Flat trading in the markets seems to be the trend so far this week. Marginal gains sees the Sensex and Nifty in consolidation mode, taking on from global cues with an eye on the interest rate decisions taken by the European Central Bank (ECB). It is expected that the ECB would cut rates today.
The Sensex closed 75.86 points or 0.43% higher at 17538.67 with a high of 17562.89 and a low of 17423.45 in trade today. The Nifty touched highs of 5333.65 and a low of 5288.85 points to close at 5327.30, up 24.75 points.
On the sectoral indices front for BSE, the FMCG Index gained 1.08 percent, Bankex Index advanced 1.0 percent; the Power Index inched up by 0.84 percent; Metal Index declined 0.57 percent alongwith the Realty Index declining 0.55 percent.
Oil marketing company shares were placed under review by Goldman Sachs today on issues related to diesel price hikes not impacting profits, stability in cash flows.
Barclay’s plc saw a outlook review on the recent happenings in the co. by Moodys.
On the individual stock front, Reliance Industries gained 0.4 percent on hopes of better refining margins in the 2HY12 period. Ashok Leyland gained 2.8 percent on higher capex plans of INR 4,000 cr over the next three years as it would receive tax benefits through a conference call. Maruti Suzuki rose 2.3 percent to touch INR 1250 as its clocked gains of 12 percent this week on higher y/y growth in auto sales at 96,597 units for June 2012 vs 80,298 units sold in June a year ago. Retail stocks rose on a report that the government could permit foreign investors to own majority stakes in domestic retail supermarkets and department stores post the Presidential elections on July 19.
The Rupee touched INR 55.02 levels to the dollar in trade today, gaining 0.46 in trade.
Commodities inched higher during the session with WTI at USD 88.12 up 0.52% and Brent trading at USD 101.88 up 2.11%. On the weather front, strong storms are expected over Detroit, Chicago and Cleveland. Today EIA crude oil inventory are expected to show a draw down of -1.929m from previous draw down of -0.133m.
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(Business Standard, Economic Times and Bloomberg)
Categories: General News