A flat market for the week in a week which saw interest rate cuts, QE and the resignation of a CEO of a bank embroiled in a rate manipulating scandal. The rate cut did not do much to calm investors as more aggressive measures were not discussed on containing the debt crisis.To add to the crisis, Slovenia‘s Finance Minister did not rule out that the country would not require a bailout package in future.
However, the Indian indices, the Sensex and the Nifty closed at 17521.12 (-0.10%) and 5316.95 (-0.19%) respectively. The Sensex touched a high of 17554.55 and a low of 17425.47 points in trade today. The Nifty touched a high of 5327.20 and a low of 5287.75 points in intraday trade.
On provisional data on sectoral indices on the BSE Index, the Realty Index declined 1.35 percent, Metal Index lowered by 1.14 percent; Capital Goods Index slipped lower by 1.06 percent. The FMCG Index and Bankex gained 0.71 percent and 0.31 percent respectively.
On the stock front, SBI, ICICI and Tata Motors alongwith HDFC, USL and HDFC Bank were the most actively traded by volume today. Morgan Stanley cut the price target on Tata Motors. Credit Suisse downgraded MindTree to neutral. Thermax was downgraded by Morgan Stanley as well.
State-run oil retailers received subsidies from the government totalling INR14,000 cr for the period ended March. They will also receive INR 24,500 cr to be paid out by August-end.
India’s GDP growth seems to be a matter of concern for everyone. Montek Singh Ahluwalia states that GDP numbers in the next five years will slow down. Nothing new in That!!
The Rupee closed 51 paisa higher at 55.45 to the Dollar. In related news, Stanchart forecasts rupee at 56.50 from 57 previously.
Commodities moved lower during the session with WTI at USD 85.78 down 1.65% and Brent trading at USD 99.38 down 1.31%. On the weather front, thunderstorms are expected over the upper Midwest region.
Kindly check the Market Summary tab for further information on stock-related data.
(Business Standard, Economic Times and Bloomberg)
Categories: General News