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No cheer for Indian markets despite positive European opening

August 11th, 2011

The Indian stock markets could not get any cheer despite a positive opening from in the European markets. The markets opened in the red, in line with most of the Asian and the US markets but by noon, some respite was seen after the markets entered in the green territory. But this cheer did not last long as markets reversed course towards the red. The markets finally settled in the red losing about 0.50% today.

The SENSEX closed the day at 17059.40 losing 71.11 points (-0.42%). Nifty too ended in the red at 5138.30 losing 22.70 points (-0.44%). The CNX Midcap is at 7623.25 down 22.45 (-0.29%) while BSE Smallcap is at 7654.25 down 14.80 (-0.19%).

Top losers of the day include Tata Power, Axis Bank, Bharti Airtel, Maruti Suzuki, BHEL, HCL Tech, ICICI Bank, Jindal Steel, Bajaj Auto and DLF amongst others.

Top gainers of the day include HDFC, Reliance Infra, Kotak Mahindra, Reliance Capital (all up over 2%), NTPC and GAIL (both up over 1%) amongst others.

Citigroup has announced a cut in the year-end target for the BSE Sensex from 21,500 to 19,700. The cut is about 10% citing heightened uncertainty and lower earnings from corporates. Standard Chartered Capital Markets however is warning of a deeper cut and that considering the present situation, the markets could test 14-15k levels as well.

Bharat Forge (BSE: 500493; NSE: BHARATFORG; ISIN: INE465A01025) Q1 results are out today. The net profit is up 64% YoY to Rs 97.42 crore. Overseas operation revenue is up because of strong demand in the auto sector. Overseas PAT is at 54% to Rs. 11.1 crores.

Entry Filed under: Equity Markets, Automobile, Closing Bell