Markets finished down on Friday on another sign of slowdown in Indian economy, in a way of disappointing IIP number, that contracted 3.5%, and poor set of corporate earnings. Negative global cues also weighted negatively. Sensex ended at 16,300.42, down 119.63 points, or 0.73%. It touched an intraday high of 16,447.24 and a low of 16,233.76. Nifty closed at 4,928.90, down 36.80 points, or 0.70%. It touched an intraday high of 4,976.25 and a low of 4,906.15. The bourses finished lower in 4 on 5 trading days which results in the third weekly fall in a row with market losing 3% with Sensex down 538 points to 16,293 and Nifty at 4,929, a cut of 158 points.
Asian shares raised on Monday after a move by China's central bank cut its bank reserve requirement ratio by 50 basis points to give boost to a slowing economy. Japan's Nikkei 225 index was trading 0.7% higher at 9,015.75 and Hong Kong's Hang Seng index was trading higher at 19,973.12, up 0.10%. South Korea's Kospi index was trading 0.3% lower at 1911.45. China's Shanghai index was trading flat at 2395.
US stocks closed down on Friday due to a slide in bank shares after disclosures of huge trading losses at JPMorgan Chase & Co. and continuing problems in Europe. The Dow Jones industrial average was down 34.44 points, or 0.27%, at 12,820.60 for the day. The Standard & Poor's 500 Index was down 4.60 points, or 0.34%, at 1,353.39. The Nasdaq Composite Index was up 0.18 points, or 0.01%, at 2,933.82
Indian bourses opened flat today tracking mixed global trend and ahead of inflation data which is expected to be at around 6.70% YoY according to Reuters poll. The Sensex was at 16,307.78, up 14.80 points, or 0.09%. The Nifty was at 4,930.80, up 1.90 points, or 0.04%.
Larsen & Toubro, the India’s biggest engineering and construction company, shares fell marginally on the opening trade. The company presents its March 2012 quarter results today. The street expects the company to report a strong growth in orders. The VantageTrade trend for this stock is down. Other companies that will present their results are: Adani Ports and Special Economic Zone, Adani Power (down), SREI Infrastructure Finance(down), Eicher Motors (down).
Infosys, the second biggest software services exporter, rose 0.8% as traders expect the weak rupee to benefit export-oriented companies.
Bombay Dyeing plunged nearly 6% as Bombay High Court asked the company to hand over 65000 sqft back to BMC and MHADA.
Gold was at $1,582.40 an ounce compared with $1,581.30 late Friday. Brent crude shed 40 cents to $111.86. OPEC, the agency of oil exporters, said that the supply outweighs demand by 1.3 to 1.5 million barrels a day.
The rupee moved up marginally by 4 paise to trade at 53.59 per dollar against close on Friday at Rs 53.63 per dollar as the Interbank Foreign Exchange market in early trade increased foreign fund inflows amid a higher opening in the equity market.
Other Economic and Political News:
- Disappointing March IIP numbers, output falls by 3.5%
- Government disburses Rs.4.76lakh cr farm credit in FY2012
- RBI expects mild recovery in economic growth for 2012-13
- Ashok Leyland cuts vehicle prices by 1%
- ONGC Videsh may buy 25% in South Atlantic sea block
- SAIL inks pact with Mongolia to explore steel, mines space
- TCS to manage Lakshmi Vilas Bank's back-office operations