Market Continue Trading Lower
Chandrakant / 09 May 2012
The Indian markets have not moved much since the morning, and continue to trade lower.The Sensex and Nifty are down by 0.22% and 0.35% respectively.
The Indian markets have not moved much since the morning, and continue to trade lower. A falling rupee, weak global sentiments and a muted earnings season have dampened investor sentiment. The Sensex and Nifty are down by 0.22% and 0.35% respectively. A positive opening in the Euro zone has provided some lift to the Indian markets though. All the sectors are in the negative except FMCG, CG, IT and Tech, which are trading higher by 2.40%, 0.72%, 0.48 and 0.10% respectively. Realty, Bankex and Oil & Gas are down by 1.86%, 1.48% and 1.15% respectively, dragging the markets lower.
The other Asian markets continued to trade weak on the Greek worries. The Nikkei, Hang Seng and Shanghai are down by 1.51%, 0.80% and 1.67% respectively.
While Europe opened positive, the markets are trading on a flat sticky note. The major indices, CAC and DAX, are up by 0.18% and 0.36% respectively, while FTSE is trading on a flat note, up by 0.12%. The European markets are edgy following the Spanish government's demand from the country's banks to raise a further approx. 35 billion Euro ($ 45.48 billion) in provisions against sound loans.
| Benchmark Indices | ||
|---|---|---|
| Index | Rate | % Change |
| FTSE | 5544.07 | -0.18 |
| DAX | 6467.29 | 0.35 |
| CAC | 3123.51 | -.0.03 |
| Hang Seng | 20330.31 | -0.76 |
| Nikkei | 9045.14 | -1.51 |
| Shanghai | 2408.59 | -1.67 |
| SENSEX | 16535.07 | -0.12 |
| NIFTY | 4997.25 | -0.1 |
Oil & Gas heavyweight, Reliance Industries, is also trading down by 2.24% at Rs 710.70 on news that the company has lowered its estimates of proven gas reserves from its Indian blocks. Coal India has slipped nearly 2% on the BSE after the company signed fuel supply agreements with 13 power units, while some of them have refused to sign the pact. Sterlite Industries, Infosys, ONGC, Cipla, Bharti Airtel, etc. are trading lower in the range of 1%-2%.
Individual stocks such as ITC surged by 5% to Rs 238.25 on the BSE today. Bajaj Hindustan is down by 3% after the firm reported poor Q4 financial numbers.
The market breadth, which indicates the overall health of the market, is weak. On the BSE, 1512 shares declined, 1013 shares rose and 134 shares remained unchanged.
We expect the markets to remain negative for the day on the back of weak global sentiments and the poor earnings season results.
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