Markets Up On Inflation Figures
Chandrakant / 16 Apr 2012
The Indian markets have given up their morning losses and are trading with marginal gains, as the WPI inflation for Mar 2012 has declined by 0.06% from 6.95% to 6.89%. However, this has come against the street's expectations of 6.70%.
The Indian markets have given up their morning losses and are trading with marginal gains, as the WPI inflation for Mar 2012 has declined by 0.06% from 6.95% to 6.89%. However, this has come against the street's expectations of 6.70%. The lower inflation figure for the month has raised the hopes of the markets, which are expecting the RBI to cut the rates in its monetary policy meeting due on Tuesday. This is the only hope for the market in a situation where the March quarter results are expected to remain muted and subdued. Among the sectors, Tech, IT and Oil & Gas are trading lower by 0.52%, 0.38% and 0.25% respectively. On the other hand, the Realty, FMCG and Capital Goods indices are leading with gains between 0.98%-1.15%.
Other Asian markets continue to trade lower, with Hang Seng and Shanghai trading lower by 0.49% and 0.09% respectively, while Nikkei is trading below by 1%. The markets are down on the back of growing concerns over the rising borrowing cost in Spains putting pressure on the Euro and resulting in weaker cyclical stocks.
The European markets opened the day on a positive note, with the 3 major indices, CAC, DAX and FTSE, trading up between 0.15%-0.54%. The markets seem to be in consolidation mode after the continuous fall seen over the previous week. Support from the US earning seasons also helped the markets trade higher. However, concerns are still looming over the European nations like Spain and Greece ahead of the bond auction.
| Benchmark Indices | ||
|---|---|---|
| Index | Rate | % Change |
| FTSE | 5673.6 | 0.38 |
| DAX | 6574.11 | -0.14 |
| CAC | 3201.11 | 0.38 |
| Hang Seng | 20610.64 | -0.44 |
| Nikkei | 9470.64 | -1.77 |
| Shanghai | 2357.03 | -0.09 |
| SENSEX | 17144.07 | 0.3 |
| NIFTY | 5223.3 | 0.32 |
Back home, ITC is the leading index gainer, up 1.82% to Rs 240.50. The Realty stocks continued trading higher, with DLF, Parsvnath Developers and HDIL seeing gains of 1.09%, 6.96% and 3.02% respectively. On the other hand, Bharti Airtel, HDFC, HDFC Bank, Hindalco Industries and Infosys are all trading down between 0.28%-1.64%.
The market breadth, which indicates the overall health of the market, is positive. On the BSE, 1424 shares, gained 1119 shares declined and 125 shares remained unchanged.
We expect the markets to remain volatile with a negative bias for the rest of the day, and advise readers to play with caution.
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