DAILY MARKET REPORT – 8 JUNE 2012

The Sensex and Nifty closed in the positive territory on Friday. The Sensex closed at 16718.87 points, up 69.82 points (0.42%). The Sensex touched an intraday high of 16737.45 points and a low of 16485.02 points in Friday’s session. The Nifty closed at 5068.35, a gain of 18.70 points (0.37%). Buying in rate-sensitive stocks – capital goods, realty and banking stocks saw that the index ended higher for the weekend.

Negative global markets and weakening rupee were some of the factors which contributed to previous night’s events from Europe, Bank of England  and U.S into today’s trade. Strong expectations of a round of QE came in for a disappointment as the Fed and BoE held back its asset purchasing plans.

Globally, Asia started the day on a negative basis, with markets declining by 0.5 to 2 percent on concerns of Spain, Greece and the eurozone in entirety. European markets also opened lower by half a percent on similar concerns.

United Nation’s cut India’s growth forecast to 6.7 percent on fiscal concerns. Spain, which was rumored to be the recipient of a bailout, is expected to strongly seek assistance for its ailing banking sector.

BEML hit its 52-week low at INR 392 a share on concerns of under performance on lower orders from the Indian Army.

Gold declined by INR 700 to 29,500 per 10 grams, its biggest slide in 2012 on lack of stimulus plans from the Fed.

The Indian rupee creeped higher to INR 55.15 to the dollar from yesterday’s close of 54.94 to the U.S Dollar.

Commodities inched lower largely due to downbeat comments by Ben Bernanke with WTI at USD 82.63 down 2.58% and Brent trading at USD 98.13 down 1.80%. On the weather front, weather pattern favoring 90 degrees are expected from Chicago to Cincinnati to Washington D.C. In addition the wind block in the jet stream is likely to bring unsettled conditions to the Northeast and Northwest.

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

(Bloomberg, Economic Times and Business Standard)



Categories: General News

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