Markets trade lower, eye on inflation data
The markets continue to trade in the red on back of weak global cues and selling pressure in rate sensitives ahead of the headline inflation data for the month of December expected at noon today. The S&P CNX Nifty was down 27 points, at 5725 and the Sensex fell 84 points, at 19,098.
Metal shares were leading the losses after SAIL results dissapointed as Q3 net dipped 34% to Rs 1,107 cr. The BSE metal index was down 1.5% dragged by SAIL, down 4.8%, JSW Steel dipped 2.8% and Sesa Goa was off 1.9%.
WPI (wholesale price index) for the month of December is seen at 8.35% according to reuters poll. Rate sensitive auto and banking stocks witnessed selling pressure. From the auto pack Tata Motors and Ashok Leyland declined 3.2% and Maruti Suzuki fell 1.2%. Investors cashed out Axis Bank, down 2.9%, HDFC Bank, down 0.7% and Canara Bank, down 2.5%.
IT shares rebounded led by Infosys, up 0.6% after Goldman Sachs upgraded the stock to buy from neutral. Other rival Wipro surged 2.1% and HCL Technologies climbed 1.7%.
Broader markets were trading in the red, midcap index was down 0.4% and smallcap index fell 0.2%.
source: Business Standard
Similar Posts:
Latest Query
- by Sam
Market Stats
Search Our Archives
Research Desk
- Stocks Trading above their 50 day moving average - DMA In Stock Research
- Download free Ebooks based on Technical Analysis In Personal Training
- TOP 100 Stocks with the Highest P/E as on July 14th, 2013 In Stock Research
- TOP 100 Stocks with the Lowest P/E as on July 14th, 2013 In Stock Research
- Charting Pathsala - Your guide to Techincals In Technical Analysis
