Indian stock markets have managed to pare some losses after hitting the lowest point in the session on getting the weaker than expected factory output figures which came in at 4.4% for the month of April as per the old series which way lower than the general expectation of around 5%. Buying was largely witnessed in Consumer Durables counter which added around half a percent point while the information technology counter too traded with some gains providing some support the frontline indices. However, investors squared off positions from the oil and gas and defensive FMCG counters, dragging them by over half a percent point. The index heavyweight Reliance Industries too bore the brunt of selling pressure as it plunged over a percent point and weighed down local sentiments. Leads from the markets across the globe too remained subdued as Asian shares exhibited mixed trend. While the European markets commenced their session on a weak note and traded with a negative bias. Meanwhile the spurt in international crude oil prices in the last two sessions of trade has pulverized sentiments by augmenting rate hike fears.
Back home, the broader markets traded at unchanged levels, showing some resilience as they did not succumb to the selling pressure that was evident in the frontline indices. The markets drifted on higher volumes of over Rs 0.45 lakh crore in the early noon session compared to Tuesday. The market breadth on the BSE was in favor of declines in the ratio of 1213:1311while 124 scrips remained unchanged.
The BSE Sensex shed 67.72 points or 0.37% at 18,317.18. The index touched a high and a low of 18,399.02 and 18,271.53 respectively.
The BSE midcap index eased 0.04% and the smallcap index added 0.03% points.
On the BSE sectoral front, Consumer Durables up 0.41%, IT up 0.40% and Teck up 0.12%, remained the only gainers.
While, Oil & Gas down 0.58%, FMCG down 0.55%, Auto down 0.54%, Power down 0.39% and Bankex down 0.39% were the major laggards in the BSE sectoral space. The top gainers on the Sensex were TCS up 0.82%, Hindalco up 0.71%, ONGC up 0.47%, Tata Power up 0.38% and Infosys up 0.30%.
On the flip side Maruti Suzuki down 1.73%, Hero Honda down 1.23%, ITC down 1.05%, RIL down 1.02% and HDFC down 0.94% were the major losers on the index.
Meanwhile, The newly introduced Index of Industrial Production (IIP) with an updated base of 2004-05 starting from the month of April, has expanded at 6.3% pace in April to 167.8 as compared to the level in the month of April 2010. The annual growth for the period April-March 2010-11 stands at 8.2% over the corresponding period of the previous year. However, under the old series, annual industrial output growth in April was 4.4%, lower than the general expectation of around 5%.
According to the data released by Central Statistics Office, the IIP for the Mining, Manufacturing and Electricity sectors for the month of April 2011 stands at 129.1, 178.0 and 146.0 respectively, with the corresponding growth rates of 2.2%, 6.9% and 6.4% as compared to April 2010.
As per Use-based classification, the growth rates in April 2011 over April 2010 are 7.3% in Basic goods, 14.5% in Capital goods and 3.4% in Intermediate goods. The Consumer durables and Consumer non-durables have recorded growth of 3.8% and 2.1% respectively, with the overall growth in Consumer goods being 2.9%, the statement showed.
The S&P CNX Nifty receded 24.20 points or 0.44% at 5,496.85. The index touched high and low of 5,521.45 and 5,482.55 respectively.
The top gainers on the Nifty were Ranbaxy up 1.45%, Hindalco up 0.87%, ITC up 0.78%, TCS up 0.60% and Tata Power up 0.41%.
On the other hand, Maruti down 1.62%, Sesa Goa down 1.57%, R Capital down 1.49%, SAIL down 1.46% and BPCL down 1.17% were the major losers on the index.
On the Asian front, Hang Seng wilted 0.93%, Jakarta Composite declined 0.31%, Strait Times slipped 0.43%, Seoul Composite plunged 1.19% and Taiwan Weighted plummeted 1.81%.
On the other hand, Shanghai Composite rose 0.10%, KLSE Composite advanced 0.49%, Nikkei 225 surged 0.50%.
The European markets have opened a flat to negative note as the France's CAC 40 shed 0.33%, Germany's DAX slipped 0.12% and London's FTSE eased 0.10%.
Unit-8, 3rd Floor, First Mall, The Mall, Ludhiana-141001, Punjab (INDIA).
| To unsubscribe or change subscriber options visit: http://www.aweber.com/z/r/?TJzsLEwstCyc7OysHMyctEa0jAyMjCwcbJw=  |
Posts
0 comments:
Post a Comment
Note: only a member of this blog may post a comment.