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Selling pressure and weak global cues weighed heavily on Indian markets
Indian markets saw selling pressure throughout the day and investors also remained cautious about Greece’s fiscal position as they waited for interest rate decisions from two of Europe’s top central banks. At the end of the day, the Sensex declined 28 points from the previous day’s close to 16,972, while the Nifty closed at 5,080, down 8 points. We expect the Indian bourses to continue their uptrend. However, wait to buy at a dip.
Subex Ltd has announced the launch of Nikira V7.2, a fraud management component of the Revenue Operations Center (ROC). The stock ended flat.
Hinduja Foundries announced that the company’s unit at Hyderabad will have an additional weekly holiday on Thursday due to non-availability of power with immediate effect, till further notice. The stock plummeted 6%.
Suzlon Energy shot up 4% after the company won a major order from Gujarat State Petronet Ltd (GSPL) to set up, operate and maintain its 52.5-MW wind energy project in the Rajkot and Porbandar districts of the state.
Marg Ltd announced that, in continuation of the subsisting term sheet, Karaikal Port Pvt Ltd (KPPL), a wholly-owned subsidiary of the company, has on 1 March 2010, entered into a Shareholders’ Agreement and Share Subscription Agreement with India Infrastructure Fund for a proposed investment of Rs150 crore in KPPL. The stock was up 5%.
Strides Arcolab, as part of its strategy to focus on its core specialty injectable business, has entered into an understanding with Aspen to acquire a facility in Campos, Brazil with related products and IPs. The stock ended flat.
CESC Ltd’s subsidiary, Dhariwal Infrastructure, has issued a letter of intent to Punj Lloyd for an EPC project for a value of Rs1,023 crore in connection with its 2x300MW thermal power project undertaken at Tadali village, near Chandrapur in Maharashtra. The stock remained flat whereas Punj Lloyd plunged 2%.
During trading hours, the government released data that showed that the food price index rose 17.87% in the 12 months to 20 February 2010, faster than the annual rise of 17.58% in the previous week. The fuel price index was up 9.59%. The primary articles index rose 15%. As per market expectations, higher inflation is likely to add pressure on the central bank to raise interest rates in April 2010. However, finance minister Pranab Mukherjee said today that India’s economic recovery is still being driven by public spending and is not yet broad-based, further clouding the debate on the timing of rate hikes by the central bank.
During the day, Asia’s key benchmark indices in Hong Kong, South Korea, Singapore, China, Japan and Taiwan were down by between 0.26%-2.38%.
On Wednesday, 3 March 2010, the Dow Jones Industrial Average was down 9 points while the Nasdaq Composite and the S&P 500 remained flat.
The Beige Book survey of economic conditions released Wednesday by the Federal Reserve gave mixed signals about the prospects for the US economy. The economy again improved modestly in February, the survey said, but loan demand remained weak and there were no signs of improvement in the labour market.
As per reports, Greece announced further austerity measures designed at getting its fiscal deficit down to levels acceptable to the rest of the EU. Ongoing worries about Greek debt are expected to be one reason for the European Central Bank’s policymakers to keep rates on hold.
In premarket trading, the Dow was trading 4 points higher.