Indian Stock market slipped on Monday after a very good start for the New Year 2013. Stock market experts are still positive about the movement of the Indian stock market. Goldman Sachs has given positive rating for Indian and Chinese markets.
BSE Sensex closed 93 points lower at 19691 and NSE Nifty closed 27 points lower at 5988. Among major losers in today’s trade were Larsen, Jaiprakash Associates, HDFC and HUL.
Goldman Sachs has given a strong guidance for Indian stock markets with 7000 as target for NSE Nifty by the year end. The brokerage house has upgraded the GDP growth for Asian region to 6.9 compared to earlier estimates of 6.2 per cent.
Bajaj Auto MD has expressed worries over lower sales in auto sector. He has pointed that Bajaj Auto expects flat sales in year 2013.
Major gainers in today’s session were BPCL, Maruti Suzuki, Cipla and Tata Steel.
Indian Stock Market closed marginally lower after hovering in negative territory for the trading session. European markets closed marginally higher compared to previous closing. BSE Sensex was down by 22 points at 19453 during the closing bell.
USD gained further ground compared to Indian currency. USD-INR was trading at 54.85. Euro was also trading strong at 72.81. Euro is near its all time high compared to Indian currency.
Among major gainers in today’s session were metal stocks. Hindalco gained 2.35% to close at Rs 132. Jindal Steel gained 2.2%. Tata Steel was also higher by 1.77% at Rs 431.
Major losers included Ambuja Cements, Sun Pharma, BPCL and Jaiprakash Associates.
Among major companies, Reliance, ONGC, ITC and Coal India closed flat. TCS gained Rs 19.4 to close the day at Rs 1252.
The banking amendment bill received final approval in the parliament today. BJP has retained similar number of seats in Gujarat. Congress won 36 seats in Himachal Pradesh.
Indian Stock Markets closed marginally higher on Tuesday. BSE Sensex closed 42 points higher at 19348 and NSE Nifty closed 5 points higher compared to yesterday’s close. Among European stocks, CAC was up by 0.8%. DAX and FTSE were marginally higher.
Jaiprakash Associates was among major gainers in today’s trade. The stock closed above Rs 100 after gaining 4.4%. Tata Power, Reliance and Ranbaxy Labs were among major gainers.
Top losers included Ambuja Cements, Mahindra & Mahindra, Wipro and TCS. The markets are looking at FDI in retail decision as various political parties have kept their cards hidden on the issue.
Rating agency Moody’s has maintained negative outlook for Indian banks. The financial services and banking sector is facing pressure on margins.
USD was trading at 54.68 compared to INR. Euro was strong compared to Indian currency at 71.52. Gold prices were down by 0.44% at Rs 31125 per 10 grams.