The day saw markets start on a positive note on global cues, but the disappointing economic data saw the markets end lower and flat today. Major market moving event for the day was the disappointing IIP numbers. After a barrage of lowering GDP forecasts, everyone talked of policies and stimulus but now only see more gloom on the Indian front. Nevertheless, it looks like a long path to recovery to normalcy.
On the Indian markets, the Sensex closed down 39.69 points at 17560.87 points today on highs of 17702.98 and lows 17516.99 points. The Nifty closed 15.05 points lower at 5322.95 points. It touched a high of 5368.20 points and a low of 5312.10 points in intra day trade today.
The Midcap Index on the BSE declined 0.18 percent and the Smallcap Index fell 0.30 percent. Among sectoral indices, the Oil & Gas Index declined 0.99 percent, the Bankex declined 0.49 per cent and the Healthcare Index fell 0.12 percent. The FMCG Index gained 1.37 percent and the Auto Index rose 0.69 percent.
On the macro front, institutions right from CLSA, Citi and now Moody’s Analytics have panned the country for its GDP growth. Macquarie also has advised investors to stay away from the PSU banks.
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(Economic Times, Moneycontrol ,Business Standard)
Categories: General News