DAILY MARKET REPORT – 20 JULY 2012

The markets ended the week on a negative note dragged down by banks, capital goods, and power stocks. The markets seem to be trading in a narrow range which is why there is no major movement seen over a period of time. Lack of any major impact of earnings saw the indices close lower in today’s trade. With Reliance Industries to report its earnings after market, nothing major shook the markets. Global cues were also mixed.

The Sensex closed 120.41 points or 0.70 percent lower at 17158.44 points. The index touched a high of 17275.20 and a low of 17129.69 points. The Nifty closed 0.72 percent lower at 5205.10 points on highs of 5238.70 and a low of 5197.50 points.

On the sectoral index front for the BSE,  the Midcap Index was down 0.19 percent while the Smallcap Index declined 0.11 percent. Bankex was down 1.17 percent after a RBI report proposed to tighten regulations on loan restructuring which includes setting aside higher provisions. The Capital Goods Index declined 1.17 percent, the Realty Index was lower by 1.05 percent; the Power Index was lower by 0.99 percent. However, the Auto Index was up 0.34 percent and the Metal Index rose marginally by 0.09 percent.

Global cues provided mixed signals as only the Hang Seng rose, while Nikkei and China’s indices declined. Europe also opened lower in trade.

On the individual stock front, we saw a glut of earnings coming in: Asian Paints, JSW Energy, Zee Entertainment, Hindustan Zinc, Indiabulls Financial Services Ltd. Lots of them, but only stock specific movements seen as the earnings came in. The big one though, Reliance Industries, saw its stock close flat at 0.70 percent to close at INR 727. Investors expect a 22 percent fall in profits on the KG-D6 basin output and other factors affecting its refining margins.

Bajaj Auto surged 10 percent higher on better results at INR 1587 a share.

On the currency front, the rupee closed 0.23 paise higher at 55.28 to the Dollar.

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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