Market Close In Green On Rate Cut Hopes
DSIJ Intelligence / 14 Dec 2012
The Indian markets had a volatile trading day. At noon, the markets moved higher after the Wholesale Price Index (WPI) inflation figure for the month Nov came in at 7.24%, which was below the market expectations of 7.6%.
The Indian markets had a volatile trading day. At noon, the markets moved higher after the Wholesale Price Index (WPI) inflation figure for the month Nov came in at 7.24%, which was below the market expectations of 7.6%. Inflation for Oct 2012 stood at 7.45%. The indices saw a good up-move post the announcement of this data. Market participants speculated that with inflation coming in at the lower end, the RBI would probably cut rate at its next monetary meet scheduled for Dec 18, 2012.
| Benchmark Indices | ||
|---|---|---|
| Index | Rate | % Change |
| FTSE | 5924 | -0.09 |
| DAX | 7602 | 0.27 |
| CAC | 3641 | -0.05 |
| Hang Seng | 22606 | 0.71 |
| Nikkei | 9738 | -0.05 |
| Shanghai | 2151 | 4.15 |
| SENSEX | 19317 | 0.46 |
| NIFTY | 5880 | 0.48 |
In Europe, the FTSE and CAC trading lower 0.09% and 0.05% respectively. The German Index DAX is trading 0.27% higher at 7602. European Union leaders rounded off the third year of debt-crisis management with Greece obtaining fresh financial aid, the appointment of a Euro bank regulator, and Germany and France sparring over the next steps to revamp economic growth.
Dow Jones Futures is currently trading 42.50 points or 0.32% down at 13185, indicating a negative sentiment in the US markets.
| Category/Index | |||
|---|---|---|---|
| Category/Index | Close | Change(Pts) | Change (%) |
| Broad | |||
| MIDCAP | 6999.05 | 41.52 | 0.6 |
| SMLCAP | 7353.72 | 5.55 | 0.08 |
| BSE-100 | 5926.31 | 34.92 | 0.59 |
| BSE-200 | 2402.21 | 14.08 | 0.59 |
| BSE-500 | 7512.04 | 41.35 | 0.55 |
| Sectors | |||
| METAL | 10569.9 | 238.65 | 2.31 |
| BANKEX | 14264.8 | 178.57 | 1.27 |
| REALTY | 2067.24 | 20.7 | 1.01 |
| IT | 5590.12 | 40.7 | 0.73 |
| PSU | 7157.67 | 42.69 | 0.6 |
| AUTO | 11162.4 | 65.6 | 0.59 |
| OIL&GAS | 8443.49 | 37.52 | 0.45 |
| TECk | 3364.96 | 13.13 | 0.39 |
| CG | 10948.58 | 21.25 | 0.19 |
| FMCG | 5975.6 | 5.05 | 0.08 |
| POWER | 1954.76 | -4.5 | -0.23 |
| HC | 7982.33 | -22.9 | -0.29 |
| CD | 7765.72 | -96.41 | -1.23 |
Back home, Metals was the best performing index, up by 2.31%. Other interest rate-sensitive indices like Bankex and Realty closed higher by 1.27% and 1.01% respectively. On the other hand, Consumer Durables, Healthcare and Power closed in the negatives.
Metals stock outshone the others today. Sterlite Industries and Hindalco were among the best performing index stocks, up 3.57% and 3.54% respectively. Other Metals stocks like Jindal Steel and Tata Steel also gained 2.48% and 2.33% respectively. Banking counters like SBI and ICICI Bank were higher by 2.58% and 1.31% respectively on rate cut hopes. Stocks like ITC, Wipro, RIL and L&T were among those that ended the day higher.
Bharti Airtel was the worst performing index stock, and closed lower by 1.52% at Rs 311.95 per share. Other stocks like Cipla, BHEL, HUL and Tata Power dropped between 0.30%-1.4%. Maruti Suzuki, Coal India, Bajaj Auto and Sun Pharma were among the stocks that closed lower in the negative territory.
The market breadth was almost neutral for the day. Out of the 3046 stocks traded on the BSE, 1470 declined, 1456 advanced and 120 remained unchanged.
Coming up next week, the RBI's monetary policy review meeting is scheduled on Tuesday, Dec 18, which would steer the course of the market.
| Advance | Advances as % of Total | Decline | Declines as % of Total | Unchanged | Unchanged as % of Total | Total |
|---|---|---|---|---|---|---|
| 1456 | 47.8 | 1470 | 48.26 | 120 | 3.94 | 3046 |
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