Equity Update for the Fortnight - September 2019 - II

Oct 18, 2019

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In the fortnight ended September 30th, 2019, saw markets around the globe being hit by volatility. The ups and downs of U.S.-China trade relations and economic data impacted investor sentiment.

International Market

U.S. markets were hit when an impeachment was officially initiated against the President, creating a political turmoil in the country. The U.S. Federal Reserve not committing on future rate cuts was not taken nicely by investors.

European markets fell on Brexit uncertainties, crude oil worries and weak economic data. U.S.-China trade vagaries also impacted sentiment. Weak economic data stoked recession fears.

Asian markets followed the global peers and lost in the month. The political tension in the U.S. dented sentiment. Weak Chinese economic data led to global growth slowdown concerns.

Indian Market

Indian equity markets gained as investors grew confident of support to spur growth in the slowing economy. The Government cut corporate tax to boost company earnings, among other measures.

The Banking and Financial Services sector gained during the fortnight period after the finance minister announced cuts in corporate tax rates to revive the slowing economy.

Auto & Auto Ancillaries sector ended on a positive note during the period. The IT sector fell during the period under review as the rupee strengthened against the greenback.

The rupee rose against the greenback following gains in the domestic equity market after a corporate tax cut was announced by the Government.

Source: MFI Explorer

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