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 Market Commentary 

Another disappointing Week; Markets down 1% 

Key benchmark indices edged lower on concerns the US Federal Reserve may reduce monetary stimulus for the world's largest economy sooner than expected. The Sensex shut shop 0.89% down while the Nifty slipped 1.00% for the week ended November 22, 2013.

Major Headlines for the week:

• FIIs snap 32-day buying streak in shares
• UBS downgrades India to Neutral
• Fitch says India's ratings already reflect Fed tapering fears
• Indirect tax collection up 5.3% in Apr-Oct

Indian indices:

Welcome to the 'Weekly Market Wrap' for November 22, 2013. The market fell for third straight week as investors booked profits. Key benchmark indices edged lower on concerns the US Federal Reserve may reduce monetary stimulus for the world's largest economy sooner than expected.

Moreover foreign institutional investors snapped their 32-day buying streak and sold shares worth nearly Rs60 crore on Thursday. They had bought shares worth Rs23,884 crore, as per data on Bombay Stock Exchange website.

Key benchmark indices fell in three out of five trading sessions during the week. The 50-unit CNX Nifty ended below the psychological mark of 6,000 amid high volatility during the week.

The S&P BSE Sensex tumbled 182.03 points to 20,217.39 while 50-unit CNX Nifty fell 60.70 points to 5,995.45.

Weekly market trend from November 18, 2013 - November 22, 2013:

• On November 18, 2013; the BSE Sensex and the Nifty rose over 2% tracking gains in other Asian markets, cheered by the prospect of extended stimulus in the United States and real economic reform in China. The BSE Sensex rose 2.21% and the Nifty was up by 2.19%. Key benchmark share indices surged on Monday to record their highest single-day gains since October 18 after US Fed plans to continue the stimulus measures raised hopes of further foreign inflows and bold economic reforms unveiled by China boosted investor sentiment. The Sensex closed at 20,850.74, up by 451.32 points, while the Nifty rose by 132.85 points to close at 6,189.00.

• Indian shares rose for a third consecutive session on November 19, 2013; to their highest closing levels in nearly two weeks on Tuesday, as a rally in debt markets boosted banks, the biggest holders of bonds, while broader sentiment remained underpinned by global factors. The BSE Sensex rose 0.19% and the Nifty was up by 0.23%. Key benchmark share indices ended flat on Tuesday, amid a range bound trading session, tracking weakness in Asia and Europe. Key Asian share indices ended lower while European share were trading weak. The Sensex closed at 20,890.82, up by 40.08 points, while the Nifty rose by 14.35 points to close at 6,203.35.

• On Wednesday (November 20, 2013); the Indian shares marked their biggest single-day percentage fall in nearly 1-1/2 months, as blue chips slumped on profit-booking after three consecutive sessions of gains. The BSE Sensex fell 1.22% and the Nifty was down by 1.30%. Indian stock markets ended sharply lower as investors booked profits after recent rally with index heavyweights and private banks leading the decline. Broader markets maintained uphold by outperforming its BSE benchmark. The S&P BSE Sensex shed 255.69 points to close at 20635.13 while Nifty slipped 80.45 points to end at 6122.90.

• India markets fell 2% on Thursday (November 21, 2013); marking its biggest single-day percentage fall in nearly two months, as blue-chip shares slumped for a second straight day on fears the pace of foreign investor buying is slowing down. The BSE Sensex fell 1.97% and the Nifty was down by 2.02%. Indian stock markets ended sharply lower as investors booked profits after recent rally with index heavyweights and private banks leading the decline. Benchmarks plunged after minutes of US Federal Reserve's last meeting were made public late Wednesday. The S&P BSE Sensex shed 406.08 points to close at 20229.05 while Nifty slipped 123.85 points to end at 5999.05.

• Indian shares closed flat on Friday giving up earlier gains to mark their third consecutive week of losses, as concerns grow after data showed foreign investors have started cutting positions. The BSE Sensex and the Nifty was down by 0.06% each. Indian stock turned volatile in the last trading hour as key benchmark indices pared early gains in late trades as investors turned cautious and booked profits at higher levels in heavyweights. The S&P BSE Sensex shed 11.66 points to close at 20217.39 while Nifty slipped 3.60 points to end at 5995.45.

Global indices:
Among the global markets for the week ended November 22, 2013. Top three losers were CAC 40 which fell 0.89%, Nasdaq declined 0.42% and FTSE100 dropped 0.18%. Top three Gainers were Hang Seng which gained 2.88%, Shanghai Composite rose 2.83% and Nikkei up 1.42%.

Sectoral and stock screening:
Among 13 sectoral indices, 10 closed the week in red zone. Top three gainers of the week were CG, which was up 2.05%, BSE Realty up 0.41%, and BSE Oil & Gas up 0.26%. The top three losers were BSE CD down 2.26%, BSE Auto down 1.97% and BSE HC down 1.87%.

Looking at the 'A' group stocks, the top three gainers of the week were Financial Technologies which was up 14.11%, Indian Bank up 11.35% and Suzlon Energy up 11.29%. The top three losers of the week were Sesa Sterlite down 9.19%, Zee Entertaiment down 9.07% and Cipla down 8.59%.

FII/MF activity:
The foreign institutional investors (FIIs) have been net buyer of the Indian stocks worth a net of Rs1966.90 crore, while the domestic investors were also net sellers of Indian stocks to the tune of Rs297.20 crore during the week till November 20, 2013.