The S&P BSE midcap index dropped 1.53%, while the
S&P BSE small-cap index for the week ended February 14 dropped 1%.
After showing a V-shaped recovery in the week following the
budget, Indian indices saw strength in the week ended 14 February amid mixed
global cues due to fears of coronavirus (COVID-19).
The volatile week of the benchmark indices ended with little
change as the Sensex rose 115.89 points to 41,257.74 and the Nifty gained 15.15
points to end at 12,113.5.
The S&P BSE midcap index dropped 1.53%, while the S&P
BSE small-cap index for the week ended February 14 dropped 1%.
"Markets are facing headwinds from both the domestic
and global front, however, the benchmark still seems to be comparatively
stable. On the other hand, stocks are seeing volatile fluctuations and we are
seeing this trend at least in the near future Hope to continue.
"In the absence of any major local events, we think
global cues will largely determine market trends," he said.
40 stocks declined 10-40 percent in the S&P small-cap
index. These include Tasty Bite Eatables, RSWM, Shankara Building Products,
Shilpa Medicare, Akzo Nobel India, Lakshmi Vilas Bank, Punj Lloyd, Asian
Oilfield Services and Ipca Laboratories.
As the domestic income season comes to an end and there are
no major local or global events in the next week, all eyes will be on COVID-19
and its impact on global markets.
On the domestic front, India's retail inflation for January
stood at 7.35% versus 7.59% in December 2019, while wholesale
price inflation (WPI) stood at 3.1% in January.
The S&P maintained India's ratings with a stable outlook
and expected gradual recovery in the economy and GDP growth to reach 7% in two years.
