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Indian markets fall amidst US economy worries

August 8th, 2011

Unlike Friday, the Indian markets are more close to the realistic situation and happenings around the world, particularly in the Asian stock markets. Like its peers, the Indian markets had a near-about bloodbath session. The markets opened the day with a huge gap-down opening but continued to recover the lost ground as trades progressed. The situation was much better after the European stock markets opened.

The Sensex closed the day at 16990.18 losing 315.69 (-1.82%). The NIFTY ended at 5118.50 losing 92.75 (-1.78%). CNX Midcap closed at 7593.85 down 97.30 (-1.27%) while BSE Smallcap closed at 7641.08 down 173.97 (-2.23%).

ADAG and Real Estate sectoral stocks are hit the most in today’s session. Reliance Capital, Hindalco, Reliance Power, DLF (all down over 7%), Tata Motors (down 6.68%) led the losers list. Hero Motors (up 3.85%), M&M, PNB, ONGC, Ambuja Cements (all up over 2%) lead the gainers pack. All sectoral indices closed in the red. IT, Realty and the Service sectoral index showed heavy weakness compared to others.

Larsen and Toubro (BSE: 500510 | NSE: LT | ISIN: INE018A01030) announced their quarterly numbers today. There is a 12% Y-o-Y) growth, in its profits at Rs 746 crore for the April-June quarter of FY12. The company reported good order inflows. The script corrected sharply recently and many experts say it is now in reasonably priced zone. Added, there are very few stocks in the category that have good attributes and hence L&T is a good pick for medium to large term.

Entry Filed under: Equity Markets, Closing Bell, Infrastructure