Sensex Drops 100 Points Over Double-Digit Inflation Numbers
Suparna / 12 Mar 2013
The Indian markets have erased their early gains and slipped into the red after the retail inflation numbers came in higher than anticipated, rising to 10.9% for February 2013. The Nifty is trading at 5907 and Sensex has dipped by 94 points to touch 19,551.
The Indian markets have erased their early gains and slipped into the red after the retail inflation numbers came in higher than anticipated. This could put the RBI in a bind as it reviews the interest rates at its monetary policy meeting next Tuesday. The Consumer Price Index (CPI) inflation rose to 10.9% for February 2013. This figure has remained in double-digit territory for the third month in a row on account of higher prices of vegetables, edible oil, cereals and protein-based items.
The Nifty is currently trading down by 35 points at 5907 and Sensex has dipped by 94 points to touch 19,551. Both the indices are trading down in the range of 0.48%-0.57%.
The advance-decline is on the negative side in the afternoon trading session. On the NSE, 899 shares are in the red and 457 shares are positive.
Top 5 NSE Gainers: Ranbaxy Labs is the top gainer as of now, trading up by 2.17%. ACC, Hindustan Unilever, Ambuja Cements and Tata Motors are also trading higher.
Top 5 NSE Losers: Cairn India is lower by 3.09%, followed Tata Power, Siemens, Tata Steel and Bajaj Auto.
Most of the sectoral indices are trading in the red. FMGC and Oil & Gas are trading in the positive territory with gains of 0.02%-0.37%. Capital Goods, Realty and Bankex are under selling pressure, trading lower by 1.15%-1.86%.
Meanwhile, Asian markets are currently in the red. China’s Shanghai Composite has lost 1.04%, and Taiwan Weighted, Hang Seng and Japan’s Nikkei 225 are also in negatives.
Buzzers: The shares of Aanjaneya Lifecare are locked at 5% lower circuit after the company decided to defer the issue of foreign currency convertible bonds (FCCBs) till further notice. In its statement, the company said the deferral was due to unfavourable market circumstances. The stock has touched a new 52-week low in today’s trade.
Finolex Industries has swelled by almost 3%, its highest level since December 2010, on the back of heavy volumes on both the exchanges. The stock has outperformed the market by gaining 65% in the past month and a half after the company reported a turnaround in its results for the third quarter.
Going ahead, the Nifty has a crucial support at the 5880 level, and needs to sustain this level.
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