Inflation number and higher crude prices impacts Indian markets
New higher oil prices, higher inflation numbers and an extremly choppy and volatile trade - that sums up the business on the streets today. The Indian stock markets took a major correction today with the inflation numbers a little higher than what the street expectations are.
The Sensex is down by 619.6 points, the much of the damage happened as the markets opened in the morning with a wide margin. The Sensex is down 4.3%. Midcap and Smallcap indices surprisingly are safer. The BSE Midcap index is down 3.19% while the BSE Smallcap Index is down 2.68%. Selling pressure is seen across the board - The BSE 100, BSE 200 and BSE 500 are all down by over 4%.
Inflation-linked sectors - Banking, Auto, Reality are all down. The Bankex and Auto indices are down over 5% on a single day. The Power, Metal, Realty, PSU, IT and Consumer Goods indices are down by over 4%. Health care is the sector which witnessed the least of the downtimes - 1.4%.
Nifty losers like is lead by National Aluminium, Tata Motors, BPCL, HCL Tech, Ambuja Cements, Reliance Infra, M&M, SAIL, ICICI Bank and GAIL. Nifty gainers of the day include Cairn and Dr. Reddy.
All in all this is one of the most volatile and the worst weeks we have so far in this year.
1 U.S. dollar = 42.5043567 Indian rupees
Add commentJune 27th, 2008