Markets Stick In The Red, All Sectors Negative
Sagar Lele / 25 Jul 2012
On the back of currency depreciation and unrelenting global worries, the Indian markets continue to trade in the negative. The European markets opened flat, while Asian markets are still trading lower.
The Indian markets continue their gradual decline, with the Sensex trading at 16836.6, lower by 0.48% and the Nifty lower by 0.43%, trading at 5106.35. The rupee is currently trading at 56.41 and fast moving towards the 56.50 mark, further hurting the markets.
| Benchmark Indices |
| |
|---|---|---|
| Index | Rate | % Change |
| FTSE | 5496.3 | -0.05 |
| DAX | 6414.1 | 0.37 |
| CAC | 3081.83 | 0.23 |
| Hang Seng | 18914.68 | 0.06 |
| Nikkei | 8365.9 | -1.46 |
| Shanghai | 2136.15 | -0.49 |
| SENSEX | 16836.6 | -0.48 |
| NIFTY | 5106.35 | -0.43 |
Global oil prices have been seeing a downward pressure because of the recently released API (American Petroleum Institute) supply data. The trade group reported increased stock piles in gasoline and distillates. Investors are now eyeing the supply data to be released by the Energy Information Agency, which is expected to be announced later today. This would define the directional movement of oil to a larger extent.
All of the European markets are trading flat minutes after the opening, with FTSE, DAX and CAC changed by -0.05%, 0.37% and 0.23% respectively. Spanish yields have not been resting on their upward spree. It wasn’t long ago that the Spanish 10 year bond yields went above the 7% mark. The yield went further up today, and is currently trading at 7.67%, higher by 13 bps.
On the domestic front, all the 13 indices are currently trading in the negative, with 6 sectors declining by over 1%.
Media reports suggest that the government’s move to hike diesel prices is not likely to pave out in the near term. Investors had been looking forward to this hike considering the fact that it would affect the fiscal deficit situation of India. The BSE Oil & Gas index is trading lower by 0.87%. At a company level, BPCL, HPCL and ONGC have seen losses of 1.15%, 1.72% and 1% respectively in their stock prices.
The Metals index has been trading lower over the cumulative outlook on consumption and demand being negative. With global manufacturing and output contracting for successive months in the Euro zone and in China, metals in India have been surrounded by negative sentiment resulting in heavy losses over yesterday and today. The index has declined by 1.92% so far in the day.
As said earlier, we expect the markets to remain in the negatives till the end of the day.
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