The recent supports have been broken and the market has closed near the day’s low, which may lead to a further fall
The recent supports have been broken and the market has closed near the day's low, which may lead to a further fall
The market opened in the green this morning tracking gains in the Asian region. The Sensex opened at 18,251, 101 points higher from the previous close, and the Nifty opened 28 points up at 5,475. These levels also turned out to be the intra-day highs. Selling began within 15 minutes of the opening, due to political uncertainties at the Centre, and the key indices slipped into the red.
Reliance Industries (RIL) was the biggest loser in morning trade, dragging the oil & gas sector lower, after the company stated that output of natural gas from the country's biggest gas fields in the KG-D6 basin could drop by 13% in 2012-13.
Selling intensified as trading progressed, with the key indices moving further southwards on rate pressures that are likely to impact sectors across the board. IT and technology stocks were also under pressure as Japan, one of the key markets for Indian IT, has been cut off for a week now, since the earthquake.
The market closed at the day's low, the Sensex at 17,878, down 271 points, and the Nifty ended 72 points down at 5,373. The advance-decline ratio on the National Stock Exchange was 435:961.
The broader markets outperformed the Sensex today. The BSE Mid-cap index declined 0.43% and the BSE Small-cap index fell by 0.78%.
All sectoral indices settled in the negative terrain, with the BSE Oil & Gas index (down 2.67%) ending as the top loser. BSE Auto (down 2.01%), BSE Realty (down 1.65%), BSE Consumer Durables (down 1.48%) and BSE IT (down 1.36%) followed the leader.
Tata Steel (up 0.26%) and Tata Power (up 0.17%) were the only gainers on the Sensex, The major losers were Reliance Infrastructure (down 3.87%), Reliance Industries (down 3.71%), Mahindra & Mahindra (down 3.31%), HDFC (down 2.57%) and Hero Honda (down 2.35%).
While, the Indian markets were in the red today, other Asian markets reported modest gains and the Japanese market led the pack as the Group of Seven (G7) industrialised nations agreed to a joint intervention to halt the yen's rise. However, analysts opined that the mid-term outlook for Asian markets looked uncertain, as the economic damages from the earthquake are yet to be worked out.
The Shanghai Composite gained 0.42%, the Hang Seng added 0.07%, the Jakarta Composite rose 0.28%, the KLSE Composite advanced 0.79%, the Nikkei 225 jumped 2.72%, the Seoul Composite rose 1.13% and the Taiwan Weighted surged 1.35%. Bucking the trend, the Straits Times settled 0.24% lower in trade.
Crude futures jumped as much as 2.2% in New York after the United Nations voted for a no-fly zone over Libya and demanded a cease-fire between the government and rebels. Oil surged 3.5% yesterday, the most in three weeks, after Qaddafi's jets dropped bombs around Benghazi. In Bahrain, security forces have arrested top opposition leaders to quell the continuing civil unrest.
Back home, on Thursday foreign institutional investors were net sellers of stocks worth Rs1,128 crore, whereas domestic institutional investors were net buyers of equities worth Rs432 crore.
Reliance Industries has projected s 13% drop in output from the KG DI and D3 blocks in the KG-D6 basin to 38 million standard cubic meters per day in 2012-13.
Reliance (down 3.71%) has in its annual work programme submitted to the upstream oil regulator, Directorate General of Hydrocarbons (DGH), stated that natural gas output from Dhirubhai-1 and 3 (or D1 and D3) gas fields in the block KG-DWN-98/3 or KG-D6, will be about 38 million metric standard cubic metres per day (mmscmd) in 2012-13 from the current production level of 43-44 mmscmd.
Passenger car and commercial vehicles maker Tata Motors (down 2.17%) today said it will hike the prices of its passenger vehicles, excluding the Nano, by up to Rs36,000 from 1st April, to offset rising input costs. Following the price revision, the Indica will be costlier by Rs7,000-Rs9,000, Vista and Indigo CS by Rs8,000-Rs11,000 and Manza by Rs10,000-Rs15,000.
IDBI Bank has launched a multicurrency remittance facility for making payments in miscellaneous currencies
IDBI Bank has launched a multicurrency remittance facility for making payments in miscellaneous currencies.
With this facility, IDBI Bank now offers to its customers' remittance facility in more than 125 currencies across the world. The facility offers transparency to the customer in terms of exchange rate of the exotic currency and insulates against subsequent volatility. The facility will be available to all customers of IDBI Bank for both trade and non trade payments at all branches in India. The authorised dealer branches of IDBI Bank will execute the payment.
On Friday, IDBI Bank ended 2.13% down at Rs133.10 on the Bombay Stock Exchange, while the benchmark Sensex declined 1.49% to 17,878.81.
Axis Bank with IDEA Cellular is offering a branchless banking solution that provides security, access and convenience
Axis Bank and Idea Cellular have launched 'Idea MyCash'. The service is a mobile-based financial inclusion initiative which besides providing basic banking services like cash deposit, cash withdrawal and balance enquiry will also enable money transfer between the migrant population in urban areas to their beneficiaries back home. The remittance facility is being offered in the Dharavi-Allahabad remittance corridor in Mumbai and will be extended to other remittance corridors subsequently.
Shikha Sharma, MD & CEO, Axis Bank, said, "Axis Bank in association with Idea Cellular is offering a branchless banking solution that provides the elements of security, access and convenience in a cost effective manner. This association in a larger context enables the Bank to undertake financial inclusion by providing a host of financial inclusion products and services through the Idea mobile platform and offered through select IDEA retail outlets."
On Friday, Axis Bank ended 1.66% down at Rs1,271.25 on the Bombay Stock Exchange, while the benchmark Sensex declined 1.49% to 17,878.81.