TODAY’S MARKET ( 15/06/2011 )

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Today, our markets  ended on a bearish note as the participants remained cautious ahead of the RBI policy meet tomorrow. The Asian concluded the session on a mixed note as concerns rose over China’s inflation due to bad weather threatening further rise in food prices in the country. However, the Japanese market closed firm as the slower than expected decline in the US Retail Sales has boosted outlook for the country’s exporters. 

After opening in the negative terrain, the benchmark indices were seen trading rangebound. However, post mid-session, the market started dragging further and continued making fresh intraday lows. The rate sensitive sectors including Banking, Realty and Metal space looked nervous during the session as the investors remained skeptical regarding RBI’s move in tomorrow’s policy meet after yesterday’s disappointing inflation figures. Banking majors like SBI and ICICI Bank lost more than 2% each during today’s trade. Sensex heavyweight Reliance Industries plunged by 1.40%, building pressure on the domestic front. Finally, the benchmarks were seen closing near their session lows. The negative opening for the European markets had further helped to maintain pressure on the domestic market sentiment. 

In the sectoral front, the Banking, realty, IT and Power were the major market draggers during the session, declining by 1.58%, 1.34%, 1.25% and 1.10%, respectively. Both the Nifty and Sensex were seen trading on a lackluster note throughout the session and finally closed with nearly 1% losses each. The positive closing for the overnight US market has failed to make any impact on the domestic stocks during morning trade. The Dow Jones Industrial Average (DJIA) closed with a gain of 123.14 or 1.03% at 12,076.11 while NASDAQ index finished up by 39.03 points or 1.48% to 2,678.72. The S&P 500 (SPX) closed higher by 16.04 points or 1.26% to 1,287.87. 

Among the Sensex pack, 25 stocks ended in negative while only 5 stocks ended in the positive terrain. The overall market breadth showed similar weakness, as out of total 2,954 stocks traded on BSE, 1,641 stocks declined, whereas 1,201 stocks advanced and 112 stocks remained unchanged. 

The BSE Sensex closed at 18,132.24, down by 176.42 points or by 0.96% and the NSE Nifty closed at 5,447.50, down by 53.00 points or by 0.96%. The BSE Midcap was at 6,920.81 down by 38.29 points or by 0.55%, whereas the BSE SmallCap closed at 8,294.89, down by 49.40 points or by 0.59%. The BSE Sensex touched intraday high of 18,308.69 and intraday low of 18,111.21. 

The top gainers of the BSE Sensex pack were Reliance Infrastructure Ltd. (Rs. 563.60,+1.46%), Tata Motors Ltd. (Rs. 993.40,+0.96%), Hero Honda Motors Ltd. (Rs. 1745.85,+0.53%), Hindustan Unilever Ltd. (Rs. 316.90,+0.52%) and ITC Ltd. (Rs. 194.00,+0.13%), among others. 

The top losers of the BSE Sensex pack were DLF Ltd. (Rs. 225.45,-2.80%), Wipro Ltd. (Rs. 424.25,-2.78%), State Bank of India (Rs. 2182.00,-2.33%), ICICI Bank Ltd. (Rs. 1033.05,-2.10%) and Jaiprakash Associates Ltd. (Rs. 82.50,-2.02%), among others. 

On the macroeconomic front, total import of sensitive items for the period April-February 2011 showed a growth of 9.3% over the same period as for April-February 2011 the total import stood at Rs. 65,596 crores as compared to Rs. 60,011 crores during the corresponding period of last year. 

With a confidence to be able to provide an easy access to about 500 million consumers in Europe, Slovenia has invited Indian businesses to approach the region. The invitation was given after making it thorough that it was possible for the region to facilitate a deep port and an extensive transport network that would help the businesses to reach millions of consumers. The invitation was given by Slovenia Prime Minister HE Borut Pahor, during the meeting with industry chambers- CII, Ficci and Assocham. However, he added that, Slovenian business is equally encouraged to invest in Indian market. Speaking on the occasion, Minister of State for External Affairs Preneet Kaur said both sides would sign a Bilateral Investment Protection and Investment Agreement, a move which will help in promoting economic and trade ties. 

On the global markets front, the major indices in Asia closed on a mixed note. The Shanghai Composite, Hang Seng and Straits Times declined by 0.90% at 2,705.43, 0.68% at 22,343.77 and 0.085 at 3,054.82, respectively. On the flipside, the Jakarta Composite, Nikkei225 and Seoul Composite advanced by 0.56% at 3,794.25, 0.28% at 9,574.32 and 0.47% at 2,086.53, respectively. 

The European markets, which opened after the Indian market were trading on a negative note. Key benchmark indices like – FTSE 100 decreased by 0.18% at 5,792.79, in Frankfurt, the DAX index was trading down by 0.32% at 7,182.06 and the CAC 40 index was trading lower by 0.32% at 3,852.24. The BSE Bankex was at 12,143.23 down by 195.5 points or by 1.58%. The major losers were Axis Bank Ltd. (Rs. 1223.95,-2.73%), State Bank of India (Rs. 2182.00,-2.33%), Kotak Mahindra Bank Ltd. (Rs. 438.90,-2.29%), ICICI Bank Ltd. (Rs. 1033.05,-2.10%) and IDBI Bank Ltd. (Rs. 128.95,-1.86%). 

The BSE Realty index was at 2,122.88 down by 28.9 points or by 1.34%. The major losers were Indiabulls Real Estate Ltd. (Rs. 112.65,-3.18%), DLF Ltd. (Rs. 225.45,-2.80%), Orbit Corporation Ltd. (Rs. 43.35,-2.36%), Sobha Developers Ltd. (Rs. 252.00,-2.36%) and Peninsula Land Ltd. (Rs. 55.50,-1.51%). 

On the corporate front, shares of Apollo Tyres Ltd increased by 2.31% at Rs 73.05, after reports stated that the company, in order to expand its global presence, has entered into the Sri Lankan market through collaboration with Ideal Motors.

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