Nifty, Sensex headed lower – Monday closing report
We had mentioned in Friday’s closing report Nifty, Sensex might struggle to go up. The major indices of the Indian stock markets suffered a correction in Monday’s trading and the losses over Friday’s close were more than 0.70%. The trends of the major indices in Monday’s trading are given in the table below:
Bearish global cues, along with disappointing domestic macro-economic data and a weak rupee, dragged the key Indian equity markets lower on Monday. Consequently, the key indices traded in the red during the mid-afternoon session, as heavy selling pressure was witnessed in banking, automobile and capital goods stocks. Initially, on Monday, the key indices opened on a weak note, in sync with their Asian peers and a lower close of the US stock on last Friday. Asian stocks receded as investors were cautious ahead of the US FOMC's (Federal Open Market Committee) rate setting meeting which is slated to start on Tuesday. Further, lower crude oil prices and a weak rupee dented key indices. Besides, the upcoming domestic macro-economic inflation data -- Consumer Price Index (CPI) -- stroked volatility. A rise in CPI inflation may further reduce chances of a future rate cut by the Reserve Bank of India (RBI). In addition, poor data on industrial production which was released after market hours on Friday last week weighed heavy on sentiments. 
China's economy held steady as industrial production gathered pace in May, retail sales maintained strong growth and investment cooled with improved structure, official data showed on Monday. During the next few weeks, the global developments that will be watched are Britain's June 23rd referendum if it should leave or remain in the European Union (Brexit), as also the US Federal Reserve meeting on Tuesday and Wednesday. Poor global cues could lead to losses in the Indian stock markets.
With international oil prices climbing back to over $50 levels, driving around on cheap fuel seems to be a thing of the past though there is no danger of "hard times" as yet, Assocham said on Sunday. "While the crude oil prices have shot up by about 20% in the last few months, the auto fuel prices at the filling stations have increased between 12%-18% in different cities, depending on the state levies," said the Associated Chamber of Commerce and Industry of India. "A sharp increase in the retail prices of automobile fuel, particularly diesel, will have a cascading impact on the prices of a large number of consumer items, building the inflationary pressure and making the task of the Reserve Bank of India difficult in moderating the interest rates," it added.
The top gainers and top losers of the major indices are given in the table below:
The closing values of the major Asian indices are given in the table below:


High food prices again push India's retail inflation up
India's retail inflation rose for the second straight month in May to 5.76% from 5.47% in the month before, due to a sharp spike in food prices, as per data on consumer price index released on Monday.
The annual retail inflation rose to the current level from 4.83% in March, 5.26% in February and 5.69% in January. The food inflation rose by more than one percentage point to 7.55% from 6.4% in the April, fresh data showed.
Food inflation was at 5.21% in March.
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.




NK Padhi

4 months ago

Like GDP, govt officials might say that retail inflation is below 4%. Only the consumers know bitter truth !

Microsoft to buy LinkedIn for $ 26.2 billion

Microsoft Corp has decided to buy LinkedIn Corp, the world's largest and most valuable professional network, for $196 per share or Rs26.2 billion in an all cash deal. Jeff Weiner will remain chief executive of LinkedIn and will report to Satya Nadella, CEO of Microsoft. The transaction is expected to close this calendar year. The all-cash transaction valued at $26.2 billion, includes LinkedIn’s net cash.

"The LinkedIn team has grown a fantastic business centred on connecting the world's professionals," Nadella said in a release. "Together we can accelerate the growth of LinkedIn, as well as Microsoft Office 365 and Dynamics as we seek to empower every person and organisation on the planet," he added.


Microsoft will finance the transaction primarily through the issuance of new indebtedness. Upon closing, Microsoft expects LinkedIn's financials to be reported as part of Microsoft's Productivity and Business Processes segment. Microsoft expects the acquisition to have minimal dilution of about 1% to non-GAAP earnings per share for the remainder of fiscal year 2017 post-closing and for fiscal year 2018 based on the expected close date, and become accretive to Microsoft's non-GAAP earnings per share in Microsoft's fiscal year 2019 or less than two years post-closing.


"Just as we have changed the way the world connects to opportunity, this relationship with Microsoft, and the combination of their cloud and LinkedIn's network, now gives us a chance to also change the way the world works," Weiner said.


LinkedIn, which has over 400 million members and office around the globe, connects the world's professionals to make them more productive and successful and transforms the way companies hire, market, and sell.


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