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Indian markets fail to cheer despite positive US runup yesterday

August 25th, 2011

The SENSEX closed the day at 16146.33 losing 138.65 (-0.85%). NIFTY closed at 4839.60 losing 49.30 (-1.01%). The CNX Midcap last traded at 7193.15 losing 73.15 (-1.01%) while the BSE Smallcap has shut shop at 7099.61 losing 59.03 (-0.82%).

Earlier yesterday, Nasdaq closed at 2,467.69 gaining 21.63 while S&P 500 is at 1,177.60 up 15.25. Steve Jobs resigned as Apple Inc Chief Executive. No specific reason was given but his health issues are believed to be the reason behind the decision. The present CEO Tim Cook who is taking care of the affairs of the company following the illness of Jobs is named as the new CEO.

The US markets (Aug 24, 2011) continued to be in the green for the third straight day after an almost rally like situation in the last hours of trade. Brent Crude is trading above USD 110 mark with the US crude stocks dip. Gold was down sharply and is once again below USD 1,760 levels.

SREI Infra Finance’s (BSE: 523756; NSE: SREINFRA; ISIN: INE872A01014) Chairman and Managing Director Hemant Kanoria said today that it is raising a $1-bn fund to invest in areas such as roads, power and ports. The script closed the day at Rs. 37.30 down by Rs. 0.55 (-1.45%).

Deccan Chronicle is completing its buyback today. The company said that it feels this is the right time to buy 3.45 crore shares at Rs 70/share. Spent nearly Rs 240 crore on the buyback, the company says it will see upside in the future. The script is in the red today. It closed at Rs. 52.40 losing Rs. 3.60 or -6.43%.

The August series is considered the worst since the turmoil of October 2008. Banking stocks are the worst performers in this series.

Top losers of the day include Jaiprakash Asso and Jindal Steel (both down over 4%), HCL Tech, Hero Motocorp, Infosys (all 3 down by over 3%), Axis Bank, SAIL, HDFC, HDFC Bank, Tata Steel, Power Grid Corp and Hindalco (all down over 2%). Top gainers of the day include Ambuja Cements and DLF (both up over 2%), Tata Motors, Reliance Comm and Grasim (all up over a percent) amongst others.

Abhijit Paul of Brics Securities says Ambuja Cements has a target of Rs. 145. The script is currently trading at Rs. 135.85.
Meanwhile, the European markets have opened for trade of Aug 25. The markets are in the green but FTSE 100 has lost its gains and slipped into red.

Entry Filed under: Equity Markets, Banks & NBFC, Closing Bell, Cement