The market extended losses in the mid-afternoon trade. Weak global cues and a surge in inflation to more than three year high dampened the investor sentiments today. Consumer durables and FMCG stocks bucked the weak market trend. Bharti Airtel held firm.
Inflation based on wholesale prices rose 7.61% in the 12 months to 26 April 2008, marginally higher than previous week`s annual rise of 7.5%, government data released in early afternoon trade showed.
European markets, which open after Indian markets, were trading lower. Key indices in UK, France and Germay were down by 1.13% to 2.04%. Asian markets, which opened before Indian market, were trading lower. Key indices in China, Hong Kong, Japan, Singapore, South Korea and Taiwan were down by 0.36% to 2.06%.
At 14:20 IST, the 30-share BSE Sensex was down 198.65 points or 1.16% at 16,882.01. The index lost 236.56 points at day`s low of 16,844.09, hit in the mid-afternoon trade. Sensex rose 45.3 points at the day`s high of 17,125.95, hit in early trade.
The market breadth was weak on BSE with 928 shares advancing as compared to 1704 stocks that declined. 61 stocks remained unchanged
India`s biggest cellular service provider by market share Bharti Airtel spurted 3.55% to Rs 856.75. Some reports suggested Bharti Airtel may make an offer to acquire MTN Group next week.India`s largest private sector firm by market capitalization and oil refiner Reliance Industries slipped 3.34% to Rs 2577.
The BSE Consumer Durables index was up 0.66% at 4,439.22. Rajesh Exports (2.46% at Rs 99.90), Blue Star (down 2.43% at Rs 454), Gitanjali Gems (down 1.46% at Rs 274) and Videocon Industries (down 0.55% at Rs 368.25), moved higher
The BSE FMCG index was up 0.17% to 2,449.18. Nestle (up 2.33% at Rs 1,795), Godrej Consumer Products (up 0.70% at Rs 137.05), ITC (up 0.70% at Rs 216.55), Tata Tea (up 0.52% at Rs 915) and Britannia Industries (up 0.37% at Rs 1,370.05), gained
US markets rebounded from early lows on Thursday, 8 May 2008, led by technology stocks. Retailers` monthly sales reports also helped ease concerns about an economic downturn. The Dow Jones industrial average rose 52.43 points, or 0.41%, to 12,866.78. The Standard & Poor`s 500 index gained 5.11 points, or 0.37%, to 1,397.68, and the Nasdaq Composite index advanced 12.75 points, or 0.52%, to 2,451.24.
No comments:
Post a Comment