The Sensex 30 and the Nifty 50 erased their gains on news by Standard & Poor of India being the first of the BRIC nations to lose its investment grade credit rating. The Sensex 30 closed at 16668.01 points, down 50.86 points (-0.30%) to close today. The Sensex touched an intraday high at 16893.81 points and a low of 16627.48 in day’s trade. The Nifty closed at 5054.10 points, lower by 14.25 points (-0.28%). It touched an intraday high of 5124.45 and a low of 5040.70 points in day’s trade.

The news came in two different scenarios as compared to Finance Minister Pranab Mukherjee’s statements that GDP growth for FY13 would be around the 7 percent mark. Most analysts though expect growth to be at 5.8 – 6.5 percent.  A report by Standard Chartered on the Indian equity markets also showed a cautious outlook.

All the news that seems to be coming in is panning the country on its fiscal and economic concerns. Lack of policy by the government, FII’s pulling out funds from the country and depreciating Indian rupee have contributed to the cautious to negative outlook in India.

On the international front, Asian stock indices closed in the positive territory with gains of 1 to 2 percent on the bourses. Europe is also trading in the positive territory on news of Spanish banks receiving a EUr 100 b bailout package.

On the currency front, the Indian rupee depreciated 19 paise to US Dollar at 55.61.

Commodities gained on back of Spanish bailout with WTI at USD 85.10 up 1.19% and Brent trading at USD 100.40 up 0.93%. On the weather front, strong-to-severe thunderstorms are expected across Wisconsin, Michigan, Illinois, Missouri, Kansas, Oklahoma and Arkansas.

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

(Moneycontrol, Business Standard and Bloomberg)

Categories: General News

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