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Mumbai: Domestic macro-economic data, coupled with progress on getting the goods and services tax (GST) bill through parliament will determine the trajectory of the equity markets in the week ahead, market observers say.
What will also impact sentiments will be the position taken by foreign investors ahead of an imminent US interest rate hike, reforms and the pace of recovery in the industrial clusters near Chennai after incessant rains.
“We expect markets to remain volatile with a negative bias ahead of the US Federal Reserves (US Fed) meeting mid-month,” Vaibhav Agarwal, vice president and research head with Angel Broking, told a news agency.
The chances of a US interest rate hike were heightened after the US Fed Chairperson Janet Yellen made hawkish comments, indicating a certain hike in interest rates during the mid-December policy review.
On Wednesday, Yallen had said that she is looking forward to a US interest rate hike which will be seen as a testament to the country’s economic recovery.
A US rate hike could potentially lead to a massive pullback of foreign funds from emerging economies like India.
Furthermore, both the equity markets and the rupee are expected to open Monday’s trade weaker as a key US data – the non-farm payroll figures – showed healthy growth in November.
The data showed that the US economy created 211,000 jobs last month against expectations of 200,000.
“Going into the US Fed policy meet, an EM (emerging market) currency like the rupee will remain under pressure against the US dollar, as foreign funds keep exiting the equity markets,” Anindya Banerjee, associate vice president for currency derivatives with Kotak Securities, told a news agency.
“The FPIs (foreign portfolio investors) have been consistently selling since March this year. They are reallocating funds invested in Indian equities which are increasingly being viewed as over-valued,” hr added.
Selling pressure by the FPIs has dragged the rupee’s value lower.
However, on a week-to-week basis, the rupee gained six paise at 66.70 to a US dollar (December 4) from its previous close of 66.76 (November 27). Nevertheless, the rupee had dipped to a 27-month low of 67.01 on Friday.
The value of the Indian rupee has been dented due to selling spree in the Indian debt and equity markets by foreign funds.
Figures from the National Securities Depository Limited (NSDL) showed that the FPIs sold Rs.3,362.77 crore or $503.32 million in the equity and debt markets from November 30 to December 4.
Data with stock exchanges showed that the FPIs sold stocks worth Rs.3,447.17 crore in the period under review ended December 4.
The FPIs have taken out Rs.23,352 crore in August-September. In November, the foreign investors offloaded stocks worth around Rs.9,000 crore.
On the other hand, the domestic institutional investors (DIIs) bought stocks worth Rs.2,308.29 crore during the just-concluded weekly trade.
Besides global factors, upcoming macro-economic data points like the index of industrial production (IIP) and consumer price index (CPI) will affect investors’ appetite to chase prices.
“Investors will keenly follow the CPI and the IIP data, which are crucial indicators of macro economic trends. The data points assume further significance especially after a below-expected eight core industries (ECI) and purchasing mangers index (PMIs) data,” Anand James, co-head, technical research desk with Geojit BNP Paribas Financial Services, told IANS.
The monthly industrial production and retail inflation figures are expected to be released on December 11.
In addition to the macro-economic data, progress or lack of it towards getting the GST bill passed in parliament will be a key trigger going forward, elaborated Pankaj Sharma, head of equities for Equirus Securities.
“Next week, we think the markets would strongly focus more on what stand the opposition parties take on the GST bill and how the winter session progresses,” Sharma told a news agency.
“If both the government and the (principal opposition party) Congress reach a resolution on GST, it will be positive for the markets. Otherwise, we expect the markets to remain range bound next week.”
The government needs to pass the GST bill in this session to meet the April 1, 2016, roll-out deadline, as just parliamentary approval is not sufficient for implementing the pan-India indirect tax regime.
The bill has cleared the Lok Sabha and is now with the Rajya Sabha, where the Congress and other parties have demanded a series of amendments.
The amended bill will be tabled in the Rajya Sabha and if passed, will again have to clear the Lok Sabha. Thereafter, it has to clear half of the 29 state assemblies before it is sent to President Pranab Mukherjee for his assent.
During the previous week, both the bellwether indices of the Indian equity markets ended in the red.
The barometer 30-scrip sensitive index (S&P Sensex) of the Bombay Stock Exchange (BSE) declined by 490.09 points or 1.87 percent to 25,638.11 points from its previous weekly close at 26,128.20 points.
Similarly, the wider 50-scrip Nifty of the National Stock Exchange (NSE) receded during the weekly trade ended December 4. It ended lower by 160.8 points or 2.02 percent to 7,781.90 points.
(IANS, Rohit Vaid)
Some women say they experienced period changes after getting a Covid-19 vaccination. While the reported changes are short-lived, research into this possible adverse reaction remains critical to the success of the vaccination programme, according to an editorial published in The BMJ.
"A link between menstrual changes after Covid-19 vaccination is plausible and should be investigated," wrote Dr Victoria Male, a reproductive specialist at Imperial College London, in the editorial. Reports of menstrual changes after Covid-19 vaccination have been made for both mRNA and adenovirus-vectored vaccines, she added, suggesting that, if there is a connection, it is likely to be a result of the immune response to vaccination, rather than to a specific vaccine component, she said.
While changes to periods or unexpected vaginal bleeding are not listed as common side effects of Covid-19 vaccination, more than 30,000 such reports have been made to the UK Medicines and Healthcare Products Regulatory Agency (MHRA) surveillance scheme for adverse drug reactions till September 2. However, most people find that their period returns to normal the following cycleand, importantly, there is no evidence that Covid-19 vaccination adversely affects fertility, Male said.
Most people find that their period returns to normal the following cycleand, importantly, there is no evidence that Covid-19 vaccination adversely affects fertility, Male said. | Photo by Hakan Nural on Unsplash
The MHRA states that its surveillance data does not support a link between changes to menstrual periods and Covid-19 vaccines, since the number of reports is low in relation to both the number of people vaccinated and the prevalence of menstrual disorders generally. However, the way in which data is collected makes firm conclusions difficult, Male noted.
She argued that approaches better equipped to compare rates of menstrual changes in vaccinated versus unvaccinated populations are needed, and pointed to the study that the US National Institutes of Health (NIH) has undertaken. Indeed, the menstrual cycle may be affected by the body's immune response to the virus itself, with one study showing menstrual disruption in around a quarter of women infected with SARS-CoV2.
If a link between vaccination and menstrual changes is confirmed, this will allow individuals seeking vaccination to plan in advance for potentially altered cycles, Male contended. In the meantime, clinicians must encourage their patients to report any changes to periods or unexpected vaginal bleeding after vaccination. And anyone reporting a change in periods persisting over a number of cycles, or new vaginal bleeding after the menopause, should be managed according to the usual clinical guidelines for these conditions, she suggested. (IANS/MBI)
Keywords: vaccine, menstrual cycle, period, covid, women, health
A garage sale in the 21st century needs a tech-savvy platform. This is where Poshmark comes into the picture, the platform with a community of over 2.5 million Canadians has products listed with over half a billion dollars in value by their users.
It began expanding outside of the United States in Canada in May 2019 and has now launched in India. So its become simple and easy for anyone to sell items from their closet, enabled by a full suite of end-to-end seller tools and services, including seamless listing, merchandising, promotion, pricing, and shipping. Indian consumers will be able to join Social marketplace Poshmark, Inc. (Nasdaq: POSH), a booming community of more than 80 million users and a vibrant network of millions of shoppable closets to make money, save money, connect with others, and foster entrepreneurship.
The platforms scalable model and infrastructure enables continued expansion to new countries and categories in the future. | Photo by Duy Hoang on Unsplash
"As an Indian who grew up exploring the marketplaces of Old Delhi, I know firsthand how important it is to come together and connect as part of the shopping experience. I am confident that our social marketplace will resonate with Indian consumers and allow us to build a thriving and successful community here." The platform's scalable model and infrastructure enables continued expansion to new countries and categories in the future. (IANS/ MBI)
(Article originally written by: N. Lothungbeni Humtsoe)
Keywords: Clothes, garage, Poshmark, India, Old Delhi, social marketplace
Great historic events that have shaped the world and changed the outlines of countries are often not recorded in memory, or so we think. Wars made sure to destroy evidence and heritage, and the ones who survived told the tale of what really happened. Folklore, albeit through oral tradition kept alive many such stories, hidden in verse, limericks, and rhymes.
Ringa-ringa-roses, a common playtime rhyme among children across the world, is an example of folklore that has survived for many centuries. It tells the story of the The Great Plague of London which ravaged the city between 1665-1666.
The Plague broke out from improper disposal of garbage and poor sewage conditions. Fleas from the rats that lived in the sewers spread the disease that killed more than half of London's population. Many people fled from their homes as there was no medicine available for those who were infected.
Beak-shaped masks worn during the Great Plague of London Image source: wikimedia commons
It was around this time that masks began to be invented. The first masks were shaped like beaks, and were worn not to protect the wearer from the disease, but to the prevent them from being able to smell the decay and death around them, which they called 'miasma'. The beaks were filled with floral herbs that allowed doctors and nurses to tend to the sick without being reviled from the smell.
Children are often seen forming circles by holding hands and reciting loudly,
Pockets full of posies
We all fall down"
An illustration of the Great Plague of London, 1665 Image source: wikimedia commons
When the last line is sung, they break the circle and fall down. The roses and posies are believed to be the preferred fragrances inside the masks, and a single sneeze (a-tishoo) was enough to infect the one who was exposed to the disease. Consequently, they fell down, ill, and later died.
An alternative version of this rhyme is sung about the fall of Hiroshima and Nagasaki in the aftermath of World War II. The roses and posies are interchanged with geranium and uranium, to symbolise what was used in the atomic bomb. But this version is not as famous the original.
Keywords: Rhymes, Ringa-ringa-roses, Great Plague of London, WWII, Hiroshima, Nagasaki, Folklore