After see sawing in the early deals, local bourses are currently trading with cut of over 0.25% as fresh short were built by the market men which shifted focus to European crisis after Federal Reserve pledged to keep interest rates low till 2013. Mounting concerns about the health of Europe's banks and France's debt rating looming large mainly dented the already fragile sentiment.
On Wall Street, the Dow Jones industrial average closed down 519 points, with selling largely spur by worries that debt problems overseas might reach the United States. Meanwhile, initial optimism in the Asian markets too fizzled out as daunting global development deterred market men from indulging in value picking. However, the US future indices too are showing an uptick in the screen trade.
Back on Dalal Street, stocks from defensive counter- FMCG, followed by Healthcare, Oil & Gas, Metal were providing a ceiling to the losses of the bourses, while stocks from Realty, Information Technology and Auto counters were bearing the brunt of the profit booking at higher levels. However, stocks of PSU oil marketing companies got some respite post Brent slipped on Thursday, reversing the previous session's gain of 4 percent. Brent crude fell as low as $105.00 a barrel and traded 40 cents lower at $106.28. Meanwhile, stocks of Reliance Power were among the top gainers post the company's consolidated net profit posted a marginal rise of 0.36% in its net profit after tax at Rs 196.12 crore as compared to Rs 195.41 crore for the quarter ended June 30, 2010. The 30 member index on BSE-Sensex-after touching a high of 17155.33 was currently trading a little above the 17000 mark with a loss of over 50 points. Similarly, the 50 share index on NSE-Nifty- trading above the 5100 mark was down with loss of over 15 points. Meanwhile, the broader indices being no different have enticed losses of over 0.25% each. The overall market breadth on BSE was in the favour of declines which outpaced advances in the ratio of 1254:909, while 90 shares remained unchanged.
The BSE Sensex is currently trading at 17,071.24, down by 59.27 points or 0.35%. The index has touched a high and low of 17,155.33 and 17,012.95 respectively. There were 9 stocks advancing against 21 declines on the index.
The broader indices too entered into the red zone; the BSE Mid cap and Small cap indices were trading lower by 0.52% and 0.20% respectively. The top gaining sectoral indices on the BSE were, FMCG up by 0.40%, HC up by 0.32%, Oil and Gas up by 0.12%, Metal up by 0.10%. While, Realty down by 1.43%, IT down by 1.22%, Auto down by 1.18%, TECk down by 1.09% and Bankex down by 0.53% were the top losers on the index.
The top gainers on the Sensex were NTPC up by 1.31%, Sun Pharma up by 1.16%, HDFC up by 1.01% Sterlite Industries up by 0.92% and ITC was up by 0.86%.
On the flip side, Tata Power down by 3.15%, DLF down by 1.98%, TCS down by 1.93%, Tata Motors down by 1.88% and M&M down by 1.72% were the top losers on the index.
Meanwhile, on the back of global uncertainty, the Planning Commission indicated that it may reduce the average annual economic growth target for the 12th Five Year Plan (2012-17). The planning commission had earlier set the target of 9 to 9.5% however, due to the global turmoil it has lowered to 8.5 to 8.7%. The Minister of State for Planning Ashwani Kumar said, 'we had projected 9.5% growth for the 12th Plan and then we scaled it down to nine percent... But, on Wednesday, I don't feel it will be nine percent... But we will definitely move to 8.5%, 8.6%, or 8.7%.'
According to the planning commission, even to achieve 9% annual average growth in the next five year plan, would require strong policy action. The lack of political accord between government and the opposition parties are the reason for the slow decision on the policy front. Many policy implementations, such as Gross Service Tax and Direct Tax Code bill, have been delayed due to lack of political agreement. Ashwani Kumar said 'Political instability does create doubts in the mind of investors. Hence, opposition members should play its part in reducing this instability.' However, minister accepted that the decision making should be streamlined and made faster to promote higher growth.
Earlier, the Prime Minister's Economic Advisory Council had also raised the issue of reducing investors' confidence. For the current five year plan (2007-08 to 2011-12) the Planning Commission had projected economy to grow by 9% per annum. However, due to global financial crisis, the Planning Commission had reduced the growth projection to 8.1 %. In the first four years of the plan, economy had registered average annual growth of 8.15%.
The ministry of finance is likely to reduce the growth projection for the current financial year, after the Gross Domestic Product (GDP) figures is out on August 30. Even if the ministry of finance reduces the growth target to 8.1% from 9%, the planning commission's target of 8.1% would be met.
The S&P CNX Nifty is currently trading at 5144.45, down by 16.55 points or 0.32%. The index has touched a high and low of 5,169.55 and 5,121.00 respectively. There were 20 stocks advancing against 30 declines on the index.
The top gainers of the Nifty were Kotak Bank up by 1.44%, HDFC up by 1.29%, NTPC up by 1.25%, R Power and Reliance Infra up by 1.16%.
On the flip side, Seoul Composite was up by 0.81% and Shanghai Composite was up by 0.43%.
On Wall Street, the Dow Jones industrial average closed down 519 points, with selling largely spur by worries that debt problems overseas might reach the United States. Meanwhile, initial optimism in the Asian markets too fizzled out as daunting global development deterred market men from indulging in value picking. However, the US future indices too are showing an uptick in the screen trade.
Back on Dalal Street, stocks from defensive counter- FMCG, followed by Healthcare, Oil & Gas, Metal were providing a ceiling to the losses of the bourses, while stocks from Realty, Information Technology and Auto counters were bearing the brunt of the profit booking at higher levels. However, stocks of PSU oil marketing companies got some respite post Brent slipped on Thursday, reversing the previous session's gain of 4 percent. Brent crude fell as low as $105.00 a barrel and traded 40 cents lower at $106.28. Meanwhile, stocks of Reliance Power were among the top gainers post the company's consolidated net profit posted a marginal rise of 0.36% in its net profit after tax at Rs 196.12 crore as compared to Rs 195.41 crore for the quarter ended June 30, 2010. The 30 member index on BSE-Sensex-after touching a high of 17155.33 was currently trading a little above the 17000 mark with a loss of over 50 points. Similarly, the 50 share index on NSE-Nifty- trading above the 5100 mark was down with loss of over 15 points. Meanwhile, the broader indices being no different have enticed losses of over 0.25% each. The overall market breadth on BSE was in the favour of declines which outpaced advances in the ratio of 1254:909, while 90 shares remained unchanged.
The BSE Sensex is currently trading at 17,071.24, down by 59.27 points or 0.35%. The index has touched a high and low of 17,155.33 and 17,012.95 respectively. There were 9 stocks advancing against 21 declines on the index.
The broader indices too entered into the red zone; the BSE Mid cap and Small cap indices were trading lower by 0.52% and 0.20% respectively. The top gaining sectoral indices on the BSE were, FMCG up by 0.40%, HC up by 0.32%, Oil and Gas up by 0.12%, Metal up by 0.10%. While, Realty down by 1.43%, IT down by 1.22%, Auto down by 1.18%, TECk down by 1.09% and Bankex down by 0.53% were the top losers on the index.
The top gainers on the Sensex were NTPC up by 1.31%, Sun Pharma up by 1.16%, HDFC up by 1.01% Sterlite Industries up by 0.92% and ITC was up by 0.86%.
On the flip side, Tata Power down by 3.15%, DLF down by 1.98%, TCS down by 1.93%, Tata Motors down by 1.88% and M&M down by 1.72% were the top losers on the index.
Meanwhile, on the back of global uncertainty, the Planning Commission indicated that it may reduce the average annual economic growth target for the 12th Five Year Plan (2012-17). The planning commission had earlier set the target of 9 to 9.5% however, due to the global turmoil it has lowered to 8.5 to 8.7%. The Minister of State for Planning Ashwani Kumar said, 'we had projected 9.5% growth for the 12th Plan and then we scaled it down to nine percent... But, on Wednesday, I don't feel it will be nine percent... But we will definitely move to 8.5%, 8.6%, or 8.7%.'
According to the planning commission, even to achieve 9% annual average growth in the next five year plan, would require strong policy action. The lack of political accord between government and the opposition parties are the reason for the slow decision on the policy front. Many policy implementations, such as Gross Service Tax and Direct Tax Code bill, have been delayed due to lack of political agreement. Ashwani Kumar said 'Political instability does create doubts in the mind of investors. Hence, opposition members should play its part in reducing this instability.' However, minister accepted that the decision making should be streamlined and made faster to promote higher growth.
Earlier, the Prime Minister's Economic Advisory Council had also raised the issue of reducing investors' confidence. For the current five year plan (2007-08 to 2011-12) the Planning Commission had projected economy to grow by 9% per annum. However, due to global financial crisis, the Planning Commission had reduced the growth projection to 8.1 %. In the first four years of the plan, economy had registered average annual growth of 8.15%.
The ministry of finance is likely to reduce the growth projection for the current financial year, after the Gross Domestic Product (GDP) figures is out on August 30. Even if the ministry of finance reduces the growth target to 8.1% from 9%, the planning commission's target of 8.1% would be met.
The S&P CNX Nifty is currently trading at 5144.45, down by 16.55 points or 0.32%. The index has touched a high and low of 5,169.55 and 5,121.00 respectively. There were 20 stocks advancing against 30 declines on the index.
The top gainers of the Nifty were Kotak Bank up by 1.44%, HDFC up by 1.29%, NTPC up by 1.25%, R Power and Reliance Infra up by 1.16%.
Tata Power down by 3.49%, DLF down by 2.36%, TCS and Tata Motors were down by 1.99%, and Bharti Airtel was down by 1.68% were the major losers on the index.
Most of the Asian equity indices were trading in the red; Hang Seng was down by 1.45%, Jakarta Composite was down by 0.82%, KLSE Composite was down by 0.49%, Nikkei 225 down by 0.79%, Straits Times down by 1.37% and Taiwan Weighted was trading flat. On the flip side, Seoul Composite was up by 0.81% and Shanghai Composite was up by 0.43%.
No comments:
Post a Comment