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Saturday, September 01, 2012
Weak Week! Mkts drop 2%; Nifty slips below 5300 mark
After gaining for four consecutive weeks, the Indian markets changed track this week on global woes to end nearly 2% lower for the week ended Aug 31, 2012. Major Headlines of the week: India’s Q1 GDP at 5.5% vs 5.3% in Q4FY2012 India forex reserves slips to $288.92 billion: RBI Telenor can bid for 2G auction only via Uninor: Court RBI scraps SBI suggestion to abolish CRR Metal shares lose shine on weak Chinese data
Global cues may dictate trend
The market is likely to be volatile next week. Automobile and cement stocks will be focus as companies from these two sector start unveil monthly sales volume data for August 2012 from Saturday, 1 September 2012. Markit Economics will unveil HSBC India Manufacturing Managers' Index (PMI) for August 2012 on Monday, 3 September 2012. On Wednesday, 5 September 2012, Markit Economics will unveil HSBC India Services PMI for August 2012.
PSU OMCs slide on concerns about high under-recovery
Key benchmark indices edged lower after the latest data showed that the nation's GDP growth languished around its lowest in three years in Q1 June 2012. The 50-unit S&P CNX Nifty reached its lowest closing level in four weeks. The barometer index, BSE Sensex, reached its lowest closing 3-1/2 weeks. The Sensex lost 112.08 points or 0.64%. Index heavyweight Reliance Industries (RIL) declined. PSU OMCs extended their recent losses triggered by concerns about high under-recovery. Index heavyweight and cigarette maker ITC edged lower. GlaxoSmithkline Consumer Healthcare, Marico and Procter & Gamble Hygiene and Health Care hit record high. Metal stocks dropped. Sugar stocks gained as sugar futures rose to 3 week high driven by rising demand in spot markets and on output concerns. Capital goods stocks extended recent losses on worries slowdown in the economy could crimp new orders.
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