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Retail inflation rose to a nine-month high of 11.24% in November 2013.

Industrial production entered the negative territory after three months, contracting by 1.8% in October 2013

 

Costlier fruits and vegetables such as onions and tomatoes pushed retail inflation to a nine-month high of 11.24% in November 2013, making it harder for the Reserve Bank to lower interest rates.

 

Inflation as measured by the Consumer Price Index (CPI) for October was revised upwards to 10.17% from the preliminary estimate of 10.09%. Inflation in the food and beverages segment was 14.72% compared with 12.56% in the previous month.

 

Simultaneously, Industrial production entered the negative territory after three months, contracting by 1.8% in October 2013 mainly due to poor performance of the manufacturing sector. Factory output, as measured in terms of the Index of Industrial Production (IIP), grew by 8.4% in October 2012. The manufacturing sector constitutes over 75% of the index and it declined by 2% in October 2013 as against a growth of 9.9% a year ago.

 

In terms of industries, 10 out of 22 industry groups in the manufacturing sector have shown negative growth during the month of October 2013.

 

Power generation, however, posted a growth of 1.3% in the month under review compared to 5.5% a year ago. Expansion in power generation was at 5.3% in April-October as compared to 4.7% in the same period last year.

 

Meanwhile, IIP growth for September this year has been revised marginally to 1.96% from the provisional estimate of 2%.

 

The Reserve Bank, scheduled to announce its monetary policy review on 18 December 2013, hiked the key lending rate by 0.25% at each of its previous two policy reviews to contain inflation.

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Sensex, Nifty lower for the third day

Nifty is falling on low volumes and could bounce back intraday but the trend is down. Only a close above 6,275 could be the first sign of a new uptrend

For the third consecutive session the Nifty has traded in the negative for the entire trading session. The market hit a six-day low (including today) and closed near to it. The Sensex opened at 21,101 and hit the day’s high almost at the same level at 21,104 while the Nifty which opened at 6,277 hit its high immediately at 6,287. After the initial slide down on the bourses, the indices had a range bound move for almost the entire trading session. In the last hour of the trading session the benchmarks fell further and hit the low of 20,901 and 6,231. The Sensex closed at 20,926 (down 246 points or 1.16%) and the Nifty closed at 6,237 (down 71 points or 1.12%). The third consecutive day of fall on the NSE was on a lower volume 51.98 crore shares.

 

All the other indices on the NSE closed in the negative. The top five losers were Auto (2.13%); Metal  (1.36%); PSE (1.28%); Bank Nifty (1.26%) and Dividend Opportunities (1.24%).

Of the 50 stocks on the Nifty, 10 ended in the green. The top five gainers were Tata Power (4.07%); Ranbaxy (1.47%); HDFC (0.95%); Jaiprakash Associates (0.84%) and Lupin (0.51%), while the top five losers were Tata Motors (4.69%); IndusInd Bank (3.52%); Ambuja Cements (3.43%); ONGC (2.95%) and Coal India (2.79%).

Out of the 1,222 companies on the NSE, 406 closed in the green, 749 closed in the negative while 67 were flat.

 

The government will unveil industrial production data for October 2013 and general consumer price index (CPI) for November 2013 after trading hours today.

 

The Securities and Exchange Board of India unveiled new proposals on Wednesday, broadening the scope of who can be held liable for insider trading violations. India's financial market regulator plans to include company employees, directors and their immediate relatives and other stakeholders such as founders, handling market sensitive information under its purview. Under current rules only senior executives are liable for trading violations. Officials with access to sensitive information will also be required to submit planned trades in company shares ahead of time to resolve any potential conflict of interest. The new proposals also mandate that every listed company and market intermediary formulate a code of conduct to regulate, monitor and report trading in securities by its employees or connected persons. Trades by stakeholders, employees, directors and their immediate relatives would need to be disclosed internally to the company.

 

The Reserve Bank of India on Wednesday said it has decided to provide additional liquidity of Rs10,000 crore through the 14-day term repo scheduled to be conducted on Friday, 13 December 2013. Accordingly, the notified amount for the 14-day term repo auction to be conducted on that day will be adjusted upwards by Rs10,000 crore. The RBI said it has announced this additional liquidity support for the banking sector so as to ensure that adequate liquidity is available to support the flow of credit to the productive sectors of the economy. The RBI said that the liquidity conditions are expected to tighten in the immediate future on account of advance tax payments commencing from mid-December 2013.

 

US indices closed in the negative on Wednesday. The indices was hit on account of a provisional budget deal inked in the US, between Republicans and Democrats, which intends to reduce the amount of borrowing. This is one more indication that tapering could begin.

 

Except for NZSE 50 (up 0.08%) all the other Asian indices closed in the negative. Jakarta Composite was the highest loser which fell 1.39%.

 

European indices were trading in the red. The US Futures were also trading lower.

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