Markets tumble on weak GDP numbers
Chandrakant / 29 Feb 2012
The Indian markets slipped mainly on the back of poor GDP numbers for the Dec 2011 quarter, which came down to 6.1% versus 6.9% in the Sept 2011 quarter. The Sensex and Nifty were trading with losses of 0.07% and 0.32% respectively.
The Indian markets slipped mainly on the back of poor GDP numbers for the Dec 2011 quarter, which came down to 6.1% versus 6.9% in the Sept 2011 quarter.The GDP numbers were below the market expectations, the lowest growth seen in the last 2 years. The Sensex and Nifty were trading with losses of 0.07% and 0.32% respectively. However, Sensex heavyweights like Reliance Industries and BHEL were trading up by 2.25 % and 0.94 % respectively.
Other Asian markets continue to trade on a mixed note. The Nikkei and Hang Seng are up 0.01% and 0.51% respectively and Shanghai is trading in the red zone, down 0.96% to levels of 2428. The Chinese market is down on concerns that the housing policy may be reversed. The negative opening in the European markets further dented investor sentiment.
The European markets too opened on a mixed note FTSE is down by -0.05%, while DAX and CAC are up by 0.49% and 0.40% respectively.
| Benchmark Indices | ||
|---|---|---|
| Index | Rate | % Change |
| FTSE | 5,925.17 | -0.05 |
| DAX | 6,921.61 | 0.49 |
| CAC | 3,467.10 | 0.40 |
| Hang Seng | 21,680.08 | 0.51 |
| Nikkei | 9,723.82 | 0.01 |
| Shanghai | 2,428.29 | -0.96 |
| SENSEX | 17730.12 | -0.07 |
| NIFTY | 5,360.95 | -0.37 |
Among the BSE sectoral indices, Oil & Gas, PSU and Realty are leading with gains of 2.13%, 1.36% and 0.78% respectively. The indices that have taken a beating are CG, Bankex and Auto, all down between 0.08%-1.12%.
ONGC is currently leading the Sensex shares with gains of 3.53%. Others stocks such as Bajaj Auto, Bharti Airtel, Sterlite, Tata Power, Tata Steel and Wipro are up between 1.34%-2.03%. Of the losers pack, HDFC, HDFC Bank, Jindal Steel, L&T, Maruti Suzuki and Tata Motors are trading down between 0.47%-1.75%.
The market breadth, which indicates the overall health of the market, is positive. On the BSE, 1441 shares rose, 1280 shares fell and 134 shares remained unchanged.
We expect the markets to remain flat and negative for the rest of the day, and advise readers to play with caution.
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