Markets Down Despite Strong Global Peers

Domestic markets closed in red by giving away most of gains in yesterday’s session despite of firm cues from global peers. The Indian market has concerns over clarity on US budget deficit and euro-zone debt crisis. Earlier the Asian markets closed in positive with gains of 0.5 to 1 percent. In afternoon, the European peers also opened in green with almost one percent up from yesterday’s closing. Heavyweights like Wipro, Hindalco, JP associates, Tata Power, Hero Honda etc were weak and dragging the market in negative. Wipro share slipped almost 4 percent after the company announced unsatisfactory June quarter results. DLF, ITC, Maruti Suzuki and HUL were the only gainers in Sensex and giving some support to the market. The benchmark indices Sensex and Nifty closed at 18,502 and 5,567; down by 0.81 and 0.83 percent respectively. FMCG index was the only index which closed in positive with marginal gains. Power, healthcare, consumer good, auto and bank indices were down by 1.73, 1.71, 1.45, 1.42 and 1.34 percent respectively. overall market breadth was negative with 1,696 declines against 1,195 advances.