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No beating about the bush.
The market will remain under pressure for a variety of local and international issues
The Sensex ended the day 31 points lower (0.17%) to 17,822 points and the Nifty closed 17 points lower (0.31%) at 5,323 points. The market started the day with a sharp rise. However, it came down soon and tested the intra-day low. The market traded in a narrow range throughout the day.
European stocks fell on Tuesday ahead of US earnings reports. Key benchmark indices in the UK, France and Germany were down by 0.13% to 0.18%. Most Asian stocks fell on Tuesday, with raw-material producers and Japanese exporters drifting lower after Alcoa Inc's revenue trailed analyst estimates and the dollar weakened. Key benchmark indices in Indonesia, Japan, Hong Kong, South Korea, Singapore and Taiwan were down by 0.14% to 1.08%. Key benchmark indices in China and South Korea rose by 0.02% to 1.02%.
US stocks were up on Monday, helped by the downturn in the dollar and the aid plan for Greece. The Dow gained 8.6 points (0.08%) to 11,006. The Nasdaq rose four points (0.16%) to 2,457.87 and the S&P 500 gained 2.11 points (0.16%) to 1,196.
Closer home, the meteorological department has said that a second consecutive dry session is unlikely. The monsoon season last year was the worst in the past 37 years, creating a shortage in sugarcane and oilseed production. Data from the weather office shows that out of about 20 droughts since 1901, 17 were followed by near-normal rainfall. The weather office will issue its formal monsoon forecast in the second half of April. The wholesale price index probably rose 10.39% in March from that of the year-ago period. Projections from 20 economists ranged from a rise of 10.08% to 11%. The chief economist adviser to the finance ministry said that the economy has probably grown 8.5% in the March quarter. The secretary for financial services in the finance ministry said that a tightening of the interest rate is very likely.
Rolta India (up 2.7%) has acquired US-based consulting, development and system integration company OneGIS Inc. The financial details of the deal were not given. Hindustan Construction Company (down 1%) has received an order worth Rs608 crore for the reconstruction and completion of a dry dock in Mumbai which is scheduled to be completed in 48 months. Container Corporation of India (up 1.3%) said on Monday, (12th April), that goods worth Rs30 crore were damaged due to a fire at its export warehouse on Saturday, (10th April). There was also a partial damage worth Rs5 crore to the warehouse building. The firm’s liability for goods and warehouse facilities are fully insured.
NTPC (up 0.7%) will soon allocate 50% of the power generated from any plant to the State where the plant is located. Now, it allocates 10% of the total power generation from any plant. Hero Honda (down 5.2%) which is running at full capacity, might have a tough time in coming days as the company is likely to launch various new models. GAIL (down 0.26%) will invest Rs15,000 crore over the next two-three years in expanding its pipeline network to connect consumption centers. Infosys (up 3.6%) reported a 5% increase in both its sales and operating profit for the March quarter from the year-ago period. Infosys expects a 2.9% growth in earnings per share (EPS) on a consolidated basis at between Rs106.82 to Rs111.38 in FY11 over FY10.
Foreign institutional investors were net buyers on Monday of Rs14 crore. Domestic institutional buyers were net sellers of Rs192 crore.