DAILY MARKET REPORT – 09 JULY 2012

The Indian markets closed on a lower note to start the week on global cues and lower data from the US and inflation cooling in China. The Sensex closed 129.14 points or 0.74 percent lower at 17391.98 today. Sensex touched an intraday highs of 17485.79 and a low of 17343.55 points in trade. The Nifty closed 41.80 points or 0.79 percent lower at 5275.15 points. It touched an intraday high of 5300.60 and a low of 5257.75 points.

On the global scenario, Asian indices closed on China’s inflation and US data (Friday) which fuelled concerns of growth. Europe has also opened lower in trade today with investors keeping an eye on the earnings season.

On the sectoral indices front, BSE Midcap Index declined 1.30 percent and the BSE Smallcap Index fell 1.13 percent lower today.  The Auto Index also fell 1.3 percent, the Metal Index moved 1.7 percent lower, the Power Index was 1.6 percent down and the BSE Capital Goods Index was 1.3 percent lower in trade today.

On the currency front, the Indian rupee hit an intraday low of 56.06 to the Dollar, but got recovered to 55.84 at close.

On a report by the Intelligence Bureau, there were suggestions that Ketan Parekh (KP) and his associates falsely drove up prices of certain shares  on higher volumes. The companies which were targeted were Dewan Housing (which was down 14.5%), Goenka Diamond (plunged 20%), Orchid Chemical (down 5%), IVRCL (down 6.7%), Pantaloon (down 3.5%), TBZ (down 6%) and GMR Infra (tanked 5%).

Shares of IGL rose 5.5 percent on hiking CNG prices. SKS Microfinance also rose 12 percent to INR 94.95 for the third consecutive trading session on higher volumes of 9.78 m shares as RBI Governor D. Subbarao hinted at a possibility in relaxation on norms for microfinance firms.Bajaj Auto declined 3 percent as it cut prices of its products in Sri Lanka in the range of  5 to 14 percent to boost sales as the country hiked its excise duty.

Commodities inched higher during the session with WTI at USD 84.85 up 0.47% and Brent trading at USD 98.64 up 0.46%. On the weather front, slow moving thunderstorms are expected to erupt from Virginia to South Carolina.

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

(Business Standard, Economic Times and Moneycontrol)



Categories: General News

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