A day after the ugly May WPI Inflation numbers almost confirmed that the central bank will further its aggressive stance to rein in inflation, bears went on rampage, and pressed sales at the interest rate sensitive counters like Real Estate and Banking. Speculations that cost of borrowing could rise again after the RBI's policy action on Thursday weighed on investor sentiments. Though, the impact of the nine rate increases since March 2010 has started emerging with slowing car and home sales, faltering industrial growth and rising borrowing costs however, the RBI continues that taming inflation is its top priority even if it is at the cost of near term growth. The frontline indices which traded at sub 5,500 and 18,300 levels for most part of the morning session drifted to lower levels after touching the highest point in the session in late morning trades, after which there was no turning back for the benchmarks which appeared to be on a south bound journey and settled around the psychological 5,450 and 18,100 levels. Meanwhile scrip specific movement was seen in the local bourse amid the announcements of first quarter advance tax numbers by different companies. While, several leading corporate paid more advance tax in Q4 FY-11 indicating their healthy financial performances, this time the sentiments don't seem much bullish with a mixed set of numbers coming for the first quarter of the FY-12. The PSU oil marketing companies like HPCL, BPCL and IOC gained some traction a day after reports that Oil Minister Jaipal Reddy met Prime Minister Manmohan Singh to push for an early decision on raising diesel and domestic LPG prices. On the global front, leads remained mixed as on one hand most Asian markets settled on a positive note, the European peers on the other hand got off to a somber opening and traded with moderate losses, thereby unable to give any support to the domestic investors.
The NSE's 50-share broadly followed index Nifty, settled with a large cut of around one percent, just below the crucial 5,450 support level while Bombay Stock Exchange's Sensitive index, Sensex dived by almost two hundred points and closed above the psychological 18,100 mark. The broader markets, which were trading on a firm note in the morning session, pared all the initial gains and drifted into the red terrain to finish with moderate losses. The midcap index ended with 0.55% losses while the smallcap index declined by 0.59% point. On the sectoral front, it was the rate sensitive Bankex counter which languished at the bottom of the table with 1.58% losses as majors like SBI and ICICI Bank plunged by 2.33% and 2.10% respectively. While the high beta Realty sector bore the brunt of selling pressure and shaved off 1.34% on the back of hefty profit booking in heavyweight names like DLF and HDIL which sank by 2.80% and 1.23% respectively. Index heavyweight Reliance Industries extended its downtrend for the third straight session after being badly battered in the two previous sessions on reports that oil regulator Directorate General of Hydrocarbons has refused to accredit three natural gas discoveries made by the company at its KG-D 6 block. Amid the gloomy environment, it was the defensive pockets like FMCG and Healthcare which managed to keep their head above the water and settled in the green terrain with moderate gains. The markets plummeted on higher volumes of over Rs 0.96 lakh crore while the turnover for NSE F&O segment also remained on the higher side compared to Tuesday at over 0.83 lakh crore. Market breadth remained negative as there were 1201 shares on the gaining side against 1641 shares on the losing side while 112 shares remained unchanged.
Finally, the BSE Sensex lost 176.42 points or 0.96% to settle at 18,132.24 while the S&P CNX Nifty slipped by 53.00 points or 0.96% to settle at 5,447.50.
The BSE Sensex touched a high and a low of 18,308.69 and 18,111.21, respectively. The BSE Mid cap and Small cap index were down by 0.55% and 0.59% respectively.
The major gainers on the Sensex were Reliance Infra up 1.46%, Tata Motors up 0.96%, Hindustan Unilever up 0.52%, Hero Honda up 0.20% and ITC up 0.13%.
On the flip side, DLF down 2.80%, Wipro down 2.78%, SBI down 2.33%,ICICI Bank down 2.10% and Jaiprakash Associate down 2.02% were the top losers on the index.
In its bid to meet the ever widening demand-supply gap of the dry fuel, Coal Minister Sriprakash Jaiswal, who is in Czech Republic, has invited companies from the nation to invest in the Indian coal sector. The shortage of coal in India is likely to reach over 250-300 million tonne by 2016-17, which is more than double from 125 million tonnes now.
The Coal Minister, who met Martin Kocourek, Trade and Industry Minister of Czech Republic, explored the scope for technical cooperation between both the nations in the field of coal mining. To study modern methods and technologies used in underground mining, Jaiswal urged Czeck firms to invest in India and explore the opportunities in deep coal mining, lignite mining and clean coal technologies covering the areas of coal mine methane extraction, underground coal gasification etc. The minster also proposed for technical cooperation in manufacturing of mining machinery for underground mining as well as lignite mining.
Jaiswal is leading a high level six member delegation including Alok Perti, Special Secretary, Coal Ministry, N C Jha, Chairman and Managing Director, Coal India, among others, on a ten day visit to three European nations viz., Czech Republic, Belarus and Poland to explore the scope for technical cooperation in manufacturing of mining machinery for underground mining as well as lignite mining.
Earlier, the Group of Ministers (GoM) on coal that met for nearly two hours on June 9, failed to take a decision on ways to boost production of the resource, but agreed to meet again on July 2. The Coal Minister favored completely abandoning the 'no-go/go' classification of forests, which barred mining activity in areas with a weighted forest cover of more than 10%.
The only gainers on the BSE sectoral space were FMCG up 0.14% and Healthcare up 0.02%.
The major losers in the BSE sectoral space were Bankex down 1.58%, Realty down 1.34%, IT down 1.25%, Power down 1.10% and Consumer Durables (CD) down 1.09%.
The S&P CNX Nifty touched high and low of 5,499.35 and 5,438.95, respectively.
The top gainers of the Nifty were Reliance Infra up 1.48%, Tata Motors up 0.98%, Hero Honda up 0.62%, Hindustan Unilever up 0.52% and Sesa Goa up 0.44%.
On the flip side, SAIL down 3.48%, DLF down 3.43%, IDFC down 3.43%, Axis Bank down 2.82% and Wipro down 2.71% were the major losers on the index.
European markets were trading on a negative note. France's CAC 40 down 0.45%, Britain's FTSE 100 lost 0.09% and Germany's DAX declined by 0.21%.
Most of the Asian equity indices finished the day's trade in the positive terrain on Wednesday. Japanese Nikkei edged higher in the trade on report showed US retail sales were better than forecast, boosting the outlook for exporters while Seoul shares ended with a gain of about half a percent after volatile trade on Wednesday, supported by modest foreign investor buying and rallies in airlines and shipping firms. However, Chinese index lost about a percent in the trade, led by banking shares, as liquidity tightened after the central bank surprised the market by raising banks' reserve requirement ratio (RRR) after the market closed on Tuesday.
The NSE's 50-share broadly followed index Nifty, settled with a large cut of around one percent, just below the crucial 5,450 support level while Bombay Stock Exchange's Sensitive index, Sensex dived by almost two hundred points and closed above the psychological 18,100 mark. The broader markets, which were trading on a firm note in the morning session, pared all the initial gains and drifted into the red terrain to finish with moderate losses. The midcap index ended with 0.55% losses while the smallcap index declined by 0.59% point. On the sectoral front, it was the rate sensitive Bankex counter which languished at the bottom of the table with 1.58% losses as majors like SBI and ICICI Bank plunged by 2.33% and 2.10% respectively. While the high beta Realty sector bore the brunt of selling pressure and shaved off 1.34% on the back of hefty profit booking in heavyweight names like DLF and HDIL which sank by 2.80% and 1.23% respectively. Index heavyweight Reliance Industries extended its downtrend for the third straight session after being badly battered in the two previous sessions on reports that oil regulator Directorate General of Hydrocarbons has refused to accredit three natural gas discoveries made by the company at its KG-D 6 block. Amid the gloomy environment, it was the defensive pockets like FMCG and Healthcare which managed to keep their head above the water and settled in the green terrain with moderate gains. The markets plummeted on higher volumes of over Rs 0.96 lakh crore while the turnover for NSE F&O segment also remained on the higher side compared to Tuesday at over 0.83 lakh crore. Market breadth remained negative as there were 1201 shares on the gaining side against 1641 shares on the losing side while 112 shares remained unchanged.
Finally, the BSE Sensex lost 176.42 points or 0.96% to settle at 18,132.24 while the S&P CNX Nifty slipped by 53.00 points or 0.96% to settle at 5,447.50.
The BSE Sensex touched a high and a low of 18,308.69 and 18,111.21, respectively. The BSE Mid cap and Small cap index were down by 0.55% and 0.59% respectively.
The major gainers on the Sensex were Reliance Infra up 1.46%, Tata Motors up 0.96%, Hindustan Unilever up 0.52%, Hero Honda up 0.20% and ITC up 0.13%.
On the flip side, DLF down 2.80%, Wipro down 2.78%, SBI down 2.33%,ICICI Bank down 2.10% and Jaiprakash Associate down 2.02% were the top losers on the index.
In its bid to meet the ever widening demand-supply gap of the dry fuel, Coal Minister Sriprakash Jaiswal, who is in Czech Republic, has invited companies from the nation to invest in the Indian coal sector. The shortage of coal in India is likely to reach over 250-300 million tonne by 2016-17, which is more than double from 125 million tonnes now.
The Coal Minister, who met Martin Kocourek, Trade and Industry Minister of Czech Republic, explored the scope for technical cooperation between both the nations in the field of coal mining. To study modern methods and technologies used in underground mining, Jaiswal urged Czeck firms to invest in India and explore the opportunities in deep coal mining, lignite mining and clean coal technologies covering the areas of coal mine methane extraction, underground coal gasification etc. The minster also proposed for technical cooperation in manufacturing of mining machinery for underground mining as well as lignite mining.
Jaiswal is leading a high level six member delegation including Alok Perti, Special Secretary, Coal Ministry, N C Jha, Chairman and Managing Director, Coal India, among others, on a ten day visit to three European nations viz., Czech Republic, Belarus and Poland to explore the scope for technical cooperation in manufacturing of mining machinery for underground mining as well as lignite mining.
Earlier, the Group of Ministers (GoM) on coal that met for nearly two hours on June 9, failed to take a decision on ways to boost production of the resource, but agreed to meet again on July 2. The Coal Minister favored completely abandoning the 'no-go/go' classification of forests, which barred mining activity in areas with a weighted forest cover of more than 10%.
The only gainers on the BSE sectoral space were FMCG up 0.14% and Healthcare up 0.02%.
The major losers in the BSE sectoral space were Bankex down 1.58%, Realty down 1.34%, IT down 1.25%, Power down 1.10% and Consumer Durables (CD) down 1.09%.
The S&P CNX Nifty touched high and low of 5,499.35 and 5,438.95, respectively.
The top gainers of the Nifty were Reliance Infra up 1.48%, Tata Motors up 0.98%, Hero Honda up 0.62%, Hindustan Unilever up 0.52% and Sesa Goa up 0.44%.
On the flip side, SAIL down 3.48%, DLF down 3.43%, IDFC down 3.43%, Axis Bank down 2.82% and Wipro down 2.71% were the major losers on the index.
European markets were trading on a negative note. France's CAC 40 down 0.45%, Britain's FTSE 100 lost 0.09% and Germany's DAX declined by 0.21%.
Most of the Asian equity indices finished the day's trade in the positive terrain on Wednesday. Japanese Nikkei edged higher in the trade on report showed US retail sales were better than forecast, boosting the outlook for exporters while Seoul shares ended with a gain of about half a percent after volatile trade on Wednesday, supported by modest foreign investor buying and rallies in airlines and shipping firms. However, Chinese index lost about a percent in the trade, led by banking shares, as liquidity tightened after the central bank surprised the market by raising banks' reserve requirement ratio (RRR) after the market closed on Tuesday.
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