MARKET SUMMARY – 7 JUNE 2012

The Indian markets joined its global peers in extending its rally, as investor took relief on hope of stimulus measure to be announced in the Europe and America. Sensex 30 index closed 194.75 points up at 16649.05 (1.18%). The Sensex touched an intraday high of 16680.59 and a low of 16519.89 points today. The Nifty 50 closed up 52.55 points at 5049.65 (1.05%). The Nifty touched an intraday high of 5059.65 and a low of 5007.75 in trade today. Additionally markets were helped by a successfully conducted long dated Spanish and French bond auctions.

However Greece’s unemployment continued to worse hitting 21.9 per cent in March from 21.4 in February.

On the domestic front the investor were increasingly optimistic on a possible rate cut in the upcoming RBI policy meet. State Bank of India also cut its retail deposit rate by 25 basis points.  Additionally Reliance Industries announced an investment of INR 100,000cr in core business over the next next four –  five years.

At 15:30 IST the USD/INR hovered at 55.10 down 0.27 (-0.48%).

In the individual stocks corner top gainers included Sterlite Industries, HDFC Bank, ICICI Bank and DLF. At the bottom end stocks included Wipro, TCS, Gail India and Hindalco Industries.

However commodities inched lower largely on profit booking with WTI at USD 84.80 down 0.26% and Brent trading at USD 99.83 down 0.80 percent. EIA inventories for crude oil are showed a drop of -0.111m versus expected -0.488m from the previous level of 2.213m.

On the weather front, damaging storms are expected in Colorado front range and the central high plains of United States. In addition there was a possibility of tornadoes in Denver, Colorado Springs and Cheyenne metropolitan areas.

Kindly check the Market Summary tab for further information on stock-related data.

(Moneycontrol, Economic Times & Bloomberg)



Categories: General News

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