SENSEX 16217.82 -04.48
NIFTY 4920.40 -00.01
USD/INR 0055.44 -00.21
NASDAQ 2839.27 -00.11
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UPDATEDTIME 09.28 PM 25 MAY 2012
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The Sensex ended flat on Friday as state-controlled oil
companies fell on fears this week's petrol price hike would be partially
rolled back, casting doubts about a potential increase in other fuels such as
diesel.
The Sensex ended flat at 16,217.82 points, while the Nifty also ended flat at 4,920.40 points.
The benchmark BSE Sensex rose 0.4 percent for the week, snapping four consecutive weeks of losses, as investors saw the recent sharp sell-down as overdone, but the outlook remains deeply cautious.
Indian shares are still down 6.4 percent so far in May, as the Greek and the euro zone woes and fears about policy paralysis and fiscal challenges at home have hit markets and sent the rupee to a string of record lows against the dollar.
Foreign investors were net sellers of Rs 387 crore so far this month.
The rupee has been an annoying factor for the foreign investors. Until it stabilizes, people will not commit any money.
The Sensex ended flat at 16,217.82 points, while the Nifty also ended flat at 4,920.40 points.
The benchmark BSE Sensex rose 0.4 percent for the week, snapping four consecutive weeks of losses, as investors saw the recent sharp sell-down as overdone, but the outlook remains deeply cautious.
Indian shares are still down 6.4 percent so far in May, as the Greek and the euro zone woes and fears about policy paralysis and fiscal challenges at home have hit markets and sent the rupee to a string of record lows against the dollar.
Foreign investors were net sellers of Rs 387 crore so far this month.
The rupee has been an annoying factor for the foreign investors. Until it stabilizes, people will not commit any money.
The outcome of Greece is also uncertain as of now. Overall, there are far
more irritants for the markets investors, even though the markets are not
expensive and oversold."
Few analysts see any short-term catalysts for Indian markets unless global risk aversion wanes in the euro zone or the government announces major fiscal consolidation measures, both of which are seen as unlikely in the short-term.
Analysts at Goldman Sachs and Bank of America-Merrill Lynch cut their fiscal 2012-13 growth forecasts for India on Friday, with Goldman citing policy inaction as one of its key reasons.
Investors had initially cheered the government's announcement on Wednesday to allow state oil companies to raise petrol prices, seeing it as a small gesture towards fiscal consolidation.
However, that optimism dissipated after the government appeared to backtrack amid intense political pressure, leading to expectations the petrol price hike would be rolled back.
Oil stocks Hindustan Petroleum Corporation (HPCL.NS) fell 2.1 percent, while Indian Oil Corporation (IOC.NS) fell 1.6 percent.
Among other decliners ITC (ITC.NS) fell 0.6 percent as some investors thought Jan-March profits adjusted for other income came in slightly below their estimates, despite net profit beating expectations.
Auto stocks extended recent falls with Maruti Suzuki India (MRTI.NS) and Mahindra & Mahindra (MAHM.NS) ending down 2.2 percent each as analysts expect sales to be hit after the steep petrol price hike.
However, among gainers, steel companies rose on speculation the government would meet with them on June 1 to discuss an increase in long steel products.
The BSE Midcap Index was up 0.41 percent and the Smallcap Index gained 0.50 percent.
Among sectoral indices, the BSE Capital Goods Index was up 0.99 percent, the BSE Metal Index was up 0.88 percent and the BSE Realty Index advanced 0.64 percent. The BSE FMCG Index was down 0.51 percent and the BSE IT Index declined 0.11 percent.
Few analysts see any short-term catalysts for Indian markets unless global risk aversion wanes in the euro zone or the government announces major fiscal consolidation measures, both of which are seen as unlikely in the short-term.
Analysts at Goldman Sachs and Bank of America-Merrill Lynch cut their fiscal 2012-13 growth forecasts for India on Friday, with Goldman citing policy inaction as one of its key reasons.
Investors had initially cheered the government's announcement on Wednesday to allow state oil companies to raise petrol prices, seeing it as a small gesture towards fiscal consolidation.
However, that optimism dissipated after the government appeared to backtrack amid intense political pressure, leading to expectations the petrol price hike would be rolled back.
Oil stocks Hindustan Petroleum Corporation (HPCL.NS) fell 2.1 percent, while Indian Oil Corporation (IOC.NS) fell 1.6 percent.
Among other decliners ITC (ITC.NS) fell 0.6 percent as some investors thought Jan-March profits adjusted for other income came in slightly below their estimates, despite net profit beating expectations.
Auto stocks extended recent falls with Maruti Suzuki India (MRTI.NS) and Mahindra & Mahindra (MAHM.NS) ending down 2.2 percent each as analysts expect sales to be hit after the steep petrol price hike.
However, among gainers, steel companies rose on speculation the government would meet with them on June 1 to discuss an increase in long steel products.
The BSE Midcap Index was up 0.41 percent and the Smallcap Index gained 0.50 percent.
Among sectoral indices, the BSE Capital Goods Index was up 0.99 percent, the BSE Metal Index was up 0.88 percent and the BSE Realty Index advanced 0.64 percent. The BSE FMCG Index was down 0.51 percent and the BSE IT Index declined 0.11 percent.
Shares in Tata Steel (TISC.NS) rose 2.5 percent, while JSW
Steel (JSTL.NS) gained 2 percent.
Telecom stocks rose after a government commission said it wants more spectrum to be auctioned, which could help some companies increase their market share.
Bharti Airtel (BRTI.NS) rose 0.4 percent, extending Thursday's 5.6 percent gain after it signed a pact to buy a 49 percent stake in Qualcomm Inc's (QCOM.O) fourth-generation (4G) Indian broadband venture.
Voltas (VOLT.NS), an air conditioning and engineering services provider, surged 12 percent a day after the company said it swung to a Rs 104 crore net profit in the latest quarter from a Rs 115 crore loss a year ago.
Telecom stocks rose after a government commission said it wants more spectrum to be auctioned, which could help some companies increase their market share.
Bharti Airtel (BRTI.NS) rose 0.4 percent, extending Thursday's 5.6 percent gain after it signed a pact to buy a 49 percent stake in Qualcomm Inc's (QCOM.O) fourth-generation (4G) Indian broadband venture.
Voltas (VOLT.NS), an air conditioning and engineering services provider, surged 12 percent a day after the company said it swung to a Rs 104 crore net profit in the latest quarter from a Rs 115 crore loss a year ago.
Regards
RAKESH MAKIN
+91,
9041667797(DIRECT), 9915684997
OFF
0172-4657997
PANCHKULA (Haryana).
Email:makin_97@yahoo.com
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