DAILY MARKET REPORT – 11 JULY 2012

The markets closed lower in today’s trade on profit booking in realty, metals and auto sectors. The Sensex closed 129.21 points or 0.73 percent lower at 17489.14 points in trade. The index touched a high of 17582.99 and a low of 17466.99  points in trade today. The Nifty closed 39.05 points or 0.73 percent lower at 5306.30. The index touched a high of 5336.45 and a low of 5300.25 points in trade today.

On the sectoral indices on the BSE, The Midcap Index closed 0.17 percent lower and the Smallcap Index declined 0.28 percent.  The Realty indexwas down 1.24 percent, the Auto Index slipped 1.21 percent and the Metal Index was 1.12 percent lower but the Capital Goods Index was up 0.29 percent.

The Indian rupee closed 0.45 points lower at INR 55.39. Trader data revealed that Japanese banks sold around USD 270 – 300 m of dollars.

On the weather front, the Indian Meteorological Department stated that shortfall in rains has been at around 23 percent over the previous period, in what would affect agriculture in the country. The deficiency is expected to continue until next week, which could be a worrisome monsoon this year.

On the stock front, Wipro touched seven month low of INR 371.50 after it declined 3.3 percent in trade today. Volumes of 3.86 m shares were on news that auto firm General Motors would not be extending its outsourcing contract to the firm. Infosys gained 1.4 percent to INR 2495 on share buyback plans and its 1Q12 results, which will be filed tomorrow. Castrol India also rose 6 percent to INR 572 on news of an issuance of bonus shares. GVK Power rose 0.3 percent after falling 0.7 percent on payment of penalty fees at the Mumbai airport. HDFC reported its 1Q12 results as well. Infosys rose just 0.3 percent while TCS declined 0.2 percent ahead of earnings tomorrow. JSW Steel reported a 27 percent rise in steel output as well.

Globally, data on China auto sales showed improving numbers; Germany’s inflation declined as well.

For tomorrow’s trade, watch out for IIP numbers and earnings of Infosys and TCS. Reuter’s poll revealed that IIP would accelerate 1.8 percent for May over April. The forecasts ranged from 0 to growth of 4.8 percent.  If data comes on the lower side, then markets could be volatile in trade with a particular eye on industrial and manufacturers.

Commodities traded higher during the session with WTI at USD 85.16 up 1.49% and Brent trading at USD 99.09 up 1.14%. Later in the day EIA crude oil inventory for the week ended June 6 is expected show a drawdown of -1.156m versus previous -4.270m.

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

(Bloomberg, Economic Times and Moneycontrol)



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