ML sectoral trends

Shares of pharmaceuticals companies and healthcare companies advanced 3% and 2%, respectively, while shares of consumer durables companies and refineries rose 1% each. Stocks of sugar companies and printing and publishing companies declined 11% each; stocks of steel products companies fell 10%. Stocks of chemicals companies dipped 8%.

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Food Inflation

Combined food inflation stood at 6.76% for February 2015, compared to 6.30% recorded for January 2015. For rural and urban areas, food inflation was 6.50% and 7.29%, respectively, in February. Inflation in vegetable prices was at 13.01% in February, compared to 8.84% in January. Inflation in fruit prices was 8.93% in February, while pulses were dearer by 10.61% year-on-year. Inflation for cereals stood at 2.91% and inflation for milk products was 9.21%. Price rise on non-vegetarian items, such as meat and fish, was 5.03% in February compared to 4.29% in January 2015.

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Nifty, Sensex still in uptrend – Tuesday closing report

Nifty will head lower again, if it closes below 8,430. Bank Nifty has no momentum

 

We had mentioned in Monday’s closing report that the gains on the Indian benchmarks may continue as long they manage staying above Monday’s low. The indices opened higher on Tuesday and moved gradually higher. However, after 2pm, the indices gave up all gains by making a quick sharp plunge into the red. They made an effort to revive, which resulted in the indices closing flat with a negative bias.
 
The S&P BSE Sensex opened at 28,070 while NSE’s CNX Nifty opened at 8,528. Both Sensex and Nifty reached up to 28,181 and 8,550 before moving lower to the level of 27,868 and 8,454, respectively. Sensex closed at 27,957 (down 18 points or 0.07%) while Nifty closed at 8,491 (down 1 points or 0.02%). Bank Nifty on the other hand had a weak opening at 18,424 followed by gradual up move after trading in the mostly in the red 11.15 am. After hitting a high at 18,494, the index fell to the level of 18,159 and then closed at 18,207 (down 155 points or 0.84%). NSE recorded a volume of 85.97 crore shares. India VIX rose 1.61% to close at 14.4925.
 
The Income Tax (I-T) department on Tuesday took to the strategy of 'naming and shaming' of some large tax defaulters as it published names of 18 entities who owe over Rs500 crore of taxes to the exchequer. "This is the first time the department has put in public domain a list of those wilful tax defaulters who have a tax liability of Rs10 crore and above," a senior tax official had said, adding that in many cases the assessees were not "traceable".
 
The new Foreign Trade Policy (FTP), scheduled to be unveiled Wednesday will focus on promoting service exports and giving fillip to the manufacturing sector as part of the government's 'Make in India' campaign. The new FTP (2015-2020) would have nine chapters including a separate one on services exports. The policy is likely to announce steps to improve ease of doing business in the country and Digital India initiatives.
 
External debt stood at $461.9 billion as of end-December, up 3.5% from end-March 2014, the government said. India's external debt-to-gross domestic product (GDP) ratio stood at 23.2% as of end-December, compared with 23.7% as of end-March 2014. The country's short-term debt fell 6.7% from March-end 2014 to $85.6 billion as of December-end, while long-term debt rose 6.1% to $376.4 billion, the statement from finance ministry said.
 
Natural gas price was cut by about 8% to $4.66 a unit to reflect the softening in international prices. This is the first reduction in price of natural gas in India.
 
The CII Business Confidence Index (BCI) improved marginally during January to March FY15, moving up to 56.4 from a level of 56.2 in the previous quarter.
 
Coming back to Indian stock market, Tata Power (3.42%) was the top gainer in Sensex 30 pack. the stock hit its 52-week low on Monday. ONGC (2.51%) was the top loser in the pack.
 
US indices closed Monday in the green. 
 
Except for Shanghai Composite (1.02%), Nikkei 225 (1.05%) and Straits Times (0.21%) all the other Asian indices closed in the green. Jakarta Composite (1.47%) was the top gainer.
 
Beijing released new policy moves for the property market. According to a statement on the People's Bank of China's website, the required down payment for second homes was lowered to 40% from 60%. In addition, select homeowners who have held a property for two years or more will be exempted from a sales tax, the finance ministry reportedly announced.
 
European indices were trading in the red. 
 
US Futures too were trading lower. 
 
German retail sales fell in February on a monthly basis for the first time since September, data from the statistics office showed today, 31 March 2015, retail sales dropped by 0.5%. On an annual basis, retail sales expanded by 3.6%, reaching the highest real growth in any February since 2000, the statistics office Destatis said.
 

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