Another day, another decline for the Indian benchmarks. The markets opened in a positive note, led by stronger rupee and buying in bank, auto, oil and gas, FMCG and capital goods stocks that helped them in gaining 1% in a morning trade. The rest of the session was volatile with markets changing directions few times. In the end Nifty and Sensex managed to bounce back from negative terrains, however finishing with minor losses. The main reason for yesterday’s decline was institutional selling and negative European cues. Sensex closed at 16,420, down 60 points. It touched an intraday high of 16,672 and a low of 16,400. Nifty ended at 4,966, down 9 points. It touched an intraday high of 5,039 and a low of 4,954.
US stocks ended mixed as disappointing outlook from tech bellwether Cisco Systems and uncertainty surrounding Greece and euro zone debt weighed on investors’ sentiments. The Dow Jones industrial average rose 19.98 points, or 0.16 percent, to 12,855.04 at the close. The Standard & Poor's 500 Index added 3.41 points, or 0.25 percent, to 1,357.99. But the Nasdaq Composite Index fell 1.07 points, or 0.04 percent, to close at 2,933.64.
Asian shares slipped further today as JPMorgan witnessed $2 billion huge loss from a failed hedging strategy, and political turmoil in Europe keep investors tense. Investors will also be cautious ahead of April trade data from China later in the session. Japan's Nikkei 225 index was trading 0.06% lower at 9,004.75 and Hong Kong’s Hang Seng index was trading lower at 20,043.12, down 0.90%. South Korea's Kospi index was trading 1.01% lower at 1925.45. China's Shanghai index was trading flat at 2409.
Indian markets opened lower following negative global triggers as well as selling pressure in oil and gas and IT stocks. Nifty opened 26.85 points down at 4,938.85 and Sensex fell 64.46 point to 16,355.39. According to VantageTrade Compass Nifty and Sensex are still in a Downtrend with targets set at 4,917.55 and 16,119.30 respectively. Markets have drifted lower after disappointing March IIP data that unexpectedly contracted 3.5% against expected rise 1.8%. Markets fell by 1%.
The rupee opened lower against the dollar and was at 53.57/58 to the dollar versus its Thursday close of 53.44/45.
The companies expected to present their quarterly results today are Dr. Reddy’s, Indian Bank, Essar Oil, Oracle Financial Services Software and Federal Bank.
Other Economic and Political News:
- India to grow at 7.5% in FY2013: UN Report
- Govt. directs coal firms to supply fuel to power plans via MoU route
- Oil companies demand subsidy for petrol losses
- SKS Micro Fin shuts 78 branches in Andhra Pradesh
- Allahabad Bank plans to revive US$500mn bond sale
- Unitech moves CLB against Telenor