After a V-Shaped recovery seen in the previous week, the Indian equity markets managed to carry forward the momentum amid expectation of another rating upgrade. It could be two ratings upgrades in two weeks for India. According to media reports rating agency, Standard & Poor’s is expected to revise India’s sovereign ratings. S&P had last changed India’s rating in January 2007 to BBB- and it has remained unchanged at BBB- till date.
Logistics companies outperformed throughout the week after the finance ministry decided to give infrastructure status to the sector.
Major FMCG companies were in the focus throughout the week as according to reports they slashed prices of products after the reduction in GST tax slab. Marico, Hindustan Unilever and Dabur were among the companies reducing prices.
IndusInd Bank and YES Bank to enter the BSE Sensex index replacing Cipla and Lupin. The changes will take effect on December 18, 2017.
Apart from all this, the government stepped up the ante as the President signed an ordinance amending the Insolvency and Bankruptcy Code to help prevent defaulters from bidding for their assets and regaining control while banks were forced to swallow losses.
Sebi plans to ease takeover rules to speed up the resolution of insolvency proceedings for stressed companies as local lenders seek to recover about Rs 9 lakh crore from entities rendered unviable by the mounting debt pile.
For the week, Nifty and Sensex were up by 1% each.
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