The Indian Markets ended on a flat note on the day of June series expiry yesterday. On the back of 5% lose in May expiry the markets rallied around 4% in June expiry on the hope of some policy initiative by the government. The market participants all over the world remained cautious ahead of European Union summit in Brussels that began yesterday and will last for two days. Shares of tyre companies witnessed a selling pressure today on the news that a probe on tyre companies was underway by the Competition Commission of India (CCI). The Nifty ended up 7.25 point today, to close at 5149.15. The Sensex ended up 23 points, at 16,990.76.
US stocks pared most of their losses in trade on talk of progress by European leaders in easing the region's debt crisis. The Dow Jones industrial average dropped 24.75 points, or 0.20%, to 12,602.26. The Standard & Poor's 500 Index shed 2.81 points, or 0.21%, to 1,329.04. The NASDAQ Composite Index lost 25.83 points, or 0.90%, to 2,849.49
Asian shares were under pressure as European leaders argued over how to ease borrowing strains in Europe to contain debt crisis but Italy, Spain and some other countries refused to sign off on the deal until they saw steps to allow Euro zone rescue funds to buy their government bonds. Japan's Nikkei 225 index was trading 0.1% lower at 8,859.75 and Hong Kong's Hang Seng index was trading higher at 19,173.12, up 0.7%. South Korea 's Kospi index was trading 0.1% lower at 1,816.45. China 's Shanghai index was trading at 2,192, down 0.1%.
GAAR directives announced late night yesterday and positive news from the Euro Zone saw the Indian benchmarks open in the Green today. The BSE benchmark surged 248.79 points or 1.46% to 17239.55 and the NSE benchmark rose 69.50 points or 1.35% to 5,218.65. Indian rupee also recovered by 22 paise to 56.58 as against the US dollar.
State-owned BPCL and HPCL were down marginally after these companies cut petrol prices by Rs 2.46 per litre since last midnight due to fall in crude oil prices in international market. WTI crude fell 3% to USD 77.7 a barrel yesterday.
Other Economic and Political News:
- Private airlines may get subsidy for flying to northeast
- Petrol price cut by Rs 2.46/litre, scope for more reduction
- Indian economic confidence slips in May on weak rupee, inflation
- Land deals in India to drop by 20% this yr to Rs 15k cr: C&W
- SAIL consortium may sigh pact with Afghanistan next month
- Bajaj Auto may hike prices as rupee fall raises input costs
- Gati forms JV with Japanese firm to reduce debt, interest cost
- Lanco commissions Bangalore-Mangalore toll road
Nifty and Sensex witnessed a lackluster trading session yesterday ahead of today's June series expiry. The market opened in the green on positive cues from the Asian markets and where supported by Buying in banking, technology, power and metal stocks. The benchmarks were positive till noon as investors hope that the prime minister, who has decided to keep the finance portfolio, will speed up reforms. The markets reached their intraday high shortly after 1.00pm as the key European stock exchanges opened in the green. However, in the post-noon session Nifty and Sensex declined to their lows on selling pressure in auto and oil & gas sectors. Select buying in the last hour helped the markets to settle up. The Sensex closed at 16,967.76, up 61.18 points or 0.36%. It touched a high of 17,029.27 and a low of 16,930.80. The Nifty was at 5,141.90, up 21.10 points or 0.41%. It touched a high of 5,160.10 and a low of 5,129.25.
US markets saw some strength on Wednesday as traders reacted positively to a batch of relatively upbeat US economic data. A report from the National Association of Realtors (NAR) showed much stronger than expected growth in home sales index from 5.9% to 101.1 in May 2012 after falling 5.5% to 95.5 in April 2012 (expectation of 1.2% increase). The Dow closed up 92.34 points, or 0.7%, at 12,627.01. The Standard & Poor's 500 index rose 11.86 points, or 0.9%, to 1,331.85. The NASDAQ composite average rose 21.26 points to 2,875.32.
Asian shares rose marginally on Thursday on robust US macro economic data but gains were capped as investors preferred to remain on the sidelines ahead of a European summit. Japan's Nikkei 225 index was trading 0.9% higher at 8,808.75 and Hong Kong's Hang Seng index was trading higher at 19,209.12, up 0.1%. South Korea's Kospi index was trading 0.2% lower at 1,814.45. China's Shanghai index was trading at 2,211, down 0.2%.
The BSE benchmark and the NSE benchmark opened flat today as investors remain cautious ahead of the F&O expiry and European Union summit scheduled for June 28-29 in Brussels. Also, monsoon concerns weight on investors as it has been reported that the monsoon had the worst start in India in three years, threatening crops - from rice to sugar cane - and putting pressure on inflation," an LKP report noted. The BSE benchmark rose 44.62 points to 17,012.38 and the NSE benchmark was up 12 points to 5,153.85.
Other Economic and Political News:
- Oil falls on Europe anxiety, strike supports
- Monsoon likely to revive only after July 5
- Central Bank likely to impose curbs on gold coin sale
- Rupee, euro crisis hits gold demand in India
- Rupee down 12 paise to 57.14/dollar
- PMO asks Coal Ministry to give deallocated mines to CIL
- United Phosphorus soars as buyback offer gains momentum
- DOT plans to impose Rs.600cr fine on RCOM
- Brigade, GIC acquire HUL’s Whitefield land for Rs.125cr
- Tata Motors to halt output for 3 days on poor offtake