momentum.

“This is very important for all of us. However there are also a few uncertainties with regards to oil prices and Indian rupee. If the rupee depreciates further against the dollar, it can definitely become a worry for the markets. The markets are also expected to turn slightly cautious ahead of the forthcoming state elections and 2019 Lok Sabha polls,” he added.

Tags: samvat 2074, sensex, nifty