In spite of a 25 basis point repo rate cut to 7.75% by the RBI and an unexpected cut in the CRR by a further 0.25 per cent to 4 per cent failed to keep the market sentiment high. RBI’s projection of a lower economic growth for current fiscal to 5.5 per cent, from 5.8 per cent and concern about high current account and fiscal deficits causing inflation to flare again dampen the market sentiment and all the major Indian stock indices closed with heavy losses.
At the closing of the day’s trading, the BSE Sensex closed lower by 112.45 points at 19,990.90. It had earlier touched a day's high of 20203.66 and a day's low of 19970.05. Sensex opened at 20080. The broad based NSE Nifty closed at 6049.90, down by 24.90 points. It had earlier touched a day's high of 6,111.80 and a day’s low of 6,042. Nifty opened at 6,064.
Shares of 22 companies out of 30 companies comprising the 30-share Sensex pack declined. Major losers were Hindalco (2.7 %), Bajaj Auto (2.62 %), HDFC Bank (2.61 %), Bharti Airtel (2.43 %), BHEL (2.12 %), Gail India (1.98 %), RIL (1.68 %), Tata Steel (1.68 %), Tata Motors (1.59 %), Wipro (1.43 %), SBI (1.32 %), Sun Pharma (1.28 %) and M&M (1.03 %). However, ITC rose by 1.73 % and Coal India by 1.62 %.
All the 13 sectoral indices of BSE closed in the red zone except BSE FMCG, which was up by 0.70%. Top losers were, BSE Realty down by 2.07 %, BSE OIL&GAS down by 1.35 %, BSE Auto down by 1.12%.
The market breadth stood in favor of declines. Of the 2976 stocks traded on the BSE, 786 (26.41%) rose, 960 (32.26%) fell and 1230 (41.33%) stocks remained unchanged.
Asia markets mostly ended with gains on Tuesday. Japanese stocks recovered from early weakness on the back of a solid rally in banks, while Chinese shares retreated from recent gains. Nikkei has added 0.4%. Shanghai Composite, Kospi and Taiwan Weighted jumped around 1% each.
European shares consolidated near two-year highs on Tuesday and oil prices steadied as investors awaited data on the strength of U.S. economy and a Federal Reserve policy decision later in the week. FTSE was up by 0.71 %, while DAS and CAC also ended with gains. When this report is being prepared, Dow Jones Industrial Average is up by 0.44 % while NASDAQ is marginally lower.
Thus overall global cues points to a positive market trend for the Indian bourses tomorrow. So in spite of derivatives expiry on Thursday, Indian market is all set to move up in tomorrow’s trading. Moreover finance minister signaling of tougher economic stand in the budget next month will help the market to gain confidence.
At the closing of the day’s trading, the BSE Sensex closed lower by 112.45 points at 19,990.90. It had earlier touched a day's high of 20203.66 and a day's low of 19970.05. Sensex opened at 20080. The broad based NSE Nifty closed at 6049.90, down by 24.90 points. It had earlier touched a day's high of 6,111.80 and a day’s low of 6,042. Nifty opened at 6,064.
Shares of 22 companies out of 30 companies comprising the 30-share Sensex pack declined. Major losers were Hindalco (2.7 %), Bajaj Auto (2.62 %), HDFC Bank (2.61 %), Bharti Airtel (2.43 %), BHEL (2.12 %), Gail India (1.98 %), RIL (1.68 %), Tata Steel (1.68 %), Tata Motors (1.59 %), Wipro (1.43 %), SBI (1.32 %), Sun Pharma (1.28 %) and M&M (1.03 %). However, ITC rose by 1.73 % and Coal India by 1.62 %.
All the 13 sectoral indices of BSE closed in the red zone except BSE FMCG, which was up by 0.70%. Top losers were, BSE Realty down by 2.07 %, BSE OIL&GAS down by 1.35 %, BSE Auto down by 1.12%.
The market breadth stood in favor of declines. Of the 2976 stocks traded on the BSE, 786 (26.41%) rose, 960 (32.26%) fell and 1230 (41.33%) stocks remained unchanged.
Market outlook for tomorrow
Asia markets mostly ended with gains on Tuesday. Japanese stocks recovered from early weakness on the back of a solid rally in banks, while Chinese shares retreated from recent gains. Nikkei has added 0.4%. Shanghai Composite, Kospi and Taiwan Weighted jumped around 1% each.
European shares consolidated near two-year highs on Tuesday and oil prices steadied as investors awaited data on the strength of U.S. economy and a Federal Reserve policy decision later in the week. FTSE was up by 0.71 %, while DAS and CAC also ended with gains. When this report is being prepared, Dow Jones Industrial Average is up by 0.44 % while NASDAQ is marginally lower.
Thus overall global cues points to a positive market trend for the Indian bourses tomorrow. So in spite of derivatives expiry on Thursday, Indian market is all set to move up in tomorrow’s trading. Moreover finance minister signaling of tougher economic stand in the budget next month will help the market to gain confidence.
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