Markets trading in negative, food inflation down at 1.81%
Shrikant / 22 Dec 2011
The markets have continued to trade in the negative after a negative opening in the morning. The BSE Sensex is currently down by 149 points, while the 50-share Nifty is down by 41 points.
Meanwhile, food inflation fell sharply to a 4-year low of 1.81% for the week ended Dec 10, 2011. The prices of vegetables, onions, potatoes and wheat declined.
Asian markets are not showing any sign of recovery, and have continued trading down marginally. The key question of whether the European Central Bank will be able to pump enough money to mop up the debt crisis is hurting the markets.
Meanwhile, the European markets have opened positive today.
Benchmark Indices
Index
Rate
% Change
FTSE
5,409.50
0.37%
CAC
3,046.83
0.54%
DAX
5,836.70
0.78%
Hang Seng
18,354.17
-0.34%
Nikkei
8,395.16
-0.77%
Shanghai
2,186.30
-0.22%
Sensex
15,535.52
-0.95%
Nifty
4,652.10
-0.87%
Back home, among the sectoral indices, FMCG and HC are currently trading in the green. Power and CD, which were seen in the green in the morning trades, have turned into losses and are marginally down. The Metals index is down by 1.10%. Due to the negative waves created by the disappointing quarterly earnings of software giant Oracle Corp, the IT and Teck indices are down by over 2% at this hour.
Only 4 of the Sensex stocks are trading in the positives. Hindustan Unilever and DLF are seen up by more than 1%, while Tata Motors and ITC are slightly up. The losers list is headed by Bharti Airtel, which is down by more than 5%. Wipro, TCS, Infosys, Hindalco Industries and Coal India are all down by over 2%.
Of the other stocks, United Breweries has gained by 4.7%. Gujarat Fluorochemicals and Shree Renuka Sugars have both continued trading with over 4% returns so far. Ranbaxy Laboratories is still holding its ground.
Ramco Systems has announced that it will not proceed with the proposed Rights Issue on account of unfavourable market conditions, and has approved the withdrawal of the Draft Letter Of Offer. The market has cheered this decision, and the stock is trading up by 4.58%.
The market breadth, which indicates the overall health of the market, is negative. Out of the total of 2946 stocks traded, 1715 declined, 1123 advanced and 108 remained unchanged.
We expect that the markets may show some sign of recovery after the data on food inflation as well as the positive opening in the European markets. However, this may not be enough for profit making.
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