Markets to remain negative
Shrikant / 11 Nov 2011
After dismal IIP numbers, the Sensex is down by over 223 points or 1.28%. The IIP figure of 1.9% confirms the fears of a slowdown in the Indian economy, and the drop was visible across all sectors.
After dismal IIP numbers, the Sensex is down by over 223 points or 1.28%. The 50-share Nifty index is also trading down by 68 points or 1.32%. The IIP figure of 1.9% confirms the fears of a slowdown in the Indian economy, and the drop was visible across all sectors.
Food inflation continued to be in double digits for the week ended October, 29, 2011. Headline inflation based on the Wholesale Price Index (WPI) was recorded at 9.72%, Though it remains out of the RBI's comfort zone, the central bank has said it will take a pause for a while in its interest rate hikes.
Asian stock markets are trading higher, following some positives in debt-ridden Europe and good news on US job data. The Hang Seng was up by 0.94%, while Nikkei and Shanghai were up marginally between 0.06%-0.16%.
Meanwhile, European stocks have opened with a mixed trend. The FTSE is trading up with marginal gains, while CAC and DAX are trading in the red, indicating volatility ahead.
| Benchmark Indices |
||
| Index | Rate | % Change |
| FTSE | 5445.24 | 0.01% |
| DAX | 5866.77 | -0.02% |
| CAC | 3061.05 | -0.12% |
| Hang Seng | 19142.73 | 0.94% |
| Nikkei | 8514.47 | 0.16% |
| Shanghai | 2481.08 | 0.06% |
| Sensex | 17139.02 | -1.28% |
| Nifty | 5152.2 | -1.32% |
Back home, the Healthcare index has reversed its initial marginal gains into losses, while FMCG has moved from the red into the green. The Auto index is trading in the green after moving into the red for some time. The Bankex has continued trading in the red, down by over 3%. The Realty, Metal and Capital goods indices are each down by more than 2%.
Amongst the Sensex stocks, Sun Pharma is firm on its ground so far, after a good performance by its Israeli subsidiary, Taro. Tata Communications is also standing steady, up by over 5%. Hero MotoCorp, Bajaj Auto and Mahindra & Mahindra are seen trading in the green, while Tata Motors is witnessing some pressure.
ICICI Bank has topped the losers list, down by over 41 points, followed by Tata Steel, which is down by over 18 points. Except for Coal India, other stocks from the Energy sector are seen trading in the red. TCS and Wipro are extending their morning gains.
The market breadth, which indicates the overall health of the market, is negative. On the BSE, 2161 shares declined, 858 advanced and 102 shares remained unchanged.
In conclusion, we expect the market to remain negative for the day.
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