Markets Remain Under Pressure
DSIJ Intelligence / 24 Aug 2012
The Indian markets have been trading lower since opening on the back of weak global cues. Currently the Sensex is trading lower by 88.66 points at 17761.56, down by 0.50% and the Nifty is trading lower by 31.60 points at 5383.75, down by 0.58%.
| Benchmark Indices | ||
|---|---|---|
| Index | Rate | % Change |
| FTSE | 5768 | -0.14 |
| DAX | 6948 | -0.02 |
| CAC | 3427 | -0.15 |
| Hang Seng | 19880 | -1.25 |
| Nikkei | 9071 | -1.17 |
| Shanghai | 2091 | -1.04 |
| SENSEX | 17761.56 | -0.5 |
| NIFTY | 5383.75 | -0.58 |
Asian markets closed negative today and saw considerable selling with all the indices closing more than 1% lower. The Hang Seng, Nikkei and Shanghai Composite declined by 1.25%, 1.17% and 1.04% respectively. They have been majorly suppressed because of the diminishing hopes of another round of quantitative easing from the U.S. after an official from the Federal Reserve said he didn’t see it coming any time soon in September or October. European markets too lacked lustre on opening. All of the indices opened flat and are slowly heading downwards. Stocks in Europe have been trading lower since the release of preliminary data on the manufacturing and services in euro zone by HSBC and London based Markit Economics which indicated a seventh consecutive month of contraction.
On the domestic front, there are no signs of improvement in the way the markets are trading. With overall weakness seen in the markets, only 2 of the 13 sectors are trading positive. Being defensives, FMCG and Healthcare are the 2 sectors that have seen growth in the range of 0.02% and 0.43%. These figures too are not overly optimistic and don’t show any robustness. Of the top losers are Realty, Capital Goods and Banking which have lost 2.01%, 1.41% and 1.16% respectively.
Among individual stocks, HUL and ITC have gained 1.32% and 0.57% respectively. Tata Steel, Hindalco and Mahindra & Mahindra have depreciated considerably with stock prices lower by 3.10%, 2.12% and 2.07% respectively. Mahindra & Mahindra has seen capital depreciation today because the company revised the volume estimates on tractors due to a drop in sowing area because of poor rainfall.
Overall the market lacks any motivation to make moves and is expected to follow the same trend throughout the rest of the trading session.
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