VantageTrade Eagle Eye: Markets start off flat, Cipla up 6% on Q1 earnings

The BSE Sensex rebounded quite nicely in the last couple of hours of trade following stability in global markets. The benchmark fell as much as 140 points intraday after the Reserve Bank of India raised inflation forecast to 7% from 6.5% and revised gross domestic product growth lower to 6.5% from 7.3% for the financial year 2012-13. However, the stability in European markets ahead of European Central Bank's (ECB) meet (that scheduled for Thursday) helped Indian markets bounce back. Indian markets pared its losses in second half of the trading session to end up around 0.50%. The 30-share BSE benchmark rose 92.50 points to close at 17,236.18 and the 50-share NSE benchmark gained 29.20 points at 5,229. The BSE Midcap Index too ended with 0.6% gains.

Country's largest lenders State Bank of India and ICICI Bank were down 1.3% and 0.37%

 

The US markets ended moderately lower as modest selling pressure emerged near the close of trade. Stocks turned in a lackluster performance for most of the day, as traders seemed reluctant to make any significant moves ahead of the announcements from the Federal Reserve and the European Central Bank (ECB). The ECB is expected to unveil new measures, following statements made by ECBRs.s president regarding defense of the Euro. Investors will also be watching for the U.S. jobs report, which is due to be released on Friday. The Dow Jones industrial average fell 64.33 points, or 0.49 %, to 13,008.68 at the close. The S&P 500 Index dropped 5.98 points, or 0.43 %, to 1,379.32. The Nasdaq Composite lost 6.32 points, or 0.21 %, to 2,939.52.

 

Asian markets were mixed ahead of outcome of Federal Reserve' meeting and European Central Bank's meet that will begin on Thursday. The weak Chinese Manufacturing data also decreased the sentiment. Japan's Nikkei 225 index was trading 1.2 % lower at 8,588.75 and Hong Kong's Hang Seng index was trading lower at 19,646.12, down 0.76 %. South Korea's Kospi index was trading 0.6 % lower at 1,870.45. China's Shanghai index was trading 0.4 % higher at 2,112.12.

 

The Nifty and Sensex started today's trading session flat as it seem to be in consolidation mode after a three-day rally. The BSE benchmark moved up 7.35 points to 17,243.53 and the NSE benchmark was up 0.60 points at 5,229.60. The rupee fell to 55.56 against the dollar.

Cipla is among the top gainers in the market with a good 6 % rise, after the company’s Q1 earnings which jumped 58 % to Rs 401 crore. Coal India is down nearly 2 % after the  company’s board on Tuesday reached a consensus on supplying a minimum of 80 % of the contracted quantity of the fuel to power firms, meeting 15 % through imports.  ICICI Bank and HDFC Bank were down 0.35% and 1.55%, respectively while their rival State Bank of India rose 0.8%.

 

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• Power regulator threatens to penalize states for overdrawal of power
• SuzlonRs.s German subsidiary REpower bags order for 219 MW
• Spicejet to lease two boeings to Saudi’s Nas Air
• HUL to launch TRESemme’ soon in India

   

   

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