DAILY MARKET REPORT – 30 JULY 2012

Friday’s events also contributed to Monday’s sentiments. Positive data emanating from the US markets, their in-line GDP numbers had a positive impact. Greek ministers also agreed most of the austerity measures demanded by the creditors gave investors a reason to believe that efforts are on to stem the crisis in Europe. The ECB president Mario Draghi is expected to meet with the head of Bundesbank, Jens Weidmann over next couple of days, to discuss plans of joint rescue by ECB and European rescue funds, to purchase Spanish and Italian government bonds, according to persons familiar.

All eyes await the interest rate decision tomorrow by the RBI. Meanwhile, global cues combined with ECB’s plan to stabilize the region through bond purchases, rallied the markets to close higher. For the RBI event, participants do expect a cut in rates while some state that rates would not be changed. Hence, it remains to be seen how the market would take to the news over the week. Although the cut would boost banking stocks, macro-issues would take center stage (Europe and Europe as of now.)

The Sensex closed 304 points higher at 17143 points or 1.81 percent higher. The Sensex touched a high of 17163.95 and a low of 16919.14 points in intraday trade today. The Nifty closed 99.95 points, falling short of 5200, closing at 5199.80 points. The Nifty touched a high of 5206.60 and a low of 5129.75 points in trade today. Globally, Asia closed higher on the backdrop of the FOMC meet and ECB’s proposed stimulus package. Europe meanwhile, opened higher on expectation that the ECB would undertake some sort of action to provide stimulus to the Eurozone.

On the sectoral indices on the BSE, the Midcap Index rose 1.56 percent and the Smallcap Index gained 1.34 percent. The Power Index gained 3.48 percent, the Realty Index rose 3.24 percent, the Capital Goods Index inched 2.92 percent higher and the Bankex advanced 2.52 percent. The rate cut could prompt a rise in the Bankex tomorrow as well.

On the individual stock front, we saw many PSU banks report their first quarter numbers. Airline stocks rose on SpiceJet’s better than expected numbers. On the earnings, Havells India Ltd, Syndicate Bank, Corporation Bank, Muthoot Finance Ltd, Allahabad Bank, Oriental Bank of Commerce, Bank of Baroda reported their numbers today.

Globally, Spain saw its 2Q12 GDP data come out lower, affirming a continuity in recession in the region. Italy saw its short-term bond yields decline while longer term debt fell just short of 6 percent. HSBC Holdings plc reported better than expected numbers but kept aside USD 2 b to counter contingent liabilities.

On the currency front, the rupee closed at 55.23 to the Dollar, down 29 paise.

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

(Economic Times, Business Standard and CNBC)



Categories: General News

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