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 Markets bounced back on Thursday with NSE Nifty strongly over 5000 mark and BSE Sensex nearly a per cent higher at 16635.
Gold was trading at 28,440 per 10 grams while Silver was nearly a per cent down at 54,700.
In today’s trading session, IDFC was up by 5% at Rs 121. Cairn India was trading higher by 3.9% at Rs 320. BHEL and Kotak Mahindra Bank were also among major gainers.
After yesterday’s rally, pharmaceutical major Ranbaxy Labs was trading lower today. PNB was also trading lower. Among other losers were auto major Maruti Suzuki and technology leader Infosys Technologies.
Indian markets are expected to close positive today. Among sectoral indices, BSE Auto was up by 101 points. Capital Goods and BSE Metals indices were also trading with decent gains.