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Wednesday, July 03, 2013
Markets fall at start; Sensex dips over 200 points
The Indian markets start the session on a weak note on the back of negative global cues. Majority of the sectors are trading lower Global News: Asian stocks are trading lower as concerns about growth in China’s services sector added to the selling pressure amid caution ahead of US jobs data later in the week, dragging on Australian and Hong Kong equities in particular. Currency News: Indian Rupee opened weak against US dollar. The currency is trading at 59.98, down 0.5% from yesterday’s close of 59.66/US. Major S&P BSE Sensex Movers: Losers: RIL, HDFC Bank, ICICI Bank, HDFC, Bharti Airtel, SBI and L&T. Gainers: Infosys, TCS, Sun Pharma. At 9.38 am, the Sensex was trading at 19268, 196 points lower and the Nifty was trading at 5801, down by 56 points.
Crude nears $100/barrel
Turmoil in Egypt and Syria and a climb in U.S. factory orders push prices higher Crude-oil prices ended substantially higher on Tuesday, 02 July 2013 at Nymex. Prices rose as turmoil in Egypt and Syria, a climb in U.S. factory orders and expectations for a weekly decline in crude supplies helped to lift prices above $99 a barrel. Light and sweet crude for August ended higher by $1.61 (1.6%) at $99.6 a barrel on the New York Mercantile Exchange on Tuesday. In early afternoon the market place was closely watching the latest developments coming from Egypt. Reports said the Egyptian army has called on the Egyptian president to step down, as protesters fill the streets of Cairo. The U.S. dollar index, which weighs the strength of the dollar against a basket of six other currencies, rose by 0.2% on Tuesday. The OECD reported Tuesday that inflation in the industrialized countries rose slightly in May but remains well under control. The annual inflation rate in May was 1.5% versus 1.3% in April. A report from the European Union on Tuesday corroborated the OECD data, as Euro zone manufacturing goods prices fell for the third straight month in May, at down 0.3%. Among latest economic data expected at Wall Street, today's economic data was limited to manufacturing orders, which increased 2.1% in May, up from an upwardly revised 1.3% (from 1.0%) in April. The consensus expected factory orders to increase 2.0%. Among other energy products on Tuesday, August gasoline gained 4.5 cents, or 1.7%, to $2.78 a gallon and August heating oil tacked on almost 3 cents, or 1%, to $2.90 a gallon. Natural gas for August delivery climbed 8 cents, or 2.2%, to $3.65 per million British thermal units. At the MCX, crude oil for July delivery closed higher by Rs 101 (1.7%) at Rs 5,929/barrel. Natural gas for July delivery closed higher by Rs 4.9 (2.3%) at Rs 218.6.
Bullions shed more than 1%
Better than expected factory orders data and strong dollar push prices lower Bullion metal prices ended lower on Tuesday, 02 July 2013 at Comex. Comex gold prices gave way to selling pressure brought on by the U.S. dollar index pushing to a four-week high. Prices had lost more ground after the U.S. Commerce Department reported that factory orders climbed more than expected in May. Gold for August delivery ended lower by $12.3 (1%) at $1,243.1 an ounce on the Comex division of the New York Mercantile Exchange on Tuesday. September silver ended lower by $0.27 (1.4%) at $19.31 an ounce on Tuesday. In early afternoon trading gold had moved up from its daily low as the market place is closely watching the latest developments coming from Egypt. Reports said the Egyptian army has called on the Egyptian president to step down, as protesters fill the streets of Cairo. Losses in gold Tuesday were limited by reports that consumer demand for physical gold, especially from Asia, is on the upswing this week. There are also reports that with the start of the new quarter on Monday, institutional investment demand for gold has picked up. The U.S. dollar index, which weighs the strength of the dollar against a basket of six other currencies, rose by 0.2% on Tuesday. The OECD reported Tuesday that inflation in the industrialized countries rose slightly in May but remains well under control. The annual inflation rate in May was 1.5% versus 1.3% in April. A report from the European Union on Tuesday corroborated the OECD data, as Euro zone manufacturing goods prices fell for the third straight month in May, at down 0.3%. Among latest economic data expected at Wall Street, today's economic data was limited to manufacturing orders, which increased 2.1% in May, up from an upwardly revised 1.3% (from 1.0%) in April. The consensus expected factory orders to increase 2.0%. At the MCX, gold prices for August delivery closed lower by Rs 74 (0.3%) at Rs 25,907 per ten grams. Prices rose to a high of Rs 26,240 per 10 grams and fell to a low of Rs 25,821 per 10 grams during the day's trading. At the MCX, silver prices for September delivery closed lower by Rs 187 (0.46%) at Rs 40,492/Kg. Prices opened at Rs 40,730/kg and fell to a low of Rs 40,304/Kg during the day's trading.
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