The Nifty PSU Bank was the top loser down by 5%, while Bank Nifty, Metals and Pharma index declined by 2% each.

Markets failed to build on previous weeks momentum as indices erased all its gains to close almost unchanged. The possibility of four rate hikes this year in the US, rising crude oil prices and rising bond yields were among the major concerns that dragged the markets lower once again. Even promising quarterly GDP numbers failed to cheer the sentiment on the street.

The pace of economic growth in India is pretty much in line with expectations as captured by the latest GDP estimates. Indian economy extended the recovery during Q3, with GDP growing at 7.2% (yoy), compared with 6.5% a quarter prior.

Estimates project FY18 GDP will expand by 6.6%. While, core infrastructure sectors during January grew at a faster clip at 6.7% (yoy). India’s fiscal deficit on the other hand, stood at Rs 6.77 lakh crore at the end of January, much above the target for the entire fiscal.

The Nifty PSU Bank was the top loser down by 5%, while Bank Nifty, Metals and Pharma index declined by 2% each. On the other hand, the Auto index gained by 2%, Realty and Energy index gained by a percent during the week.

source: indiainfoline.com