Markets Down 0.5%, Realty Stocks Gain Momentum
Shrikant / 26 Sep 2012
The equity markets in India opened in the negative today, as we expected. The BSE Sensex is currently trading down 0.5%, while the 50-share Nifty is trading 0.43% lower from yesterday’s closing.
The equity markets in India opened in the negative today, as we expected. The BSE Sensex is currently trading down 0.5%, while the 50-share Nifty is trading 0.43% lower from yesterday’s closing.
Meanwhile, HSBC India has said that the FY14 fiscal deficit will be worse than that in FY13. It has also said that the implementation of the recent debt restructuring package for the state electricity boards will be difficult. Besides, it mentioned that the market have run ahead of the fundamentals, and may pause for some time to catch up.
In the Asian markets, the scenario has not changed much. The Nikkei still trading lower by over 1%, as most stocks have turned ex-dividend. Shanghai, however, has widened its losses to 0.63%.
| Benchmark Indices | ||
|---|---|---|
| Index | Closing | % Change |
| SENSEX | 18598.14 | -0.51 |
| NIFTY | 5649.60 | -0.43 |
| Hang Seng | 20514.32 | -0.89 |
| Nikkei | 8922.89 | -1.86 |
| Shanghai | 2016.61 | -0.63 |
On the BSE, the Realty index is benefitting from a positive sentiment and is currently higher by 1.7%. FMCG and Healthcare stocks are also up 0.8% each. Auto and CD are the only other indices showing gains, while all the rest are in negatives. The Metals index, which tanked 1.3% yesterday, it is down by 0.8% so far today. Most stocks in the index are down, with Sesa Goa, Coal India, Hindalco, SAIL, Hindustan Zinc and Sterlite showing over 1% losses.
Of the Sensex stocks, Cipla has gained 1.7% today, and is remains the top gainer in the 30 scrips. GAIL India is also up by 1.3%. Hero MotoCorp has gained 1.6% and HUL is up nearly 1%. Similarly, Bajaj Auto and M&M are trading in the green. On the other hand, the shares of Bharti Airtel are down 2.8% at the moment. Tata Power has lost 1% as the company is facing a few headwinds in Indonesia, where its 30% holding company Bumi Resources is undergoing investigation on alleged financial irregularities. BHEL and L&T are among the other scrips trading down this morning.
In other stocks, Strides Arcolab has surged over 2% on the conversion of the stock option. The shares of Pantaloon Retail and Gujarat Gas are up by 4% each. United Spirits and United Breweries are trading up for the second day today as the company is in discussions to attract investments from Diageo PLC. Pharma stocks like Cadila, Lupin and Dr Reddy's are also trading in the green. Cement stocks ACC and Ambuja are showing gains at this moment.
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