Markets Down 1% Over Selling Pressure
DSIJ Intelligence / 23 Apr 2012
The Indian equity markets against our expectations have tanked nearly 1%. The IT giant TCS has turned volatile and has given up all the morning gains. The company will report its March quarter later today. The Oil and Gas major RIL is holding the fort over the improved Gross Refining Margins.
Global cues have come in negative. Hang Seng and Shanghai have continued trading in negatives and have widened the morning losses. Nikkei continued trading in negatives over the news that Bank of Japan would extend the maturity of the bonds that it purchased. The opening in the European stocks was negative where FTSE, DAX and CAC tanked more than 1% at the opening.
Meanwhile BlackRock has said that the equity market growth would be back on track in the second half of the 2012.
The rupee rose by 0.58% and is trading at Rs 52.48 per dollar. It still remains out of the comfort zone increasing the worries of the importers.
Among the Sensex only 6 stocks are trading in green which are RIL, Tata Steel, ONGC, Bharti Airtel, Wipro and HDFC. Infosys has further declined in value due to the weak guidance for this fiscal.
Market breadth at this time has turned negative where of total 2684 stocks traded, 1022 stocks have advanced while 1552 stocks have declined. 110 stocks have remained unchanged.
| Benchmark Indices | ||
|---|---|---|
| Index | Rate | % Change |
| FTSE | 5,749.20 | 0.08% |
| CAC | 3,171.47 | -0.08% |
| DAX | 6,696.32 | 0.38% |
| Hang Seng | 20,981.41 | -0.06% |
| Nikkei | 9,561.36 | -0.28% |
| Shanghai | 2,406.86 | 1.19% |
| SENSEX | 17,481.51 | -0.13% |
| NIFTY | 5,322.90 | -0.18% |
Among the sectoral indices only Oil and Gas is trading in green while all other indices are in red.
Bharti Airtel had surged over the news that company added 2.5 million subscribers in March against 1.82 million additions in February 2012. The real estate major, DLF has shed over 3.5% over the news that DLF will be out of SENSEX and will be replaced by the Dr. Reddy’s Laboratories.
Shares of AP Paper have surged by 20% over the delisting buzz. Other paper stocks such as JK Paper, Orient Paper and industries are also seen surging.
Alstom Projects is expected to announce its March quarter results today and has maintained its positive streak of trading. Coromandel International on the same lines is trading in green. Other major result candidate such as Geometric and Ultratech cement are in red at this time.
Volumes are strong in Gateway Distriparks, Core Projects, Hexaware Technologies, VST industries, AP Paper, Swan Energy, SAIL and IDBI Bank. Top turnover is seen in SBI, Infosys, RIL, Tata Steel etc.
With the negative sentiment very strong and global signals indicating volatile trades we expect the market to remain negative.
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