Domestic markets are not showing any movement in the mid morning session with benchmarks remaining marginally lower since beginning. There are no any major cues from either the domestic or global markets that could give direction to the local shares. The marketmen are taking cautious approach and are staying at sidelines ahead of the RBI's mid quarter policy review on June 16, though after the sharp rise in WPI inflation, speculation are rife that the apex bank won't take a pause for now and may go for another rate hike of 25 basis points in its policy rates. Food prices are a supply-side issue but inflation seems to have become more generalized and that is prompting another increase in interest rates. Meanwhile, stock specific actions are keeping the markets buzzing and the IT company Mastek has surged by over 12 percent after its UK subsidiary signed a multi-year framework agreement for IT Services in the UK with an initial minimum commitment of GBP 8.0 millions which is expected to materially improve its revenues in the forthcoming years.
Meanwhile, the advance tax payment numbers too have started trickling in but the numbers are not indicating confidence among the India Inc for the first quarters. As per media reports, some of the PSU banks are likely to pay about 10 percent higher advance tax for the Q1FY12 compared to same quarter last fiscal.
The BSE Sensex is currently trading at 18,261.35 down by 47.31 points or 0.26%. The index has touched a high and low of 18,308.69 and 18,234.68 respectively. There were 8 stocks advancing against 22 declines on the index.
The broader indices were outperforming the benchmark indices; the BSE Mid cap and Small cap indices were up by 0.18% and 0.26% respectively.
The sectoral gainers on the BSE were, Healthcare up by 0.41% and FMCG up by 0.22% while, Consumer Durables down 0.74%, Realty down 0.54%, IT down 0.54%, Capital Goods down 0.49% and Teck down by 0.45%, were the major losers on the index.
The top gainers on the Sensex were HDFC up by 1.33%, R Infra up by 1.31%, TCS up by 0.49%, HDFC Bank up by 0.43% and Tata Steel up by 0.31%.
On the flip side, Hindalco down by 1.33%, Infosys down by 1.29%, Sterlite down by 1.09%, Jindal Steel down by 0.98% and SBI down by 0.85% were the top losers on the index.
The wholesale price index (WPI) inflation numbers for month of May 2011 stood to 9.06%, this higher-than-expected increase in inflation is because of increase in prices of the manufactured products which stood at 7.2%. It is serious concern for the nation's sustainable development, and this increase shows that the inflationary pressures are high despite the central bank's aggressive monetary stance. The present economic scenario in the economy is making obvious for RBI's 25 basis point hike in its key policy rates.According to the data released by the ministry of commerce and industry, the WPI for 'All Commodities' (Base: 2004-05 = 100) for the month May, 2011 rose by 0.7 percent to 151.7 (Provisional) from 150.6 (Provisional) for the previous month. This increase in inflation was due to increase in the inflation in manufactured goods space which has increased more than 2% from November 2010, for month of May 2011 increased by 7.27% (y-o-y). Though on Y-o-Y basis, there is moderation is primary articles, food articles and fuel and power that stood at 11.3%, 8.37% and 12.32% respectively. Looking at the different segments of WPI inflation, it is clearly visible that the May inflation is driven by higher manufactured products price which increased 7.27% (Y-o-Y) from 6.18% for last month. The manufactured products accounts for around 65% of wholesale price index. The index for manufacturing sector rose by 1% to 137.2 from 135.8 for the last month. On Month-on-Month basis, the index for Primary Articles rose by 0.3% to 192.1 (provisional) from 191.6 (Provisional) for the last month. The index for food articles rose by 1.6% to 186.5 (provisional) from 183.5 (provisional) for the previous month. On Y-o-Y food articles stood to 8.37% as against 8.71% of last month. The index for 'Non-Food Articles' declined by 4.4% to 184.5 (provisional) from 192.9 (provisional). The index for the fuel and power which has weight of almost 15% in the WPI stood at 12.32 % (Y-o-Y). the index of fuel and power rose by 0.3% to 160.4% (provisional) from 159.9 (provisional) for the previous month due to higher prices of lubricants (5%), petrol, light diesel oil and bitumen (4% each), furnace oil and lignite (2% each) and aviation turbine fuel (1%). However, the prices of coke (6%) showed moderation.
The S&P CNX Nifty is currently trading at 5,486.00, lower by 14.50 points or 0.26%. The index has touched a high and low of 5,499.35 and 5,477.10 respectively. There were 15 stocks advancing against 35 declines on the index.
The top gainers of the Nifty were HDFC up by 1.39%, Reliance Infra up by 1.29%, Sun Pharma up by 1.26%, Ranbaxy up by 1.12% and Sesa Goa up by 0.71%.
GAIL down by 1.40%, Hindalco down by 1.36%, Infosys down by 1.31%, Sterlite down by 1.30% and Power Grid down by 1.30%, were the major losers on the index.
The Asian markets were trading on a mixed note; Jakarta Composite climbed 0.78%, KLSE Composite increased 0.31%, Nikkei 225 added 0.20%, Straits Times rose 0.05% and Seoul Composite gained 0.21%.
On the other hand, Shanghai Composite declined 0.53%, Hang Seng eased 0.39% and Taiwan Weighted slipped 0.26%.
Meanwhile, the advance tax payment numbers too have started trickling in but the numbers are not indicating confidence among the India Inc for the first quarters. As per media reports, some of the PSU banks are likely to pay about 10 percent higher advance tax for the Q1FY12 compared to same quarter last fiscal.
The BSE Sensex is currently trading at 18,261.35 down by 47.31 points or 0.26%. The index has touched a high and low of 18,308.69 and 18,234.68 respectively. There were 8 stocks advancing against 22 declines on the index.
The broader indices were outperforming the benchmark indices; the BSE Mid cap and Small cap indices were up by 0.18% and 0.26% respectively.
The sectoral gainers on the BSE were, Healthcare up by 0.41% and FMCG up by 0.22% while, Consumer Durables down 0.74%, Realty down 0.54%, IT down 0.54%, Capital Goods down 0.49% and Teck down by 0.45%, were the major losers on the index.
The top gainers on the Sensex were HDFC up by 1.33%, R Infra up by 1.31%, TCS up by 0.49%, HDFC Bank up by 0.43% and Tata Steel up by 0.31%.
On the flip side, Hindalco down by 1.33%, Infosys down by 1.29%, Sterlite down by 1.09%, Jindal Steel down by 0.98% and SBI down by 0.85% were the top losers on the index.
The wholesale price index (WPI) inflation numbers for month of May 2011 stood to 9.06%, this higher-than-expected increase in inflation is because of increase in prices of the manufactured products which stood at 7.2%. It is serious concern for the nation's sustainable development, and this increase shows that the inflationary pressures are high despite the central bank's aggressive monetary stance. The present economic scenario in the economy is making obvious for RBI's 25 basis point hike in its key policy rates.According to the data released by the ministry of commerce and industry, the WPI for 'All Commodities' (Base: 2004-05 = 100) for the month May, 2011 rose by 0.7 percent to 151.7 (Provisional) from 150.6 (Provisional) for the previous month. This increase in inflation was due to increase in the inflation in manufactured goods space which has increased more than 2% from November 2010, for month of May 2011 increased by 7.27% (y-o-y). Though on Y-o-Y basis, there is moderation is primary articles, food articles and fuel and power that stood at 11.3%, 8.37% and 12.32% respectively. Looking at the different segments of WPI inflation, it is clearly visible that the May inflation is driven by higher manufactured products price which increased 7.27% (Y-o-Y) from 6.18% for last month. The manufactured products accounts for around 65% of wholesale price index. The index for manufacturing sector rose by 1% to 137.2 from 135.8 for the last month. On Month-on-Month basis, the index for Primary Articles rose by 0.3% to 192.1 (provisional) from 191.6 (Provisional) for the last month. The index for food articles rose by 1.6% to 186.5 (provisional) from 183.5 (provisional) for the previous month. On Y-o-Y food articles stood to 8.37% as against 8.71% of last month. The index for 'Non-Food Articles' declined by 4.4% to 184.5 (provisional) from 192.9 (provisional). The index for the fuel and power which has weight of almost 15% in the WPI stood at 12.32 % (Y-o-Y). the index of fuel and power rose by 0.3% to 160.4% (provisional) from 159.9 (provisional) for the previous month due to higher prices of lubricants (5%), petrol, light diesel oil and bitumen (4% each), furnace oil and lignite (2% each) and aviation turbine fuel (1%). However, the prices of coke (6%) showed moderation.
The S&P CNX Nifty is currently trading at 5,486.00, lower by 14.50 points or 0.26%. The index has touched a high and low of 5,499.35 and 5,477.10 respectively. There were 15 stocks advancing against 35 declines on the index.
The top gainers of the Nifty were HDFC up by 1.39%, Reliance Infra up by 1.29%, Sun Pharma up by 1.26%, Ranbaxy up by 1.12% and Sesa Goa up by 0.71%.
GAIL down by 1.40%, Hindalco down by 1.36%, Infosys down by 1.31%, Sterlite down by 1.30% and Power Grid down by 1.30%, were the major losers on the index.
The Asian markets were trading on a mixed note; Jakarta Composite climbed 0.78%, KLSE Composite increased 0.31%, Nikkei 225 added 0.20%, Straits Times rose 0.05% and Seoul Composite gained 0.21%.
On the other hand, Shanghai Composite declined 0.53%, Hang Seng eased 0.39% and Taiwan Weighted slipped 0.26%.
No comments:
Post a Comment