Weekly Recap: Markets witness weakness; Nifty posts weekly loss of more than 1%

Let us take a glimpse of what happened in markets over this week.

Dec 08, 2019 08:12 IST India Infoline News Service

Stock Market Down
Indian equities witnessed weakness during the week as benchmark Nifty posted a weekly loss of 1.12% at the end of the week. On the sectoral front, PSU Bank (-7.83%), Auto (-3.46%), Metals (-3.41), Pharma (-2.84%) ended the week as among the worst performing indices. On the other hand, IT stocks ended the week more or less on the winning side.

Reserve Bank of India has kept the key policy rate unchanged in its bi-monthly monetary policy review.
Finance Minister Nirmala Sitharaman has barred miners, software developers and book printers from the lower corporate tax of 15%, which she announced for new manufacturing companies.
According to RBI, consumer confidence has fallen to 85.70% for the month of November from 89.40% in September, which is steepest fall in more than 5 years.
CPI inflation for December has been revised upward to 4.7-5.1% from 3.5-3.7% predicted in the month of November. The upward revision was mainly due to rising food prices.

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