Sensex falls 71 pts, Nifty down 29 pts

Aug 31 2012, 10:03 IST
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The BSE benchmark Sensex fell by over 71 points in early trade today on fresh selling by funds.   (Reuters) The BSE benchmark Sensex fell by over 71 points in early trade today on fresh selling by funds. (Reuters)
SummaryThe BSE benchmark Sensex fell by over 71 points in early trade today on fresh selling by funds.

The BSE benchmark Sensex fell by over 71 points in early trade today on fresh selling by funds ahead of first quarter GDP data.

The 30-share barometer, which had gained 50.83 points in yesterday's volatile session, fell by 71.28 points, or 0.41 per cent, to 17,470.36. Stocks of IT, power and realty sectors lead the fall.

Similarly, the wide-based National Stock Exchange index Nifty shed 29.15 points, or 0.55 per cent, to 5,285.90.

Marketmen said selling by funds and retail investors ahead of first quarter GDP data to be announced later in the day today amid a subdued trend in Asian markets, following weak Japanese economic figures, mainly influenced the trading sentiment here.

In Asian region, Hong Kong's Hang Seng index was down by 0.25 per cent, while Japan's Nikkei Index lost 1.11 per cent in the morning trade today.

The US Dow Jones Industrial Average had ended 0.81 per cent lower in yesterday's trade.

MARKETS-INDIA-STOCKS/PRE-OPEN:

GLOBAL MARKETS

The Nifty futures in Singapore Exchange fell 0.19 percent, while the MSCI-Asia Pacific index excluding Japan fell 0.19 percent.

U.S. stocks fell on Thursday after several days of muted trading as investors took a defensive posture before Federal Reserve Chairman Ben Bernanke's much-awaited speech on Friday.

Asian shares fell on Friday as investors cooled expectations that Bernanke will offer any signal of a further monetary stimulus.

FACTORS TO WATCH

GDP data for April-June period (Around 11.00 IST or 0530GMT.

July fiscal deficit (Around 4.00 IST or 1030 GMT).

RBI to release forex, bank loan data. (1130GMT)

INDIAN STOCKS TO WATCH

FINANCIAL/REGULATORY

A Parliament's finance committee report on the status of the economy has highlighted the divergence between the Reserve Bank of India's emphasis on taming inflation and the government's push for growth even at the cost of high prices.

In the wake of controversies shrouding coal mines allocation, an inter-ministerial panel will decide next week the fate of 58 blocks which private and public sector companies failed to develop within the allowed time.

It is extremely difficult under present circumstances to raise fuel prices, a top government source said. I am not saying that it is impossible but it certainly does not look feasible at this moment of time.

The Central Bureau of Investigation is focusing its probe on 12 firms which were given licenses under the 'fast track' category but had not yet commenced mining of the allocated coal blocks.

Diesel and cooking gas (LPG) prices are unlikely to

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