SENSEX 16501.74 -365.23
NIFTY 4946.80
-112.65
NASDAQ 2461.08 -06.91
|
UPDATEDTIME 09.28 PM 12 SEPTEMBER 2011
|
Indian
markets reacted strongly to weak global cues and lower-than-expected domestic
economic data to close near important support levels. All the sectoral indices ended
in the red with metals, technology and realty space being the worst hit.
Benchmarks had opened with a gap-down, in line with Asian peers, on concerns that Greece would default on its debt repayments. The resignation of the top German official at the European Central Bank also weighed sentiments.
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. Manufacturing growth was at 2.3 per cent vs 10.8 per cent. Capital goods showed contraction of 15.2 per cent against growth of 38.2 per cent last month.
According to analysts, hike in interest rates by the Reserve Bank of India has been impacting growth adversely. The rate sensitive sectors are likely to remain volatile for the next few sessions as inflation data will be out Wednesday.
Investors will also be keenly awaiting the outcome of RBI's mid-quarter review meeting on Friday. "We continue to expect the RBI to pause in its Mid-Quarter Review meeting on September 16. In conjunction with sequentially falling inflation and an adverse global environment, the latest IP print shows the extent of the decline in domestic activity and further increases the likelihood that the RBI will pause, in our view. The next important data release is WPI inflation for August on September 14, where we expect the print to be 9.7% yoy.
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.
BSE Midcap Index was down 1.84 per cent and BSE Smallcap Index declined 1.86 per cent.
Amongst the sectoral indices, BSE Metal Index was down 3.39 per cent, BSE IT Index fell 3.27 per cent and BSE Realty Index declined 3.13 per cent.
Hindalco Industries (-4.76%), Tata Steel (-4.63%), Wipro (-4.56%), SBI (-4.39%) and Tata Motors (-4.14%) were the major Sensex losers.
HUL (3.80), Cipla (1.41%) and Sun Pharma (1.24%) were amongst the gainers.
Market breadth was negative on the BSE with 1929 losers against 875 gainers.
Benchmarks had opened with a gap-down, in line with Asian peers, on concerns that Greece would default on its debt repayments. The resignation of the top German official at the European Central Bank also weighed sentiments.
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. Manufacturing growth was at 2.3 per cent vs 10.8 per cent. Capital goods showed contraction of 15.2 per cent against growth of 38.2 per cent last month.
According to analysts, hike in interest rates by the Reserve Bank of India has been impacting growth adversely. The rate sensitive sectors are likely to remain volatile for the next few sessions as inflation data will be out Wednesday.
Investors will also be keenly awaiting the outcome of RBI's mid-quarter review meeting on Friday. "We continue to expect the RBI to pause in its Mid-Quarter Review meeting on September 16. In conjunction with sequentially falling inflation and an adverse global environment, the latest IP print shows the extent of the decline in domestic activity and further increases the likelihood that the RBI will pause, in our view. The next important data release is WPI inflation for August on September 14, where we expect the print to be 9.7% yoy.
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.
BSE Midcap Index was down 1.84 per cent and BSE Smallcap Index declined 1.86 per cent.
Amongst the sectoral indices, BSE Metal Index was down 3.39 per cent, BSE IT Index fell 3.27 per cent and BSE Realty Index declined 3.13 per cent.
Hindalco Industries (-4.76%), Tata Steel (-4.63%), Wipro (-4.56%), SBI (-4.39%) and Tata Motors (-4.14%) were the major Sensex losers.
HUL (3.80), Cipla (1.41%) and Sun Pharma (1.24%) were amongst the gainers.
Market breadth was negative on the BSE with 1929 losers against 875 gainers.
Regards
RAKESH MAKIN
+91,
9041667797(DIRECT), 9915684997
OFF
0172-4657997
PANCHKULA (Haryana).
Email:makin_97@yahoo.com
Group mail id: makin97NSEtips@yahoogroups.co.in
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