With no positive triggers on the domestic front amidst weak global cues, the markets have continued its downward trajectory as fears of Inflation over the expected diesel hike in the upcoming EGOM meeting later this week have enveloped investor's mind. However, the bourses have cut short some of the losses on the back of buying in the stocks belonging to the Healthcare and Consumer Durable counters. On the global front, US markets closed lower on Friday on getting weak employment data. The US Labor Department reported that 54,000 jobs were created in the economy last month edging the unemployment rate up to 9.1% from 9% in April. Meanwhile, with investors tracking cues from Wall Street, the Asian stocks too are trading mostly down with notable losses. However, the US future indices are showing an uptick in the screen trade. Back home, the stocks from the Auto, Metal and Power counters have plunged the most taking the 30 share barometer index lower by close to 50 points. The 50 share broadly followed index losing its 5500 physiological level is trading lower. The broader indices too are trading weak. The overall market breadth on BSE was in the favour of declines which have thumped advances in the ratio of 1117:998, while 76 shares remained unchanged.
The BSE Sensex is currently trading at 18,327.76, down by 48.72 points or 0.27%. The index has touched a high and low of 18,371.28 and 18,291.96 respectively. There were just 6 stocks advancing against 24 declines on the index.
The broader indices continued their momentum in the red; the BSE Mid cap and Small cap indices were down by 0.40% and 0.01% respectively.
The only gaining sectoral indices on the BSE were HC up by 0.33%, CD up by 0.08%. While, Auto down by 0.72%, Metal down by 0.71%, Power down by 0.65%, Bankex down by 0.54% and Oil & Gas down by 0.48% were the top losers on the index.
The top gainers on the Sensex were Cipla up by 1.14%, HDFC up by 0.89%, Bharti Airtel up by 0.78%, HDFC Bank up by 0.55% and L&T was up by 0.27%.
On the flip side, Bajaj Auto down by 1.60%, Jaiprakash Associates down by 1.59%, Maruti Suzuki down by 1.55%, Hindalco Industries down by 1.40% and Mahindra & Mahindra down by 1.08% were the top losers on the index.
Meanwhile, According to the Institute of Economic Growth (IEG), the headline inflation is expected to come under 8% after remaining above the 8% mark for more than year. The forecast of IEG is much in the line with Finance minister's view on inflation. The wholesale Price Index (WPI) inflation is likely to be 8.47%, 8.24% and 7.93% for May, June and July 2011 respectively, IEG said in its monthly monitor report.
The inflation measured by WPI, stood at 8.66% for month of April. Inflation was 9.04% in March and 9.54% in February. This fall in inflation was mainly because of fall in certain food items.
The beginning of current financial year has been slow and this slowdown is because of the slow growth in industrial sector. As per the report, the industrial growth will slow down to 4.84% by July end. IIP in March stood at 7.3%. IEG has said that, 'though global recovery is picking up, the inflation pushed rate hikes will pull the growth down'. The central bank's has been repeatedly hiking its policy rates in order to curb inflation.
Though for the week ended May 21 the inflation has declined considerably to 8.06% from 8.55% in previous week and commenting on fall in weekly food inflation, Finance Minister Pranab Mukharjee had expressed his confidence on the decline of inflation due to fall in food items, he said, if the declining trend in food items and non-food primary items articles continues, "It would be possible to have a moderate rate of inflation." Food inflation measured by WPI fell to 8.06% during week ended may 21 from 8.55% in the previous week.
The S&P CNX Nifty is currently trading at 5,499.40, down by 17.35 points or 0.31%. The index has touched a high and low of 5,515.60 and 5,490.05 respectively. There were 12 stocks advancing against 38 declines on the index.
The top gainers of the Nifty were Ranbaxy up by 1.75%, Sun Pharma up by 1.25%, Cipla up by 1.03%, HDFC up by 0.92%, and Bharti Airtel up by 0.83%.
Ambuja Cement down by 1.99%, Bajaj Auto down by 1.97%, JP Associates down by 1.71%, Axis bank down by 1.52% and Maruti Suzuki down by 1.48% were the major losers on the index.
All the Asian equity markets were trading in the red; Jakarta Composite declined 0.34%, KLSE Composite lost 0.28%, Nikkei 225 dropped 0.81% and Straits Times trimmed 0.54%.
The BSE Sensex is currently trading at 18,327.76, down by 48.72 points or 0.27%. The index has touched a high and low of 18,371.28 and 18,291.96 respectively. There were just 6 stocks advancing against 24 declines on the index.
The broader indices continued their momentum in the red; the BSE Mid cap and Small cap indices were down by 0.40% and 0.01% respectively.
The only gaining sectoral indices on the BSE were HC up by 0.33%, CD up by 0.08%. While, Auto down by 0.72%, Metal down by 0.71%, Power down by 0.65%, Bankex down by 0.54% and Oil & Gas down by 0.48% were the top losers on the index.
The top gainers on the Sensex were Cipla up by 1.14%, HDFC up by 0.89%, Bharti Airtel up by 0.78%, HDFC Bank up by 0.55% and L&T was up by 0.27%.
On the flip side, Bajaj Auto down by 1.60%, Jaiprakash Associates down by 1.59%, Maruti Suzuki down by 1.55%, Hindalco Industries down by 1.40% and Mahindra & Mahindra down by 1.08% were the top losers on the index.
Meanwhile, According to the Institute of Economic Growth (IEG), the headline inflation is expected to come under 8% after remaining above the 8% mark for more than year. The forecast of IEG is much in the line with Finance minister's view on inflation. The wholesale Price Index (WPI) inflation is likely to be 8.47%, 8.24% and 7.93% for May, June and July 2011 respectively, IEG said in its monthly monitor report.
The inflation measured by WPI, stood at 8.66% for month of April. Inflation was 9.04% in March and 9.54% in February. This fall in inflation was mainly because of fall in certain food items.
The beginning of current financial year has been slow and this slowdown is because of the slow growth in industrial sector. As per the report, the industrial growth will slow down to 4.84% by July end. IIP in March stood at 7.3%. IEG has said that, 'though global recovery is picking up, the inflation pushed rate hikes will pull the growth down'. The central bank's has been repeatedly hiking its policy rates in order to curb inflation.
Though for the week ended May 21 the inflation has declined considerably to 8.06% from 8.55% in previous week and commenting on fall in weekly food inflation, Finance Minister Pranab Mukharjee had expressed his confidence on the decline of inflation due to fall in food items, he said, if the declining trend in food items and non-food primary items articles continues, "It would be possible to have a moderate rate of inflation." Food inflation measured by WPI fell to 8.06% during week ended may 21 from 8.55% in the previous week.
The S&P CNX Nifty is currently trading at 5,499.40, down by 17.35 points or 0.31%. The index has touched a high and low of 5,515.60 and 5,490.05 respectively. There were 12 stocks advancing against 38 declines on the index.
The top gainers of the Nifty were Ranbaxy up by 1.75%, Sun Pharma up by 1.25%, Cipla up by 1.03%, HDFC up by 0.92%, and Bharti Airtel up by 0.83%.
Ambuja Cement down by 1.99%, Bajaj Auto down by 1.97%, JP Associates down by 1.71%, Axis bank down by 1.52% and Maruti Suzuki down by 1.48% were the major losers on the index.
All the Asian equity markets were trading in the red; Jakarta Composite declined 0.34%, KLSE Composite lost 0.28%, Nikkei 225 dropped 0.81% and Straits Times trimmed 0.54%.
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