SENSEX 17156.76 -122.09
NIFTY 5205.10 -37.60
USD/INR 0055.20 +00.08
NASDAQ 2937.15 -28.75
GOLD 29242.00 +84.00
|
UPDATEDTIME 09.28 PM 20 JULY 2012
|
The Sensex ended
the last trading session of the week in the red mirroring losses in other
global markets. The decline was led by banks, capital goods, realty and power
sectors while auto and metals edged higher.
Traders were also jittery following a standoff between UPA allies Congress and NCP. Sharad Pawar, chief of Nationalist Congress Party, and Praful Patel, the Heavy Industries Minister, resigned from their Cabinet posts last evening.
Patel today said his party has been the most responsible ally of the government and has always supported the Congress in important decisions. Agriculture Minister Pawar raised several issues, including the functioning of the government, with the Prime Minister last evening, he added.
According to analysts, the market is expecting reforms from the government post the Presidential elections, and these issues may weaken the reforms process.
"The general expectation on the Street is that we will see some reforms happening post the presidential election. In fact, last evening we heard news of some reforms coming through before 15 August. However, it is very disappointing to see the government's situation.
We can only hope reforms come in before 15 August so that we can celebrate Independence Day in a much better state of mind although that looks quite impossible as of now.
According to Dr C. Rangarajan, Chairman of the Prime Minister's Economic Advisory Council, days of big bang reforms are over. The government needs to address stress points on the balance of payments. He is of the view that containing fiscal deficit will bring credibility to the government and is hopeful that action in diesel prices will go through soon
The 30-share BSE index ended at 17,158.44, down 120.41 points or 0.70 percent. It touched a high of 17,275.20 and a low of 17,129.69 today.
The Nifty closed at 5,205.10, down 37.60 points or 0.72 percent. It touched a high of 5,238.70 and a low of 5,197.50 today.
The market does not have the same kind of momentum that it had when it went to 5,350. It is possible that we do some kind of a range before we break down below 5,170. We have already spent about 4 or 5 days between 5,170 to about 5,250.
The BSE Midcap Index was down 0.23 percent and the BSE Smallcap Index slipped 0.11 percent.
Among sectoral indices, the BSE Bankex was 1.28 percent lower, the BSE Capital Goods Index slipped 1.14 percent, the BSE Realty Index was 0.99 percent lower and the BSE Power Index declined 0.95 percent. The BSE Auto Index was up 0.27 percent and the BSE Metal Index edged up 0.12 percent.
Dr Reddy's Laboratories (3.01%), BHEL (1.81%), Sterlite Industries (1.80%), Hero MotoCorp (-1.75%) and Tata Power (1.49%) led the Sensex losers pack.
Traders were also jittery following a standoff between UPA allies Congress and NCP. Sharad Pawar, chief of Nationalist Congress Party, and Praful Patel, the Heavy Industries Minister, resigned from their Cabinet posts last evening.
Patel today said his party has been the most responsible ally of the government and has always supported the Congress in important decisions. Agriculture Minister Pawar raised several issues, including the functioning of the government, with the Prime Minister last evening, he added.
According to analysts, the market is expecting reforms from the government post the Presidential elections, and these issues may weaken the reforms process.
"The general expectation on the Street is that we will see some reforms happening post the presidential election. In fact, last evening we heard news of some reforms coming through before 15 August. However, it is very disappointing to see the government's situation.
We can only hope reforms come in before 15 August so that we can celebrate Independence Day in a much better state of mind although that looks quite impossible as of now.
According to Dr C. Rangarajan, Chairman of the Prime Minister's Economic Advisory Council, days of big bang reforms are over. The government needs to address stress points on the balance of payments. He is of the view that containing fiscal deficit will bring credibility to the government and is hopeful that action in diesel prices will go through soon
The 30-share BSE index ended at 17,158.44, down 120.41 points or 0.70 percent. It touched a high of 17,275.20 and a low of 17,129.69 today.
The Nifty closed at 5,205.10, down 37.60 points or 0.72 percent. It touched a high of 5,238.70 and a low of 5,197.50 today.
The market does not have the same kind of momentum that it had when it went to 5,350. It is possible that we do some kind of a range before we break down below 5,170. We have already spent about 4 or 5 days between 5,170 to about 5,250.
The BSE Midcap Index was down 0.23 percent and the BSE Smallcap Index slipped 0.11 percent.
Among sectoral indices, the BSE Bankex was 1.28 percent lower, the BSE Capital Goods Index slipped 1.14 percent, the BSE Realty Index was 0.99 percent lower and the BSE Power Index declined 0.95 percent. The BSE Auto Index was up 0.27 percent and the BSE Metal Index edged up 0.12 percent.
Dr Reddy's Laboratories (3.01%), BHEL (1.81%), Sterlite Industries (1.80%), Hero MotoCorp (-1.75%) and Tata Power (1.49%) led the Sensex losers pack.
Morgan Stanley is
underweight on BHEL and is of the view that the rally post import duty should
be used to reduce positions.
Shares of Dr Reddy's Laboratories (DRL) were down on profit booking after the company disappointed the street with its quarterly results yesterday. Though the company reported a strong growth in India, Russia and other geographies, the disappointment came from the US generic market.
Bajaj Auto (1.99%), TCS (1.60%), Jindal Steel (0.60%), HUL (0.57%) and Coal India (0.57%) were the major Sensex gainers.
Foreign institutional investors bought equities worth Rs 125.78 crore on Thursday, as per provisional data from the NSE.
Shares of Dr Reddy's Laboratories (DRL) were down on profit booking after the company disappointed the street with its quarterly results yesterday. Though the company reported a strong growth in India, Russia and other geographies, the disappointment came from the US generic market.
Bajaj Auto (1.99%), TCS (1.60%), Jindal Steel (0.60%), HUL (0.57%) and Coal India (0.57%) were the major Sensex gainers.
Foreign institutional investors bought equities worth Rs 125.78 crore on Thursday, as per provisional data from the NSE.
Regards
RAKESH MAKIN
+91, 9041667797(DIRECT),
9915684997
OFF 0172-4657997
PANCHKULA (Haryana).
Email:makin_97@yahoo.com
No comments:
Post a Comment