Sensex down 55 pts despite positive economic data

MUMBAI: The benchmark BSE Sensex fell close to 55 points in early trade on Tuesday on profit-booking by investors despite positive macroeconomic data points. 

www.sevagiri.com

A mixed trend at other Asian markets as investors turned cautious ahead of the US Fed rate decision later this week weighed. 

The 30-share barometer, which had gained 246.49 points in Monday's session, was trading down 54.91 points, or 0.21 per cent, at 25,801.79, with metal, banking, auto and power sector stocks leading the losses. On similar lines, the NSE Nifty shed 27.15 points, or 0.34 per cent, at 7,845.10. 

Brokers said sentiment turned somewhat weak as investors booked profits after yesterday's gains even as retail inflation fell to a new low of 3.66 per cent in August, which may prompt the Reserve Bank to cut rates at its September 29 policy meet. 

Among other Asian markets, Hong Kong's Hang Seng was down 0.27 per cent while Shanghai's Composite index fell 2.42 per cent, but Japan's Nikkei was up 1.33 per cent in early trade. 

The US Dow Jones Industrial Average ended 0.38 per cent lower in Monday's trade. 

Source - TOI

Sensex down over 500 points on Asian cues

MUMBAI: The benchmark BSE Sensex plunged over 521 points on Friday, giving up gains from the previous session on weak global cues and caution ahead of a decisive US jobs report due later in the day. 

www.sevagiri.com

Nifty fell below 7,700-mark in early trade on Friday as retail investors booked profits after amid sustained capital outflows by foreign funds. 

The 30-share barometer, which gained 311.22 points in the previous session, tanked 521.63 points, or 2.02 per cent, to 25,243.15. All the sectoral indices, led by realty and bankex, were trading in the negative zone with losses of up to 3.75 per cent. The National Stock Exchange index Nifty dipped below the crucial 7,700-mark by falling 134.10 points, or 1.71 per cent, to 7,688.90. 

Brokers said besides profit-booking by speculators and sustained capital outflows by foreign funds, a weak trend on other Asian bourses with investors awaiting a key US jobs report influenced sentiments here. 

The European Central Bank indicating that it could expand its stimulus also weighed on the market sentiment, they said. 

Brokers also said that fears of poor agriculture output as monsoon deficit widened triggered selling in stocks. 

Among other Asian markets, Japan's Nikkei was trading 1.13 per cent down, while Hong Kong's Hang Seng shed 0.19 per cent in early trade on Friday. 

The US Dow Jones Industrial Average, however, ended 0.14 per cent higher in Thursday's trade.

Source - TOI 

Sensex down over 200 points on weak GDP data

MUMBAI: The BSE benchmark Sensex on Tuesday opened more than 270 points down on global cues and less-than-expected GDP growth. 

www.sevagiri.com

The GDP data showed that growth has not accelerated much. 

Reflecting a muted performance, the GDP growth slowed to 7 per cent in the April-June quarter, from 7.5 per cent in the previous quarter, amid deceleration in farm, services and manufacturing sectors.A slower GDP growth, along with slower pace of industrial production expansion, however bolsters the case for a rate cut by the Reserve Bank. 

The Gross Value Added (GVA), a new concept introduced by CSO to measure the economic activity, also slipped during the first quarter to 7.1 per cent, from 7.4 per cent a year ago. 

The GDP grew at 7.5 per cent in the January-March quarter while it was 6.7 per cent in the April-June quarter last year, according to data from the Central Statistics Office (CSO). 

The nominal GDP and GVA at current market price showed a steep decline in the quarter under review. The nominal GDP slipped to 8.8 per cent in Q1 from 13.4 per cent a year ago while the GVA growth rate nearly halved to 7.1 per cent from 14 per cent a year ago. 

Asian shares fell on Tuesday as gloomy manufacturing data from China and weak investment figures in Japan augured further uncertainty for investors after a brutal August.

Source - TOI 

Sensex, nifty down 1% each on P-Note, MAT concerns

MUMBAI: In a knee jerk reaction to probable implications of government's move on participatory notes (P-Notes) to curb black money and also its stand relating to minimum alternate tax (MAT) on FIIs, sensex and nifty each fell over 1% in early trade on Monday. Banks and companies with high FII holding, like ICICI Bank and Axis Bank led the slide along with stocks like L&T, Tata Motors and Tata Steel. 

www.sevagiri.com

On Friday evening, the SIT against black money recommended that Sebi should take steps to curb flow of black money into the stock market, including various measures relating to the origin and use of P-Notes, a form of offshore derivatives contract that foreign players invest in which are relatively opaque relating to their actual ownership. For long it has been suspected that P-Notes are used to route black money into the stock market. Dealers said market will remain cautious and wait for further action from the government and Sebi on usage of P-Notes by FIIs. 

Dalal Street is also waiting to see what stand the government takes on MAT before the Supreme Court when a case relating to its applicability comes up for hearing on August 4. 

Last week Shah Committee presented its report to the government on the applicability of MAT. The committee was set up after the income tax department last year issued notices to several FIIs for payment of MAT on their gains from stock trading for the past few years. In case the government presses ahead with MAT on FIIs' operations in India, market may see a sharp correction, dealers said. 

At 1005 IST, sensex was down 304 points at 27,809 while nifty was down 88 points at 8,433.

Source - TOI

Sensex slides 259 points; extends losses on muted earnings

MUMBAI: Falling for the second straight day, the benchmark BSE Sensex today slipped 258.53 points to end at nearly two-week low of 28,112.31 on muted earning figures reported by companies so far and weak global cues. 

www.sevagiri.com

Moreover, weakness in rupee, which fell 23 paise against dollar (intra-day) too hit sentiments, brokers said. 

Asian markets ended lower after a survey showed China's manufacturing activity tumbled to 15-month lows in July. 

The 30-share BSE barometer fell by 258.53 points or 0.91 per cent to 28,112.31, with all the sectoral indices, except consumer durables and FMCG, ending in negative zone. 

The gauge has now lost 392.62 points in two days. 

The NSE Nifty ended 68.25 points or 0.79 per cent down at 8,521.55 after shuttling between 8,513.50 and 8,589.15 intra-day. 

On a weekly basis, the Sensex and Nifty ended lower by 351 points (1.23 per cent) and 88.30 points (1.02 per cent), respectively. 

Sentiments were also dampened on investors' worries over the fate of key reforms bills including GST, with Parliament's proceedings in the first week of the Monsoon Session completely washed out, they said. 

ICICI Bank suffered the most among Sensex stocks by falling 3.96 per cent to Rs 300.50 ahead of earnings, followed by Wipro down 3.73 per cent to Rs 566.45 after the company's June quarter earnings failed to impress investors. 

Other prominent losers were Lupin, Tata Motors, GAIL, SBI, Vedanta, M&M, Tata Steel, BHEL, L&T, Coal India, Infosys, Axis Bank, Maruti Suzuki, ITC, Dr Reddy's and ONGC. 

Sectorwise, BSE capital goods index suffered the most by falling 1.57 per cent, followed by realty 1.32 per cent. 

Broader markets also depicted a weak trend with the BSE mid-cap index falling 0.61 per cent and small-cap by 0.58 per cent. 

Out of 30-share Sensex stocks, 21 ended lower. 

Meanwhile, foreign investors bought shares worth Rs 185.42 crore yesterday as per provisional data. 

Globally, a rise in European stocks at opening on better corporate earnings and a weak trend at the other Asian markets also influenced the trading sentiments.


Source - TOI 

Sensex down 111 pts in early trade on earnings concern

MUMBAI: The benchmark BSE Sensex declined by 111 points in early trade on Friday due to selling by funds and investors on earnings concerns amid a weak trend overseas. 

www.sevagiri.com

The 30-share barometer, which had lost 134.09 points in the previous session, fell further by 111.72 points, or 0.39 per cent, to 28,259.12 in early trade. 

Capital goods, banking, auto, power and FMCG stocks were among the major losers. 
On similar lines, the broad-based National Stock Exchange index Nifty shed 20.65 points, or 0.24 per cent, to 8,569.15. 

Brokers said disappointing quarterly earnings from some bluechip companies and a weak trend at other Asian markets dampened trading sentiment here. 

Bucking the trend, Reliance Industries was trading a shade higher at Rs 1,045.75 ahead of its financial results, to be announced later on Friday. 

Among other Asian markets, Hong Kong's Hang Seng fell by 0.92 per cent, while Japan's Nikkei moved down by 0.68 per cent in early trade. 

The US Dow Jones Industrial Average ended 0.67 per cent lower on Thursday on weak corporate earnings.

Source - TOI