After two straight session of outperformance, the resilient Indian benchmarks finally capitulated to the pressure that prevailed in the markets across the globe and have even gone on to pare most of the gains accumulated in the two previous sessions of this week. Global sentiments got spooked after US Federal Reserve Chairman Ben Bernanke came with frail view of the economy stating that the growth is frustratingly slow and also refrained from announcing any further stimulus measures. Asian markets failed to show any kind of fervor and snapped yet another session on a disappointing note while the European peers too are trading on a somber note with around a percent cuts. On the local front, amid apprehensions of a moderation in economic growth from the projected 9% this fiscal, reports of Finance Secretary Sunil Mitra stating that the revenue collection targets for the current fiscal will not be easy to achieve, did not go down well with market participants. Meanwhile, the Indian finance minister's attempt to entice FIIs back to the local stock markets too seemed ordinary as fund managers said that the government had standard replies to concerns on inflation, deficits, growth and governance. Inflation remained the most worrying factor for the FIIs as it slowed growth in the country, which was the only factor that attracted FIIs to India. The benchmarks, which displayed listless performance during the morning trades, witnessed some hefty bouts of profit booking in defensives and rate sensitives through the afternoon session which led the frontline indices to snap the two session uptrend. Apart from concluding the session with around half a percent cut, the benchmarks also got drifted around the crucial 5,500 and 18,400 support levels despite the volatility that prevailed amid thin trades.
The NSE's 50-share broadly followed index Nifty, slipped by around half a percent point and settled above the crucial 5,500 support level while Bombay Stock Exchange's Sensitive Index, or Sensex took a hundred point cut and closed below the psychological 18,400 mark. By the end of trade, the broader markets too succumbed to the selling pressure that was exerted on their larger peers and pared all their intraday gains. The midcap index ended flat with 0.03% loss while the smallcap index added 0.16%. On the sectoral front, the defensive Healthcare counter languished at the bottom of the table with 1.01% losses after majors like Dr Reddy's and Sun Pharma shaved off 1.47% and 2.38% respectively. The rate sensitive Bankex pocket too got pounded amid rate hike fears and closed with 0.71% losses with heavyweights like HDFC Bank and Axis Bank sinking by 1.03% and 1.30% respectively. Meanwhile banking bellwether SBI plunged by a percent in the session despite reports that government is supporting the bank's plan to raise Rs 20,000 crore via rights issue and is ready to contribute Rs 12000 crore towards the same. Another index heavyweight Reliance Industries retreated by about a percent after the rallying in last two sessions as RIL and its Canadian partner Niko Resources told India's oil ministry that they will be unable to raise gas output from one of their blocks until 2014. On the other hand, only FMCG and Consumer Durables packs managed to go home on a positive note as they respectively amassed 0.92% and 0.57% gains. FMCG majors Hindustan Unilever and United Breweries surged by 1.69% and 6.79% respectively while stocks like VIP and Whirlpool from the Consumer Durables pack garnered 1.57% and 5.35% respectively. The markets declined on higher volumes compared to that on Tuesday. Market breadth remained negative as there were 1385 shares on the gaining side against 1431 shares on the losing side while 135 shares remained unchanged.
Finally, the BSE Sensex lost 101.33 points or 0.55% to settle at 18,394.29 while the S&P CNX Nifty declined by 29.30 points or 0.53% to settle at 5,526.85.
The BSE Sensex touched a high and a low of 18,505.10 and 18,365.94, respectively. The BSE Mid cap index was down by 0.03% and Small cap index was up by 0.16%.
The top gainers on the Sensex were Reliance Communication up 2.45%, Hindustan Unilever up 1.69%, NTPC up 1.04%, ITC up 0.83% and BHEL up 0.31%.
On the flip side, Hero Honda down 3.60%, ONGC down 2.33%, Hindalco Industries down 1.92%, HDFC down 1.63% and Bajaj Auto down 1.50% were the top losers on the index.
Meanwhile, the Minister of State for Ministry of Food Processing Industries (MOFPI), Harish Rawat opined that production of meat and meat products has been steadily growing at the rate of 4% per annum while meat exports have been growing at close to 30% per annum in terms of quantity. India, with the largest livestock population in the world has the capability to meet the world's protein demand with ease, which in turn will improve the economic levels of animal breeders, meat workers, processors and exporters.
Rawat also highlighted that the real challenge for the ministry is to improve other municipal slaughter houses located in semi-urban areas numbering 3,500 and also for establishing mini slaughterhouses in rural areas were more than 80% of the country's population is living and are lacking sufficient funds for investment to improve the existing conditions." The Ministry of Food Processing Industries has a scheme to give grants for construction and modernization of slaughterhouses in such cases.
While, MOFPI Secretary Ashok Sinha informed an investment of around Rs 4,000-5,000 crore is required in the meat and poultry processing sector. Even as, exports of value added meat products remain insignificant, Sinha was of the belief that a lot more needs to be done to modernize this sector. Although the sector has strong untapped potential, yet it has not been able to achieve the desired growth due to different marketing mechanisms, no value additions and low investment in processing facilities.
The National Conference for Mayors was organized for the benefit of meat and poultry sector of the country and also for making decisive efforts for production of hygiene and nutritious meat and poultry products. Mayors, Municipal Commissioners, Chairman of APEDA and experts from meat and poultry sector took part in the daylong deliberations.
The only gainers on the BSE sectoral space were FMCG up 0.92% and Consumer Durables (CD) up 0.57%.
The only losers in the BSE sectoral space were Health Care (HC) down 1.01%, Bankex down 0.71%, Auto down 0.70%, Metal down 0.70% and Oil & Gas down 0.68%.
The S&P CNX Nifty touched high and low of 5,556.60 and 5,514.90, respectively.
The top gainers of the Nifty were Reliance Communication up 2.39%, GAIL up 1.94%, Hindustan Unilever up 1.91%, NTPC up 1.70% and BPCL up 1.64%.
On the flip side, Hero Honda down 3.71%, ONGC down 2.50%, Sun Pharma down 2.36%, Hindalco down 2.18% and Siemens down 1.92% were the major losers on the index.
European markets were trading in red. France's CAC 40 plunged by 1.18%, Britain's FTSE 100 lost 1.05% and Germany's DAX sank by 1.28%.
Most of the Asian equity indices finished the day's trade in the negative terrain on Wednesday as Wall Street markets extended their fall overnight after Federal Reserve Chairman Ben Bernanke offered no new stimulus step and said that the economic recovery remains uneven. Seoul shares gave up initial gains and ended with a cut of about 0.80 percent, pressured by falls in shipyards and carmakers while, Taiwan stocks fell over half a percent as foreign investors remained net sellers of Taiwan stocks on Tuesday. However, Chinese index ended with a gain of over 0.20 percent, paring the morning's losses, lifted by property issues such as Vanke and aluminium shares. Vanke, the country's largest developer by sales, announced its May property sales jumped 76.4 percent from a year earlier to 9 billion, rebounding from a slump the previous month.
The NSE's 50-share broadly followed index Nifty, slipped by around half a percent point and settled above the crucial 5,500 support level while Bombay Stock Exchange's Sensitive Index, or Sensex took a hundred point cut and closed below the psychological 18,400 mark. By the end of trade, the broader markets too succumbed to the selling pressure that was exerted on their larger peers and pared all their intraday gains. The midcap index ended flat with 0.03% loss while the smallcap index added 0.16%. On the sectoral front, the defensive Healthcare counter languished at the bottom of the table with 1.01% losses after majors like Dr Reddy's and Sun Pharma shaved off 1.47% and 2.38% respectively. The rate sensitive Bankex pocket too got pounded amid rate hike fears and closed with 0.71% losses with heavyweights like HDFC Bank and Axis Bank sinking by 1.03% and 1.30% respectively. Meanwhile banking bellwether SBI plunged by a percent in the session despite reports that government is supporting the bank's plan to raise Rs 20,000 crore via rights issue and is ready to contribute Rs 12000 crore towards the same. Another index heavyweight Reliance Industries retreated by about a percent after the rallying in last two sessions as RIL and its Canadian partner Niko Resources told India's oil ministry that they will be unable to raise gas output from one of their blocks until 2014. On the other hand, only FMCG and Consumer Durables packs managed to go home on a positive note as they respectively amassed 0.92% and 0.57% gains. FMCG majors Hindustan Unilever and United Breweries surged by 1.69% and 6.79% respectively while stocks like VIP and Whirlpool from the Consumer Durables pack garnered 1.57% and 5.35% respectively. The markets declined on higher volumes compared to that on Tuesday. Market breadth remained negative as there were 1385 shares on the gaining side against 1431 shares on the losing side while 135 shares remained unchanged.
Finally, the BSE Sensex lost 101.33 points or 0.55% to settle at 18,394.29 while the S&P CNX Nifty declined by 29.30 points or 0.53% to settle at 5,526.85.
The BSE Sensex touched a high and a low of 18,505.10 and 18,365.94, respectively. The BSE Mid cap index was down by 0.03% and Small cap index was up by 0.16%.
The top gainers on the Sensex were Reliance Communication up 2.45%, Hindustan Unilever up 1.69%, NTPC up 1.04%, ITC up 0.83% and BHEL up 0.31%.
On the flip side, Hero Honda down 3.60%, ONGC down 2.33%, Hindalco Industries down 1.92%, HDFC down 1.63% and Bajaj Auto down 1.50% were the top losers on the index.
Meanwhile, the Minister of State for Ministry of Food Processing Industries (MOFPI), Harish Rawat opined that production of meat and meat products has been steadily growing at the rate of 4% per annum while meat exports have been growing at close to 30% per annum in terms of quantity. India, with the largest livestock population in the world has the capability to meet the world's protein demand with ease, which in turn will improve the economic levels of animal breeders, meat workers, processors and exporters.
Rawat also highlighted that the real challenge for the ministry is to improve other municipal slaughter houses located in semi-urban areas numbering 3,500 and also for establishing mini slaughterhouses in rural areas were more than 80% of the country's population is living and are lacking sufficient funds for investment to improve the existing conditions." The Ministry of Food Processing Industries has a scheme to give grants for construction and modernization of slaughterhouses in such cases.
While, MOFPI Secretary Ashok Sinha informed an investment of around Rs 4,000-5,000 crore is required in the meat and poultry processing sector. Even as, exports of value added meat products remain insignificant, Sinha was of the belief that a lot more needs to be done to modernize this sector. Although the sector has strong untapped potential, yet it has not been able to achieve the desired growth due to different marketing mechanisms, no value additions and low investment in processing facilities.
The National Conference for Mayors was organized for the benefit of meat and poultry sector of the country and also for making decisive efforts for production of hygiene and nutritious meat and poultry products. Mayors, Municipal Commissioners, Chairman of APEDA and experts from meat and poultry sector took part in the daylong deliberations.
The only gainers on the BSE sectoral space were FMCG up 0.92% and Consumer Durables (CD) up 0.57%.
The only losers in the BSE sectoral space were Health Care (HC) down 1.01%, Bankex down 0.71%, Auto down 0.70%, Metal down 0.70% and Oil & Gas down 0.68%.
The S&P CNX Nifty touched high and low of 5,556.60 and 5,514.90, respectively.
The top gainers of the Nifty were Reliance Communication up 2.39%, GAIL up 1.94%, Hindustan Unilever up 1.91%, NTPC up 1.70% and BPCL up 1.64%.
On the flip side, Hero Honda down 3.71%, ONGC down 2.50%, Sun Pharma down 2.36%, Hindalco down 2.18% and Siemens down 1.92% were the major losers on the index.
European markets were trading in red. France's CAC 40 plunged by 1.18%, Britain's FTSE 100 lost 1.05% and Germany's DAX sank by 1.28%.
Most of the Asian equity indices finished the day's trade in the negative terrain on Wednesday as Wall Street markets extended their fall overnight after Federal Reserve Chairman Ben Bernanke offered no new stimulus step and said that the economic recovery remains uneven. Seoul shares gave up initial gains and ended with a cut of about 0.80 percent, pressured by falls in shipyards and carmakers while, Taiwan stocks fell over half a percent as foreign investors remained net sellers of Taiwan stocks on Tuesday. However, Chinese index ended with a gain of over 0.20 percent, paring the morning's losses, lifted by property issues such as Vanke and aluminium shares. Vanke, the country's largest developer by sales, announced its May property sales jumped 76.4 percent from a year earlier to 9 billion, rebounding from a slump the previous month.
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