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Flat Closing || Shipping Shines || Reliance leads || IT slumps
Indian market closed almost flat on negative side. This put resume on two consecutive day journey of upswing. 30-share index, BSE Sensex opened with a gain of 24.42 points, at 9,679.32. It rallied on weak inflation data and expectations of more incentives for the economic growth, while a fresh fall in stocks of software exporting companies following a rise in Indian rupee kept the market volatile. Sources said software companies are concerned over lower technology budgets and lesser software orders from US companies on slowdown in their economy and this concern get aftereffect of weakling Dollar value which raised the concerns of major software giants. Shipping stocks continues to gain on second consecutive day on expectation of a mild pullback in Baltic day index in the medium term. Most of the shipping stocks paired gain of 27 - 17% and outperformed the index. The indices have shown smart bounce back in the last half an hour of trade but ended almost flat on the news of central bank further cuts its rates and government will soon come with second fiscal stimulus package which will help economy to stay in this global slowdown. The recovery was led by heavyweights Reliance Industries, RPL, SBI, ICICI Bank, Sterlite Ind., Bharti Airtel. At the end Sensex ended the day with a loss of 9.44 points or 0.10% at 9,645.46 after touching a high of 9,746.01 and a low of 9,441.97. The broad-based NSE Nifty fell 8.10 points or 0.28% at 2,920.15 after hitting a high of 2,945.30 and a low of 2,861.55.Sectoral: It was a mixed bag for sectoral indices, BSE IT and Consumer Durable indices topes the index on losing side, BSE IT closes at 2539.20 shedding 95.78 points or 3.90% and Consumer Durable (CD) index slips by 45.65 points or 2.62% at 1693.45. On the other side Realty and Oil & Gas leads the index gaining 2.12% and 1.67% respectively. JP Associate and Sterlite Ind. surged 10.63% and 8.43% respectively, becoming the top gainers among the sensex stocks, while TCS and Satyam were the top losers, falling 6.24% and 5.18% respectively.
Inflation & IIP Data: Inflation for the week ended November 29 came in at 8% as against 8.4% in the previous week. It was in line with estimates, as CNBC-Poll saw it at 7.9% and Bloomberg expectation of 8%. WPI for all commodities stood at 233.6, down 0.04% (WoW). Inflation for the week ended October 4 was revised to 11.49% versus 11.44%. IIP data, which is to be released tomorrow, is expected to show a growth of 2.1% as against 4.7% seen in the previous month.
Currency & Crude: Rupee appreciated by 81 paise against the dollar to close at 48.215. Crude jumped to near $50 mark on expectations that OPEC will cut production next week. A weak dollar also lends a helping hand.
Asian Market: The major indices of Asia region closed flat. Markets ended mixed on uncertainty about US auto bailout package. China's economic meeting ended without announcement of any stimulus steps. Chinese exports shrunk 2.2% in November (YoY), seen largest drop since April 1999. China's CPI rose 2.4% in November; seen weakest pace in almost 2 years. South Korea has cut interest rates by 100 bps to 3%, the most since 1999. Japan Nikkei 225 index closed at 8,720.55 gaining 60.31 points or 0.70%. Hang Seng index closed at 15,613.90 gaining 36.16 points or 0.23%. Straits Times closed at 1,794.16 shedding 27.54 points or 1.51%. Shanghai losses 47.43 points and closed at 2031.68.
European Markets: Euro markets closed with mixed clues. FTSE closed in green while other two major indexes closed in red. Euro range was not so clear about US $15 bln Auto bailout plan. London based FTSE 100 index closed in green at 4,388.69 adding 21.41 points or 0.49%. France based CAC40 index slips in red and closed in red with a fall of 14.18 points or 0.43% at 3,306.13. German based DAX index closed at 4,767.20 shedding 37.68 points or 0.78%.
American Market : All major US market opened lower on weak jobless data which rose to a 26 year high but they managed to come in green and to trade in green for some time but didn’t able to hold the gain as suspense over Auto bailout plan and Household debt figure which is stating that households are paying down debt since at least 1952, according to the Fed, U.S., while net worth falls $2.8 trillion. The intensity of cut in US market is not more than 1% all are trading below this level.
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