After seeing a decline in September 2017, stocks of most Indian tyre companies made gains in October in tandem with record high levels on the bourses triggered by a buying spree by FIIs and Mutual Fund houses, encouraging government announcements on recapitalisation of PSU banks, ambitious road building programme etc
Record high levels in the stock market in October 2017 bolstered stocks of the Indian tyre companies, which had seen a plunge in their prices in September 2017. During the period of September 4, 2017 to October 30,2017, the BSE Sensex increased around 5 per cent, while tyre companies managed to be in the positive zone.
Global geo-political tensions and China’s downgraded credit rating had hit the Indian equity markets in September, despite having some gains. North Korea’s hydrogen bomb test raised tension in the global arena and slowed down the momentum of the stock markets. The momentum retrieved in the second week of September and continued climbing up till the third week of the month.
However, S&P Global Ratings downgraded China’s long-term sovereign credit rating citing increasing risks from its growing debt. Coupled with this, the Dalal street also took a toll on the likely fiscal stimulus, which will lead to fiscal deficit.
In September, foreign institutional investors (FIIs) sold Rs. 113.92 billion worth of equities, while domestic mutual fund houses made net purchases of Rs 158.26 billion. Finally, the BSE Sensex ended with a negative return of 1.41 per cent and settled at 31,283.72 in September.
This story is from the November - December-2017 edition of Rubber Asia.
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This story is from the November - December-2017 edition of Rubber Asia.
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