The lower-than-expected Infosys Technologies results and negative opening of European bourses caused Nifty and Sensex to drop in the last trading session for the week. The markets opened down led by Infosys fourth quarter results and worse guidance for the first quarter of 2012-13. After some time, positive global triggers led the indices higher but the indices fell again and touched the intraday lows. The indices finished the trading session marginally above the lows. Nifty closed 69 points down at 5,207 and Sensex finished at 17,095, 238 points down from its previous close.
The markets ended a volatile week in the red, thanks a slew of negative developments which dampened the investor sentiment through the week. The BSE benchmark index fell 2.24% while the Nifty lost 2.17% for the week ended April 13.
On Friday, US stocks slipped on disappointing GDP from China that sparked worries that the world's second largest economy is slowing down. The consistent worries about euro zone debt also weighted the markets. The Dow Jones industrial average tumbled 136.99 points, or 1.05%, to 12,849.59 at the close. The Standard & Poor's 500 Index slid 17.31 points, or 1.25%, to 1,370.26. The Nasdaq Composite Index dropped 44.22 points, or 1.45%, to 3,011.33.
Asian shares slip Monday y on renewed concerns about Europe's debt crisis and diminishing optimism in US. Japan's Nikkei 225 index was trading 1.3% lower at 9,511.62 and Hong Kong's Hang Seng index was trading lower at 20,576.12, down 0.6%. South Korea's Kospi index was trading 1% lower at 1989.45. China's Shanghai index was trading at 2352, down 0.3%.
Nifty and Sensex opened lower today. Nifty at 5,190.60, 16.85 points down and Sensex 46.64 points down, at 17,047.87. The reasons of the decrease are global triggers, like lower China’s GDP and worries about Spain’s debt. Today, the markets will keep an eye on inflation data for March which are expected to give directions to the RBI policy review meeting due tomorrow. The markets will also observe the quarterly earnings results for companies like HDFC, ACC, Ambuja Cements, Cairn India and Reliance Industries which may give directions to the benchmarks.
Other Economic and Political News:
- FDI in services up 62% in April-Jan last fiscal
- Government to allow foreign direct investment from Pakistan
- India achieves US$300bn exports target for FY2012
- Sugar production to fall 9.8% in FY13: CMIE
- Air India invites merchant bankers to raise $1 bn
- Nalco plans Rs.18,000cr investment in Odisha smelter
- Hotel Leela expects debt recast in late April
- Shipping Ministry seeks revival of subsidy for shipbuilders