For the first time in last 5 trading session, Indian markets ended in Green. Lack of negative cues from Europe and slight improvement in rupees helped the markets in paring all of the losses, as well as short covering. All the markets opened lower yesterday on the account of increasing concern over a Greek exit from the euro zone, despite the region's finance leaders declaring they weren't considering that possibility. Nifty closed at 4,942.80, up 35 points, or 0.71%. It touched an intraday high of 4,955.20 and a low of 4,868.55. Sensex ended at 16,328.25, up 112.41 points, or 0.69%. It touched an intraday high of 16,370.12 and a low of 16,123.04.
U.S markets declined yesterday for the eighth day in last ten trading sessions as investors are concerned about political situation in Greece, which is headed for a new round of elections after lawmakers failed to form a coalition government. Moody's downgrade of Italian banks also weighed on markets. Meanwhile, positive U.S. economic data helped to limit the downside for the markets as a report showed that Wells Fargo Housing Market Index rose to29 inMay from24 inApril. Also, general business conditions index increased to17.1 inMay from6.6 inApril. The Dow Jones industrial average dropped 63.35 points, or 0.50%, to close unofficially at 12,632. The S&P 500 Index fell 7.69 points, or 0.57%, to end unofficially at 1,330.66. The Nasdaq Composite lost 8.82 points, or 0.30%, to finish unofficially at 2,893.76.
Asian shares opened lower today on the account of euro zone crisis. Japan's Nikkei 225 index was trading 0.6% lower at 8,843.75 and Hong Kong 's Hang Seng index was trading lower at 19,492.12, down 2%. South Korea 's Kospi index was trading 1.2% lower at 1874.45. China 's Shanghai index was trading at 2362, down 0.5%.
Indian markets fell sharply today on fresh selling by foreign funds and retail investors, depreciating rupee and weak global cues. Nifty opened 67.5 points down at 4,875.30 and Sensex started the session at 16,132.68, 195.57 points down.
Unitech dropped over 2% to Rs19 inearly trade after India's number 3 real estate developer, by market value, said its quarterly profit declined 98% because of high borrowing costs and a decelerate in house sales. Pantaloon Retail slumped nearly 4% early after the retail firm reorted a 76% decline in net profit at Rs 12.03 crore in its core retail business during the 3Q ended March owing to high interest costs. Tata Motors decreased over 6% to its day's low of Rs 270.60 after the automaker reported flat global sales in April at 87,377 units over the same period last year. Sales of luxury brands from Jaguar Land Rover were at 25,143 units during April, up 29% from the same month last year.
Other Economic and Political News:
- A Raja granted bail byDelhicourt in 2G case
- DTC Bill to be introduced in monsoon session
- Electronics market to reach Rs.20lakh cr by 2020: Assocham
- Indiagold imports down 33% in April
- Kerala plans to raise Rs.1lakh cr for high speed rail corridor project
- Adani Group plans to bid for transmission projects
- Bharti Airtel under ED lens for alleged money laundering
- ITC's Sri Lankan arm buys land for hospitality project
- IVRCL bags orders worth Rs.653cr