Nifty, Sensex may remain under pressure due to weakness in foreign markets– Friday closing report
Nifty has to close above 8,280 for a short rally
Today, CNX Nifty managed opening higher and managed staying in the green up to around 11.15am. However it made a gradual move in the red after that and its effort to revive was followed by it being pulled further lower.
S&P BSE Sensex opened at 27,599 and soon hit a high at 27,692 while Nifty opened at 8,302 and hit a high at 8,322. The indices moved lower to hit a low at 27,320 and 8,216. Sensex closed at 27,351 (down 251 points or 0.91%) while Nifty closed at 8,224 (down 69 points or 0.83%). NSE recorded a volume of 76.81 crore shares. India VIX rose 7.67% to close at 13.7525.
The government will release the data on CPI inflation for November 2014 and industrial production data for October 2014 after trading hours today.
Prime Minister's Office yesterday said that India's ambitious economic growth strategy would require a significant enhancement of power generating capacity. India and Russia have decided to fast-track the implementation of agreed cooperation projects between the two countries for nuclear power plants.
Minister of Chemicals and Fertilizers, Ananth Kumar on Thursday said that the government will clear fertilizer subsidy arrears within a month.
The government's total indirect tax collections jumped 19.4% to Rs44,060 crore in November 2014 over November 2013, according to provisional figures released by the finance ministry on Thursday. Total indirect tax collections rose 7.1% to Rs3,28,662 crore during the period April-November 2014 over the corresponding previous year period. This amounts to an achievement of 52.7% of the target fixed at Rs6,23,244 crore in the Union Budget 2014-15 for the current fiscal year.
The Reserve Bank of India (RBI) Governor Raghuram Rajan reportedly said that the central bank will start talks with the government for an appropriate timeline to ensure that the economy is within a medium term inflation target of 2% to 6%.
Maruti Suzuki (1.30%) was the top gainer in Sensex 30 pack. Recently, there were reports which mentioned that it has received 4,141 gypsy vehicles from the Indian Army. BSE has asked for clarification from the company for which a reply is still awaited.
GAIL (4.63%) was the top loser in the Sensex 30 stock. Uttar Pradesh government has agreed to constitute a high power committee to provide single window clearance for construction of Jagdishpur-Haldia gas pipeline. The setting up of the panel will give a "boost to the speedy implementation" of the pipeline that originates in Uttar Pradesh and ends in West Bengal, the company said in a statement.
On Thursday, US indices closed in the green. US retail sales rose 0.7% in November from the previous month. Applications for unemployment insurance benefits declined by 3,000 last week to 2,94,000, the claims have been below 3,00,000 for 12 of the past 13 weeks.
Except for Hang Seng (0.27%) and KLSE Composite (0.66%), all the other Asian indices closed in the green. Nikkei 225 (0.66%) was the top gainer.
Chinese economic data for November released today showed better-than-expected retail sales and weaker-than-expected industrial output. Industrial production rose 7.2% on year in November, below October's 7.7 % rise. Meanwhile, retail sales rose 11.7% on year, up from October's 11.5% rise.
European indices and US Futures were trading deeply in the red.
Germany's wholesale price index fell unexpectedly last month, today's official data showed. In a report, Destatis said that Germany's wholesale price index fell to minus 0.7% in November, from minus 0.6% in the preceding month.