Indian Markets Recovers From the Lower Levels after a Pull back Rally in Europe.Benchmark Indices BSE and NSE are Just a Fraction in RED.Nse is Down 8 Points and Sensex is Down 30 Points at 2:35.Approx One hour is Left before Closing, So let’s See More Short Covering Comes Or not as DOW Future INDEX is Also showing Some Green Signs.
After loss of Gold on COMEX, Indian MCX is also on Cicuit after 1 Hour of trade.Gold Losses About 1600 rupees on MCX and Now on 25,113 At 12:30.MCX Gold Circuit is on 6% and More Loss is Expected when this Circuit will be Open.
Another Side Silver breaks Two Circuits on MCX 47970 with a Loss of 5787 Rupees.So a Heavy Sellout by Fund Managers from All Around the Globe.There is a Selling All Around From Equity to Assets.
The downtrend in Indian equity benchmarks continued in the afternoon trade as sell-off in major sectors like capital goods, banking, power and oil & gas gained momentum. The 30-share BSE Sensex lost 195 points and the 50-share NSE Nifty dropped 56 points to 5,030 ( At 1:33 Afternoon).
Fall in rupee remained a cause of concern as it depreciated to 47.82 per dollar, down 0.50.Heavyweights like ONGC, ICICI Bank, L&T, NTPC and SBI were down 1.5-3%. TCS, Reliance Industries, ITC, Infosys, HUL and BHEL slipped 0.6-1%.
India’s main inflation gauge rose 9.78 percent in August, higher than the median forecast for a 9.6 percent.While July industrial output data on Monday was the worst in nearly two years.So Now Markets are Eyeing RBI, The central bank is still expected to raise rates by another 25 basis points at its policy review on Friday.
Indian Markets Summary For Today
Bombay Stock Exchange’s Sensex ended at 16501.74, down 365.23 points or 2.17 per cent. The 30-share index touched intraday high of 16668.25 and low of 16393.04.
National Stock Exchange’s Nifty ended at 4946.80, down 112.65 points or 2.23 per cent. The broader index touched a high of 4985.60 and low of 4911.25 in trade today.
Indian markets reacted strongly to weak global cues. All the sectoral indices ended in the red with metals, technology and realty space being the worst hit. The market was further rattled by disappointing Index of Industrial Production data for the month of July. India’s IIP grew at 3.3 per cent in the month of July against 8.8 per cent a month ago.
High Raising of fuel prices with the Increase in Loan Interset Rates compounded the challenge for the auto industry, dragging down car sales 10%.
Here is the Comparison of sales of 144,156 cars against a YOY comparison of 160,713 cars in 2010.Tata Motors reported a 39.45% decline to 13,508 units, Hyundai Motors posted a 7.51% decline in sales to 26,451 units. So Car sales slow down for second month running.
Yesterday Carl-Peter Forster, the group CEO and managing director Tata Motors unexpectedly resigned from the company.He Just Stated it as “unavoidable personal circumstances”.Forster will continue to serve the Board of Tata Motors as a non-executive member.
Chairman Ratan Tata Said –> “We would like to thank him for his contributions to the successful development of our company.”
With a Slip in Europe of over 1 percent, BSE Sensex slipped over 200 points led by major losses in Reliance Industries Ltd, Infosys and ICICI Bank Ltd. Top losers include: AXIS Bank ( More then 3%), Hindalco Industries Ltd (down 5%), Sterlite Industries (down 3.6%) and Tata Motors (down 2.8%)
At 2:25 pm; National Stock Exchange’s Nifty was at 5086.30, down 66.75 points. Bombay Stock Exchange’s Sensex was at 16970.99, down 194.55 points.
Today is the Last Session of the Week, So Voltality of this Type is Expected.
The BSE Sensex closed above the 17K mark after nearly a month, gaining over 202 points at 17,065. The Bombay Stock Exchange 30-share barometer opened higher and remained in the positive terrain throughout the day to close at 17,065 — up 202.19 points or 1.20 per cent — highest close since August 11. It had gained 149.48 points or 0.89 per cent yesterday.
The wide-based NSE 50-issue Nifty also improved further by 60.35 points or 1.19 per cent to end at about 4-week high of 5,124.65.
Indian stock market is expected to drop before some consolidation this Coming week as it looks towards global peers for cues and fresh triggers.The uncertainty in the US might hit the overall sentiment.After five weeks of losses, the markets, aided by short-covering, logged the best weekly close in over two years. The Sensex started the week with an upside gap of over 200 points, and, thereafter, did not look back. The holiday-shortened week saw the markets log gains in each of the three trading sessions. The BSE benchmark Sensex touched a high of 16,990 and ended finally with a gain of over six per cent (973 points) at 16,821 — the best weekly gain in percentage terms since July 17, 2009.
So Let’s See Where We Move Ahead From Tommorow.
