Indian market hit by inflation numbers
Vidrum / 03 Nov 2011
Indian markets moved southwards after the inflation data released, increasing the negative sentiments. Primary articles’ inflation for the week ended October 22, 2011 came in at 12.08% versus 11.75% (WoW). Food articles’ inflation increased by 78 basis points to 12.21%, while fuel inflation decreased by 20 basis points to 14.50% (WoW). Except power, all the sectors are trading in the red, with I.T, metals and auto taking the worst of the beating.
| Benchmark Indices | ||
| Index | Rate | % Change |
| FTSE | 5441.46 | -0.78 |
| DAX | 5861.76 | -1.74 |
| CAC | 3070.67 | -1.28 |
| Hang Seng | 19242.5 | -2.49 |
| Nikkei | 8640.42 | 0 |
| Shanghai | 2508.09 | 0.16 |
| SENSEX | 17412.12 | -0.3 |
| NIFTY | 5240.8 | -0.34 |
Asian markets declined after European leaders cut off aid payments to Greece before the referendum on the bailout deal. The Hang Seng is down 3%, while the Chinese market is trading flat.
European markets fell, as European leaders withheld aid to Greece after the country said it will hold the referendum.
Back home, auto stocks like Tata Motors, Hero MotoCorp and Mahindra & Mahindra are trading lower by 1-3%. IT heavyweights are also dragging the market down, with Infosys, Wipro and TCS losing 1-2% each. Other losers include Sterlite Industries, Tata Steel and HUL, which are down more than 2%. BHEL continued to trade higher, and is up 2.63% at Rs 324.35. Other morning gainers continue to hold, with SBI, Cipla, Tata Power etc. up by 1% each.
After posting strong Q2 FY12 numbers, Allahabad Bank continued yesterday’s rally and is up by 3% at Rs 165.60.
After the 2G court dismissed the bail application of all the accused, DB Realty plunged down and is trading at Rs 71.45, down 10% from the day’s high of Rs 79.60.
Raymond is down by 2% at Rs 379.70, after the Income Tax department conducted searches at the premises of Gautam Singhania, the company’s Chairman and MD.
The market breadth, which indicates the overall health of the market, is weak. On the BSE, 1520 shares fell, 1074 shares rose, and 122 shares remained unchanged.
We expect the markets to remain volatile for the rest of the day. Investors are also waiting for the G-20 summit, which will focus on stabilising the global financial markets.
European markets fell, as European leaders withheld aid to Greece after the country said it will hold the referendum.
Back home, auto stocks like Tata Motors, Hero MotoCorp and Mahindra & Mahindra are trading lower by 1-3%. IT heavyweights are also dragging the market down, with Infosys, Wipro and TCS losing 1-2% each. Other losers include Sterlite Industries, Tata Steel and HUL, which are down more than 2%. BHEL continued to trade higher, and is up 2.63% at Rs 324.35. Other morning gainers continue to hold, with SBI, Cipla, Tata Power etc. up by 1% each.
After posting strong Q2 FY12 numbers, Allahabad Bank continued yesterday’s rally and is up by 3% at Rs 165.60.
After the 2G court dismissed the bail application of all the accused, DB Realty plunged down and is trading at Rs 71.45, down 10% from the day’s high of Rs 79.60.
Raymond is down by 2% at Rs 379.70, after the Income Tax department conducted searches at the premises of Gautam Singhania, the company’s Chairman and MD.
The market breadth, which indicates the overall health of the market, is weak. On the BSE, 1520 shares fell, 1074 shares rose, and 122 shares remained unchanged.
We expect the markets to remain volatile for the rest of the day. Investors are also waiting for the G-20 summit, which will focus on stabilising the global financial markets.
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