The Indian equity markets continue to trade weak and
currently trading near day's low on following weak trend from global
peers as Greece's debt concerns resurfaced. The hike in repo rate and
its impact on growth too are weighing on investors sentiment to a
significant extent, they were reluctant to buy stocks amid concerns
about the financial situation in Europe and on worries about a likely
slow down in industrial growth back home due to high interest rates. On
sectoral front capital goods, metal, bank, FMCG and PSU stocks were
among the prominent losers at present. Information technology stocks too
were trading lower. Automobile stocks are moving up. Select consumer
durables, oil and healthcare stocks too are finding some good support.
On the global front, Asian markets too extended their losses. Back home,
the market breadth favoring the positive trend; there were 1,257 shares
on the gaining side against 1,127 shares on the losing side while 93
shares remained unchanged.
The BSE Sensex is currently trading at 16,817.70 down by 116.13 points or 0.69%. The index has touched a high and low of 16,865.93 and 16,772.45 respectively. There were 7 stocks advancing against 23 declines on the index.
The broader indices were outperforming the benchmarks were trading in green; the BSE Mid cap index up by 0.13% while, Small cap index was up by 0.22%.
The top gaining sectoral indices on the BSE were, CD up by 0.36% and Auto up by 0.11%. While, CG down by 1.39%, Metal down by 0.98%, Bankex down by 0.91%, FMCG down by 0.81% and PSU down by 0.52% were the top losers on the index.
The top gainers on the Sensex were Wipro up by 0.72%, Tata Motors up by 0.59%, Bharti Airtel up by 0.36%, Maruti Suzuki up by 0.12% and Mahindra & Mahindra up by 0.11%.
On the flip side, L&T down by 2.07%, ICICI Bank down by 1.84%, Cipla down by 1.79%, Sterlite Industries down by 1.67% and DLF down by 1.65% were the top losers on the Sensex.
Meanwhile, in order to ensure uninterrupted supply of iron ore for the domestic steel makers, the steel ministry is expected to approach the finance ministry demanding to increase the export duty on iron ore to 30% from the current 20%. A proposal in this regard has been cleared by Steel Minister Beni Prasad Verma and soon it will be sent to the finance ministry for its approval and implementation.
Earlier, in order to discourage the exports of iron ore, the government in this year's budget has increased the duty on iron ore, both fines and lumps to 20%. However, the hike was not welcomed by the iron ore industry, and termed it as death knell for the labor intensive industry.
Since the duty hike, country's exports of iron ore have declined by 21.9% to 25.3 million tonne in the first four month of current financial year to corresponding period last fiscal. And for the month of July 2011, India's exports of iron ore declined by 22.56% to 3.62 million tonnes from 4.68 million tonnes in the July 2010.
For the current fiscal year, the Federation of the Indian Mineral Industries expects export of iron ore to decline by 20% to 75 from 98 million tonnes in last fiscal year. India mostly exports its iron ore to China, which does not allow the local industry there to dock the same to protect the interest of Chinese steel makers. India's domestic production of iron ore is significantly above from the domestic demand.
The S&P CNX Nifty is currently trading at 5,049.50, lower by 34.75 points or 0.68%. The index has touched a high and low of 5,068.40 and 5,035.50 respectively. There were 16 stocks advancing against 34 declines on the index.
The top gainers of the Nifty were GAIL up by 1.40%, IDFC up by 1.11%, ACC up by 1.07%, Wipro up by 1.03% and Reliance Power up by 0.57%.
On the flip side, Reliance Infra down by 3.28%, Reliance Capital down by 2.40%, ICICI Bank down by 2.33%, L&T down by 2.16% and Sterlite Industries down by 2.11% were the major losers on the index.
The BSE Sensex is currently trading at 16,817.70 down by 116.13 points or 0.69%. The index has touched a high and low of 16,865.93 and 16,772.45 respectively. There were 7 stocks advancing against 23 declines on the index.
The broader indices were outperforming the benchmarks were trading in green; the BSE Mid cap index up by 0.13% while, Small cap index was up by 0.22%.
The top gaining sectoral indices on the BSE were, CD up by 0.36% and Auto up by 0.11%. While, CG down by 1.39%, Metal down by 0.98%, Bankex down by 0.91%, FMCG down by 0.81% and PSU down by 0.52% were the top losers on the index.
The top gainers on the Sensex were Wipro up by 0.72%, Tata Motors up by 0.59%, Bharti Airtel up by 0.36%, Maruti Suzuki up by 0.12% and Mahindra & Mahindra up by 0.11%.
On the flip side, L&T down by 2.07%, ICICI Bank down by 1.84%, Cipla down by 1.79%, Sterlite Industries down by 1.67% and DLF down by 1.65% were the top losers on the Sensex.
Meanwhile, in order to ensure uninterrupted supply of iron ore for the domestic steel makers, the steel ministry is expected to approach the finance ministry demanding to increase the export duty on iron ore to 30% from the current 20%. A proposal in this regard has been cleared by Steel Minister Beni Prasad Verma and soon it will be sent to the finance ministry for its approval and implementation.
Earlier, in order to discourage the exports of iron ore, the government in this year's budget has increased the duty on iron ore, both fines and lumps to 20%. However, the hike was not welcomed by the iron ore industry, and termed it as death knell for the labor intensive industry.
Since the duty hike, country's exports of iron ore have declined by 21.9% to 25.3 million tonne in the first four month of current financial year to corresponding period last fiscal. And for the month of July 2011, India's exports of iron ore declined by 22.56% to 3.62 million tonnes from 4.68 million tonnes in the July 2010.
For the current fiscal year, the Federation of the Indian Mineral Industries expects export of iron ore to decline by 20% to 75 from 98 million tonnes in last fiscal year. India mostly exports its iron ore to China, which does not allow the local industry there to dock the same to protect the interest of Chinese steel makers. India's domestic production of iron ore is significantly above from the domestic demand.
The S&P CNX Nifty is currently trading at 5,049.50, lower by 34.75 points or 0.68%. The index has touched a high and low of 5,068.40 and 5,035.50 respectively. There were 16 stocks advancing against 34 declines on the index.
The top gainers of the Nifty were GAIL up by 1.40%, IDFC up by 1.11%, ACC up by 1.07%, Wipro up by 1.03% and Reliance Power up by 0.57%.
On the flip side, Reliance Infra down by 3.28%, Reliance Capital down by 2.40%, ICICI Bank down by 2.33%, L&T down by 2.16% and Sterlite Industries down by 2.11% were the major losers on the index.
All
the Asian equity indices were trading in the red; Shanghai Composite
was down by 1.43, Hang Seng was down by 2.48%, Jakarta Composite was
down by 1.29%, KLSE Composite down by 0.86%, Straits Times was down by
0.89%, Seoul Composite down by 0.89% and Taiwan Weighted down by 1.27%.
Meanwhile, Nikkei 225 was closed for trade today.
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