SENSEX 17232.55 -256.59
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USD/INR 0055.93 +00.41
NASDAQ 2850.66 -37.32
GOLD 29191.00 -74.00
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UPDATEDTIME 09.28 PM 12 JULY 2012
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The Sensex fell
1.5 percent on Thursday to post its biggest fall since June 1, after Infosys'
sharply cut its revenue guidance, sparking a sell-off of software services
exporters and raising worries about the health of corporate earnings.
Global risk aversion also weighed, after a surprise rate cut from South Korea and a 50-basis point reduction in Brazil underscored the widespread nature of the current economic slowdown.
The worries over corporate earnings trumped the IIP data which showing much stronger-than-expected growth in industrial output in May, given expectations the central bank will keep interest rates on hold for the time being.
However, what could have been a wider route was avoided after oil shares rallied on growing hopes India will raise diesel prices, which analysts say will be key in improving the country's fiscal outlook.
Q1 will be disappointing. We can just hope it will not be a major disappointment.
Infosys has reached a plateau and have to discover itself again. Auto and industrial goods numbers would be bitter as well."
The 30-share BSE index fell 1.47 percent to 17,232.55 points, and has fallen 2.2 percent over Wednesday and Thursday.
The 50-share NSE index lost 1.34 percent to end at 5,235.25 points.
The reversal threatens to end a strong rally seen since the start of June on the back of optimism the government was getting serious about policy reforms. Those gains took the BSE index to its highest close in nearly four months on Tuesday.
The outlook for markets will likely depend on the shape of corporate earnings, although investors are also closely eyeing potential policy reforms after presidential elections later this month.
Expectations for interest rates could also change depending on inflation data due out on Monday.
For now, pessimism prevailed on Thursday. Infosys shares dropped 8.4 percent, its biggest fall since April 13, after the second-largest software services exporter cut its outlook for revenue growth in dollar terms to 5 percent in the fiscal year to March 2013, down from its prior estimate of 8-10 percent growth.
Larger rival Tata Consultancy services fell 1.8 percent.
Among other Losers, JSW Steel fell 1.9 percent, while Mahindra & Mahindra fell 1.6 percent after both stocks went ex-dividend on Thursday.
However, among gainers, shares in Oil and Natural Gas Corporation rose 1.6 percent, while Hindustan Petroleum Corp advanced 3.3 percent, and Bharat Petroleum Corp rose 1.1 percent.
Government is likely to raise diesel prices after the presidential elections on July 19, a highly-placed oil ministry source said on Thursday, which confirmed an earlier report from a newspaper that the government was looking at fuel reforms.
Shares in Bharat Petroleum Corp gained 1.1 percent after announcing a consortium in which it owns a stake had discovered oil at the Espirito Santo Basin off the coast of Brazil.
Global risk aversion also weighed, after a surprise rate cut from South Korea and a 50-basis point reduction in Brazil underscored the widespread nature of the current economic slowdown.
The worries over corporate earnings trumped the IIP data which showing much stronger-than-expected growth in industrial output in May, given expectations the central bank will keep interest rates on hold for the time being.
However, what could have been a wider route was avoided after oil shares rallied on growing hopes India will raise diesel prices, which analysts say will be key in improving the country's fiscal outlook.
Q1 will be disappointing. We can just hope it will not be a major disappointment.
Infosys has reached a plateau and have to discover itself again. Auto and industrial goods numbers would be bitter as well."
The 30-share BSE index fell 1.47 percent to 17,232.55 points, and has fallen 2.2 percent over Wednesday and Thursday.
The 50-share NSE index lost 1.34 percent to end at 5,235.25 points.
The reversal threatens to end a strong rally seen since the start of June on the back of optimism the government was getting serious about policy reforms. Those gains took the BSE index to its highest close in nearly four months on Tuesday.
The outlook for markets will likely depend on the shape of corporate earnings, although investors are also closely eyeing potential policy reforms after presidential elections later this month.
Expectations for interest rates could also change depending on inflation data due out on Monday.
For now, pessimism prevailed on Thursday. Infosys shares dropped 8.4 percent, its biggest fall since April 13, after the second-largest software services exporter cut its outlook for revenue growth in dollar terms to 5 percent in the fiscal year to March 2013, down from its prior estimate of 8-10 percent growth.
Larger rival Tata Consultancy services fell 1.8 percent.
Among other Losers, JSW Steel fell 1.9 percent, while Mahindra & Mahindra fell 1.6 percent after both stocks went ex-dividend on Thursday.
However, among gainers, shares in Oil and Natural Gas Corporation rose 1.6 percent, while Hindustan Petroleum Corp advanced 3.3 percent, and Bharat Petroleum Corp rose 1.1 percent.
Government is likely to raise diesel prices after the presidential elections on July 19, a highly-placed oil ministry source said on Thursday, which confirmed an earlier report from a newspaper that the government was looking at fuel reforms.
Shares in Bharat Petroleum Corp gained 1.1 percent after announcing a consortium in which it owns a stake had discovered oil at the Espirito Santo Basin off the coast of Brazil.
Bharti Airtel
(3.1 percent), Jindal Steel (1.5 percent), M&M (1.93 per cent), Tata
Motors (1.59 percent), HDFC Bank (1.37 percent) and L&T (1.53 percent)
led the Sensex losers.
Gainers included GAIL (0.98 per cent), ONGC (1.28 per cent), Hero MotoCorp (0.52 per cent), Cipla (0.46 per cent), SBI (0.45 percent) and Tata Power (1.1 per cent).
Gainers included GAIL (0.98 per cent), ONGC (1.28 per cent), Hero MotoCorp (0.52 per cent), Cipla (0.46 per cent), SBI (0.45 percent) and Tata Power (1.1 per cent).
Airline companies rallied
on media reports the government is considering relief measures, including
potential reforms in foreign direct investment and taxation for turbine fuel,
for the industry.
Spicejet shares rose 1.3 percent, while Kingfisher Airlines rose 0.5 percent.
Regards
Spicejet shares rose 1.3 percent, while Kingfisher Airlines rose 0.5 percent.
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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