Indian Market Ends Marginally DownThe Indian market ended weak for a second consecutive session Thursday, as signs of slowing U.S. growth gave investors an excuse to take profits. Surprisingly, IT stocks closed firm following two sessions of losses.
Infosys, which reported lower-than-expected earnings for the first quarter on Tuesday, rose 0.61%, TCS gained 1.22% ahead of its earnings announcement due later in the day and Wipro ended up a little over a percent.
After declining by about 80 points or half a percent earlier in the day, the 30-share BSE Sensex recouped some of its loss before ending down 29 points or 0.16% at 17,909, while the 50-share S&P Nifty eased 7 points or 0.14% to 5,379.
The small-cap and mid-cap indexes on the BSE rose modestly, while in the broader market, declining shares outnumbered advancing ones by 1540 to 1360.
India's monsoon rains, crucial for the country's trillion-dollar economy, were 13 percent below normal as of July 14, the Indian Meteorological Department said in an update. The rains are unlikely to revive significantly next week, media reports quoted an IMD official as saying.
In other economic news, annual fuel inflation for the week ended July 3 eased sharply to 14.27% from 18.02% in the previous week, while food inflation snapped a two-week easing trend, government data released on Thursday showed.
Food inflation for the week under consideration edged up marginally to 12.81% from last week's 12.63% because of higher rice and wheat prices.
Nevertheless, the Reserve Bank of India is widely expected to raise its key policy rates by at least 25 basis points when it reviews its monetary policy later this month.
Rate-sensitive banking, realty and auto stocks closed on a mixed note. In the realty sector, Peninsula Land, Parsvnath Developers, DB Realty and Anant Raj Industries rose, while top bluechip stocks like DLF and Unitech ended in the red.
SBI declined about a percent after the Union Cabinet approved the merger of State Bank of Indore with its parent. Axis Bank advanced 2.34% on reporting a 32% rise in first-quarter net profit. ICICI Bank and HDFC Bank fell about a percent each.
Tata Motors reversed its early loss and closed up 1.41% after reporting 46% growth in its global vehicle sales for June. Ashok Leyland saw a late-session rally to end up about 4.5%
State-run downstream oil companies like BPCL, HPCL and IOC fell between 4% and 6% on allegations that they have formed a cartel to supply aviation turbine fuel to Air India.
Sun Pharmaceutical Industries pared its initial gain and ended down 0.26%. A U.S. District Court of New York has dismissed in its entirety the complaint filed by Taro Pharmaceutical Industries seeking to block the tender offer by Sun's subsidiary, Alkaloida Chemical Company, to purchase all outstanding ordinary shares of Taro.
Tata Steel added a percent after it proposed raising about Rs 1,600 crore via a preferential allotment of shares and warrants to its promoter Tata Sons at Rs. 594 per share. SAIL, Hindalco Industries and Hindustan Zinc were the other prominent gainers in the metal pack.
Magma Fincorp rose 1.15% after declaring healthy first-quarter results. LIC Housing Finance soared over 7% after reporting a 71% rise in first-quarter net earnings. UTV Software Communications gained 1.27% after it turned in a profit of Rs. 40.2 crore for the three months ended June versus a Rs.31.8 crore loss in the year-ago period.
Reliance Power, which received preliminary approval from the U.S. Exim Bank to finance its 4000-MW Sasan power project, ended down 0.23%. Cadila Healthcare fell 3% on turning ex-dividend.
Elsewhere, the other Asian markets also came under selling pressure on Thursday after the Federal Reserve cut its growth forecast for the U.S economy this year and suggested that additional measures may be needed to combat a weakening economy. Data showing disappointing U.S retail sales and easing China's economic growth also offset optimism about upbeat corporate earnings.
In Europe, stocks recouped most of their early losses, boosted by a rebound in automakers and drug makers, while the U.S. index futures pointed towards a lackluster opening on Thursday morning.
Infosys, which reported lower-than-expected earnings for the first quarter on Tuesday, rose 0.61%, TCS gained 1.22% ahead of its earnings announcement due later in the day and Wipro ended up a little over a percent.
After declining by about 80 points or half a percent earlier in the day, the 30-share BSE Sensex recouped some of its loss before ending down 29 points or 0.16% at 17,909, while the 50-share S&P Nifty eased 7 points or 0.14% to 5,379.
The small-cap and mid-cap indexes on the BSE rose modestly, while in the broader market, declining shares outnumbered advancing ones by 1540 to 1360.
India's monsoon rains, crucial for the country's trillion-dollar economy, were 13 percent below normal as of July 14, the Indian Meteorological Department said in an update. The rains are unlikely to revive significantly next week, media reports quoted an IMD official as saying.
In other economic news, annual fuel inflation for the week ended July 3 eased sharply to 14.27% from 18.02% in the previous week, while food inflation snapped a two-week easing trend, government data released on Thursday showed.
Food inflation for the week under consideration edged up marginally to 12.81% from last week's 12.63% because of higher rice and wheat prices.
Nevertheless, the Reserve Bank of India is widely expected to raise its key policy rates by at least 25 basis points when it reviews its monetary policy later this month.
Rate-sensitive banking, realty and auto stocks closed on a mixed note. In the realty sector, Peninsula Land, Parsvnath Developers, DB Realty and Anant Raj Industries rose, while top bluechip stocks like DLF and Unitech ended in the red.
SBI declined about a percent after the Union Cabinet approved the merger of State Bank of Indore with its parent. Axis Bank advanced 2.34% on reporting a 32% rise in first-quarter net profit. ICICI Bank and HDFC Bank fell about a percent each.
Tata Motors reversed its early loss and closed up 1.41% after reporting 46% growth in its global vehicle sales for June. Ashok Leyland saw a late-session rally to end up about 4.5%
State-run downstream oil companies like BPCL, HPCL and IOC fell between 4% and 6% on allegations that they have formed a cartel to supply aviation turbine fuel to Air India.
Sun Pharmaceutical Industries pared its initial gain and ended down 0.26%. A U.S. District Court of New York has dismissed in its entirety the complaint filed by Taro Pharmaceutical Industries seeking to block the tender offer by Sun's subsidiary, Alkaloida Chemical Company, to purchase all outstanding ordinary shares of Taro.
Tata Steel added a percent after it proposed raising about Rs 1,600 crore via a preferential allotment of shares and warrants to its promoter Tata Sons at Rs. 594 per share. SAIL, Hindalco Industries and Hindustan Zinc were the other prominent gainers in the metal pack.
Magma Fincorp rose 1.15% after declaring healthy first-quarter results. LIC Housing Finance soared over 7% after reporting a 71% rise in first-quarter net earnings. UTV Software Communications gained 1.27% after it turned in a profit of Rs. 40.2 crore for the three months ended June versus a Rs.31.8 crore loss in the year-ago period.
Reliance Power, which received preliminary approval from the U.S. Exim Bank to finance its 4000-MW Sasan power project, ended down 0.23%. Cadila Healthcare fell 3% on turning ex-dividend.
Elsewhere, the other Asian markets also came under selling pressure on Thursday after the Federal Reserve cut its growth forecast for the U.S economy this year and suggested that additional measures may be needed to combat a weakening economy. Data showing disappointing U.S retail sales and easing China's economic growth also offset optimism about upbeat corporate earnings.In Europe, stocks recouped most of their early losses, boosted by a rebound in automakers and drug makers, while the U.S. index futures pointed towards a lackluster opening on Thursday morning.
No comments:
Post a Comment