SENSEX RECORDS SECOND CONSECUTIVE FALL

Falling for the second session, the benchmark Sensex and Nifty today closed at their lowest levels in over ten days as the rupee weakened to the below 60-level and rising crude price added to concerns about inflation which surged to five-month highs. The benchmark S&P BSE Sensex declined 37.69 points, or 0.15 per cent, to end at 25,190.48 and the NSE CNX Nifty ended 8.55 points, or 0.11 per cent, down at 7,533.55. Rising tension in Iraq which drove oil prices to 9-month highs and increase in wholesale inflation weighed on stocks. Costlier crude is a double whammy for the Indian economy, which imports 80 per cent of oil supplies, as trade gap widens and threatens to push inflation higher. This will reduce room for RBI to lower lending rates in a bid to boost growth. The Wholesale Price Index-based inflation accelerated to 6.01 per cent in May from 5.20 per cent in April. Shares from capital goods, auto and banking suffered losses while realty, IT and consumer durable closed up. Selling in bluechips like RIL, L&T, HDFC, ICICI Bank, Tata Motors, Axis Bank, M&M, SBI and Maruti Suzuki mainly contributed to the Sensex fall. Jignesh Chaudhary, Head of Research, Veracity Broking Services said: "Equities closed weak as WPI rose. Adding to the data, already it has been declared that we may witness disappointing rains this season, which will add more burdens to the already higher food prices. Also, the tension in Iraq has already pushed up fuel prices". The BSE 30-share barometer resumed nearly stable and moved erratically in negative terrain for most of the day before settling at 25,190.48, recording a fall of 37.69 points or 0.15 per cent. This was its weakest closing since 25,019.51
on June 5. Last Friday, it had plunged 348.04 points. On the other hand, IT stocks caught buyers' fancy after the rupee dipped below the 60 mark against the dollar. Bucking the overall negative trend, IT index gained 1.54 per cent with all the three top IT stocks TCS, Infosys and Wipro ending higher.

Comments

Popular posts from this blog

GOLD FLAKE BURNS FINGERDiversified group ITC Ltd today said it has increased prices of its Gold Flake cigarette brand by over 7 per cent. The price of Gold Flake Filter pack consisting of 10 cigarettes will now cost Rs 59 from Rs 55 earlier. Likewise, Gold Flake Premium Filter cigarette will cost Rs 58, up from Rs 55 earlier. When contacted, a company spokesperson confirmed the hike in prices. ITC, which is the market leader in cigarettes in India, sells various brands including India Kings, Classic Gold Flake, Navy Cut among others. The company's cigarettes business grew by 11.48 per cent to Rs 3,623.23 crore during the fourth quarter ended March 31, 2013, compared to Rs 3,249.88 crore in the same period of previous fiscal. ITC produces cigarettes at manufacturing plants located in Bengaluru, Munger, Saharanpur, Kolkata and Pune. Besides FMCG, ITC has interests hotels, paperboards and packaging, tobacco products and information technology. Net sales of the company rose to Rs 29,605.58 crore for the year ended March 31, 2013, compared to Rs 24,798.43 crore in the 2011-12 financial year. Shares of ITC today closed at Rs 338.50 on the BSE, up 3.74 per cent from its previous close.

ASTRO TECHNICAL GUIDE FOR NIFTY

వారానికి ఆస్ర్టో టెక్నిక‌ల్ గైడ్‌