Home ECONOMY Sensex range bound ahead of macro economic data

Sensex range bound ahead of macro economic data

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Mumbai, June 12:

A day after it fell nearly 470 points, and ahead of crucial macro-economic data, a barometer index of the Indian equities markets remained range bound during the trade session on Friday.

stock_exchange sensexThe 30-scrip Sensitive Index (Sensex) of the S&P Bombay Stock Exchange (BSE), closed a volatile session up 54 points or 0.21 percent on Friday.

The markets were volatile ahead of the release on Friday evening of crucial data on inflation and factory output.

The wider 50-scrip Nifty of the National Stock Exchange (NSE) ended the day’s trade flat. It was up only 17.55 points or 0.22 percent at 7,982.90 points.

The Sensex of the S&P BSE, which opened at 26,340.32 points, ended the day’s trade at 26,425.30 points, up 54.32 points or 0.21 percent from the previous day’s close at 26,370.98 points.

The Sensex touched a high of 26,489.58 points and a low of 26,307.56 points in the intra-day trade.

According to the Angel Broking, the Indian markets which opened in the red tracking the SGX Nifty, remained volatile through-out the session.

The anxiety over inflation and factory output data, scheduled for release on Friday evening, had dented investor sentiments on Thursday and led the Sensex to plunge nearly 470 points.

Not just anxiety over Friday’s inflation and factory output data, but also negative cues from a delayed monsoon, the Greek loan default crises, increasing crude oil prices and sales by FIIs (Foreign Institutional Investors) also impacted the markets.

“Market opened on a flat note and was volatile during the day ahead of release of economic data today, both are expected to be less than optimistic, according to the estimates,” said Anand James, co-head for technical research with Geojit BNP Paribas.

According to James, Thursday’s strong US retail sales and weekly jobless claims data has reinforced optimism that US Fed may hike interest rates soon.

Gaurav Jain, director with Hem Securities said that: “Macro economic data, Greece worries on bailout, progress of monsoon, buying-selling figures of the FIIs’ and the movement in the rupee-dollar movement will shape the trend for the coming week.”

During the intra-day trade on Friday, information technology (IT), metal, consumer durables, technology, entertainment and media (TECK) and capital goods stocks came under intense selling pressure.

The S&P BSE IT index plummet by 172.37 points, followed by the metal index which dwindled by 132.15 points, consumer durables index receded by 113.74 points, TECK index fell by 66.95 points and capital goods index declined by 62.01 points.

However, the S&P BSE banking index gained by 217.21 points, oil and gas index edged-higher by 25.15 points and automobile index was up by 10.36 points.

The major Sensex gainers during Friday’s trade were: Bajaj Auto, up 3.53 percent at Rs.2,285.55, Tata Power, up 3.49 points at Rs.72.60, ICICI Bank, up 2.53 percent at Rs.295.85, BHEL, up 2.06 percent at Rs.248.25 and HDFC, up 2.04 percent at Rs. 1,190.05.

The major Sensex losers were: Tata Consultancy Services (TCS), down 2.29 percent at Rs.2,512.05; Hindalco Inds, down 2.14 percent at Rs.116.70; Tata Motors, down 2.03 percent at Rs.421.60; Vedanta, down 1.97 percent at Rs.184; and Wipro, down 1.87 percent at Rs.537.30.

Among the Asian markets, Japan’s Nikkei closed higher by 0.12 percent, China’s Shanghai Composite Index rose by 0.87 percent, Hong Kong’s Hang Seng was up by 1.39 percent.

In Europe, the London FTSE 100 was lower by 0.41 percent, the French CAC 40 declined by 0.33 percent and the Germany DAX Index was down by 0.07 percent at the closing bell here. (IANS)