The domestic bourses ended the trading session on a positive note as the benchmark indices pared almost all of the hefty losses incurred during the morning trade. The market started off the session deep into the negative terrain, as the broader indices witnessed a huge gap down opening tracking weak global cues. The Asian stocks plunged significantly following negative cues from the Wall Street which closed lower on Friday and due to gains in yen and dollar on speculation that Egypt’s crisis will slow down the global economic recovery.
Soon after the bearish start, the market dragged further before finding support near the 5,410 Nifty level. Though weakness prevailed among the Asian bourses, the domestic market started paring its losses gradually. Despite of huge volatility, the benchmarks were seen inching towards the baseline. The recovery came in as buying interest was witnessed among the Capital Goods, Power, Oil&Gas and Auto stocks. Finally, the market closed with mild losses. The negative opening for the European bourses had limited impact in the domestic front.
In the sectoral front, the Capital Goods, Power and Oil&Gas space were the major contributors to the market recovery from the morning slump and they gained by 3.26%, 1.31% and 1.22% respectively. However, the Realty and FMCG sectors remained weak, declining by 2.23% and 2% respectively. Both the Nifty and Sensex witnessed huge volatility throughout the session and finally closed with mild losses near the session highs. The negative closing for the US markets on Friday weighed heavily on the domestic market, dampening the morning sentiment. The Dow Jones Industrial Average (DJIA) closed with a loss of 166.13 points or 1.39% at 11,823.70, while NASDAQ index finished lower by 68.39 points or 2.48% to 2,686.89. The S&P 500 (SPX) closed down by 23.20 points or 1.79% to 1,276.34.
Among the Sensex pack, 17 stocks ended in negative while 13 ended in the positive terrain. The overall market breadth reflected similar weakness, as out of total 3,006 stocks traded on BSE, 1,643 stocks declined, whereas 1,183 stocks advanced and 180 stocks remained unchanged.
The BSE Sensex closed down by 68.21 points or (0.37%) at 18,327.76 and NSE Nifty ended lower by 6.25 points or (0.11%) at 5,505.90. BSE Midcap closed with a loss of 30.02 points or (0.44%) at 6,868.35 while BSE Smallcap closed lower by 68.47 points or (0.80%) at 8,477.82. The BSE Sensex touched intraday high of 18,395.09 and intraday low of 18,038.48.
Gainers from the BSE Sensex pack were – ONGC (3.69%), BHEL (2.98%), Hindalco Inds (2.73%), L&T (2.19%), M&M (2.18%) and Maruti Suz (1.56%).
Losers from the BSE Sensex pack were – JP Assoc (4.69%), ITC (3.18%), HDFC (2.73%), Bharti Artl (2.61%), Rel Infra (2.31%), TCS (2.15%) and Rel Comm (2.00%).
On the macroeconomic front, India is eyed a lucrative destination for investment by the private equity player. The reason attributing are the sound economic growth and the increasing domestic demand. The sectors like power, infrastructure, energy, real estate and healthcare are going to drive the investment in the coming period. "Strong self consumption driven by the great Indian middle class and consistent economic growth ranked higher in respondent''s minds as reason for a more favourable investment environment now as compared to 2007," the report said. Further, the report noted that almost "a third of the respondents believed India shall perform better than both China and Brazil ".
India is likely to sign the Comprehensive Economic Cooperation Agreement with Malaysia to strengthen and boost trade and economic activities between the two countries and to emerge with new areas of trade and economic cooperation. Both the countries look for an enhanced scope coverage and outset the Free-Trade Agreement (FTA) which focuses on goods, services and investments.
In order to put a check on the rising inflation in the country, the government has decided to reduce the prevailing import duties on the food items. As the reduction in the import duty will help in decreasing the food inflation in the country. If the same is not achieved India will further decline the import duties in order to control the rising food prices.
On the global markets front, almost all the major indices in Asia ended on a negative note. The Jakarta Composite, Seoul Composite, Straits Times, Nikkei225 and Hang Seng declined by 2.25% at 3,409.17, 1.81% at 2,069.73, 1.55% at 3,179.72, 1.18% at 10,237.92 and 0.72% at 23,447.34 respectively. However, the Shanghai Composite inclined by 1.35% at 2,789.82.
European markets, which opened after the Indian market were trading on a negative note. Key benchmark indices like – CAC 40 was trading lower by 0.51% at 3,982.05, in Frankfurt, DAX index was trading down by 0.55% at 7,063.58 and FTSE 100 declined by 0.67% at 5,842.14.
The BSE CG index was at 13,526.03 up by 426.85 points or by (3.26%). The main gainers were Siemens (17.32%), Crompton Greaves (6.48%), ABB (5.81%), Bharat Elec (3.70%) and Alstom Projects (3.29%).
Soon after the bearish start, the market dragged further before finding support near the 5,410 Nifty level. Though weakness prevailed among the Asian bourses, the domestic market started paring its losses gradually. Despite of huge volatility, the benchmarks were seen inching towards the baseline. The recovery came in as buying interest was witnessed among the Capital Goods, Power, Oil&Gas and Auto stocks. Finally, the market closed with mild losses. The negative opening for the European bourses had limited impact in the domestic front.
In the sectoral front, the Capital Goods, Power and Oil&Gas space were the major contributors to the market recovery from the morning slump and they gained by 3.26%, 1.31% and 1.22% respectively. However, the Realty and FMCG sectors remained weak, declining by 2.23% and 2% respectively. Both the Nifty and Sensex witnessed huge volatility throughout the session and finally closed with mild losses near the session highs. The negative closing for the US markets on Friday weighed heavily on the domestic market, dampening the morning sentiment. The Dow Jones Industrial Average (DJIA) closed with a loss of 166.13 points or 1.39% at 11,823.70, while NASDAQ index finished lower by 68.39 points or 2.48% to 2,686.89. The S&P 500 (SPX) closed down by 23.20 points or 1.79% to 1,276.34.
Among the Sensex pack, 17 stocks ended in negative while 13 ended in the positive terrain. The overall market breadth reflected similar weakness, as out of total 3,006 stocks traded on BSE, 1,643 stocks declined, whereas 1,183 stocks advanced and 180 stocks remained unchanged.
The BSE Sensex closed down by 68.21 points or (0.37%) at 18,327.76 and NSE Nifty ended lower by 6.25 points or (0.11%) at 5,505.90. BSE Midcap closed with a loss of 30.02 points or (0.44%) at 6,868.35 while BSE Smallcap closed lower by 68.47 points or (0.80%) at 8,477.82. The BSE Sensex touched intraday high of 18,395.09 and intraday low of 18,038.48.
Gainers from the BSE Sensex pack were – ONGC (3.69%), BHEL (2.98%), Hindalco Inds (2.73%), L&T (2.19%), M&M (2.18%) and Maruti Suz (1.56%).
Losers from the BSE Sensex pack were – JP Assoc (4.69%), ITC (3.18%), HDFC (2.73%), Bharti Artl (2.61%), Rel Infra (2.31%), TCS (2.15%) and Rel Comm (2.00%).
On the macroeconomic front, India is eyed a lucrative destination for investment by the private equity player. The reason attributing are the sound economic growth and the increasing domestic demand. The sectors like power, infrastructure, energy, real estate and healthcare are going to drive the investment in the coming period. "Strong self consumption driven by the great Indian middle class and consistent economic growth ranked higher in respondent''s minds as reason for a more favourable investment environment now as compared to 2007," the report said. Further, the report noted that almost "a third of the respondents believed India shall perform better than both China and Brazil ".
India is likely to sign the Comprehensive Economic Cooperation Agreement with Malaysia to strengthen and boost trade and economic activities between the two countries and to emerge with new areas of trade and economic cooperation. Both the countries look for an enhanced scope coverage and outset the Free-Trade Agreement (FTA) which focuses on goods, services and investments.
In order to put a check on the rising inflation in the country, the government has decided to reduce the prevailing import duties on the food items. As the reduction in the import duty will help in decreasing the food inflation in the country. If the same is not achieved India will further decline the import duties in order to control the rising food prices.
On the global markets front, almost all the major indices in Asia ended on a negative note. The Jakarta Composite, Seoul Composite, Straits Times, Nikkei225 and Hang Seng declined by 2.25% at 3,409.17, 1.81% at 2,069.73, 1.55% at 3,179.72, 1.18% at 10,237.92 and 0.72% at 23,447.34 respectively. However, the Shanghai Composite inclined by 1.35% at 2,789.82.
European markets, which opened after the Indian market were trading on a negative note. Key benchmark indices like – CAC 40 was trading lower by 0.51% at 3,982.05, in Frankfurt, DAX index was trading down by 0.55% at 7,063.58 and FTSE 100 declined by 0.67% at 5,842.14.
The BSE CG index was at 13,526.03 up by 426.85 points or by (3.26%). The main gainers were Siemens (17.32%), Crompton Greaves (6.48%), ABB (5.81%), Bharat Elec (3.70%) and Alstom Projects (3.29%).
Thank you,
