The Indian indices began the week by closing flat in today’s trading session. The Sensex closed 31 points (-0.18%) lower at 17398.98 points. It touched a high of 17486.57 and a low of 17363.04 in the trade session today. The Nifty 50 closed lower by 0.3 points (-0.01%) at 5278.60. Nifty touched a high of 5302.15 and a low of 5263.35 in intraday trade today. Profit booking was seen at a major resistance level of 5300, just near the day’s highs.
Friday’s surge in the global markets was subdued today on concerns of the progress and success of the eurozone debt crisis plans. Asia edged marginally higher in trade with Hang Seng gaining the most by 2 percent, while the other markets closed flat, either higher or marginally lower. Europe opened higher by 0.5 – 1.0 percent in early afternoon trade today.
On the stock front, Jindal Steel declined 2.5 percent on a govt. order to halt work at its mine in Odisha. ITC also declined on the UP government raising taxes on cigarettes. Tata Motors and Hero Motocorp also declined on account of lower sales in May.
On the Sector-wise index data, the BSE FMCG Index declined 2.48 percent, the Auto Index was 0.62 percent down, the IT Index declined 0.24 percent. BSE Realty Index was up 2.32 percent, the BSE Capital Goods Index was 0.70 percent higher and the Power Index gained 0.67 percent.
India’s and various other regions PMI data came out in trade without much of a significant impact, considering the close today. Except for EU PMI data, which declined, the others incl India, UK and Germany saw marginal increases in their PMI data.
India’s trade deficit for May came in at USD 16.1 b. The INR currency declined to 55.90/91 on lower volumes.
Commodities moved lower with WTI at USD 83.80 down 1.37% and Brent trading at USD 96.41 down 1.42%. On the weather front, thunderstorms and severe weather conditions are expected over the Upper Midwest and around the Carolina region.
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(Business Standard, Economic Times and Moneycontrol)
Categories: General News