Post Session- Sensex treads water amid caution
07/10/2014 16:27
After a three-day trading holiday, Dalal Street began the week on a bearish note as the Sensex tumbled by more than 290 points dragged down by losses in metals and healthcare stocks as investors stuck to a cautious approach ahead of the Q2 earnings season which may signal the strength in Asia’s third biggest economy. IT bellwether Infosys will kick-off the July-September corporate earnings season as it will unveil its Q2 report card on Friday. Investors will also be eying the August IIP data this week. Fears of a quicker than expected US monetary tightening after upbeat US September jobs data also caused mayhem at Dalal Street as emerging markets braced for weaker foreign fund inflows. Investors cast aside robust India services PMI data which showed acceleration in the country’s non-manufacturing sector. The gauge measuring services in India climbed to 51.6 in September from 50.6 in the previous month, HSBC and Markit Economics reported on Tuesday. A reading above 50 signals expansion in services activity over the previous month.
On the Asian front, mainland markets in China remained closed due to national holidays while Hang Seng rose as protestors and officials agreed on formal talks, easing tensions. Japan’s Nikkei 225 fell as a stronger yen dimmed the appeal of exporter stocks after the Bank of Japan decided against boosting stimulus.
The BSE SENSEX closed at 26,271.97, down by 296.02 points or by 1.11 per cent, and the NSE Nifty ended at 7,852.4, down by 93.15 points or by 1.17 per cent.
07/10/2014 16:27
After a three-day trading holiday, Dalal Street began the week on a bearish note as the Sensex tumbled by more than 290 points dragged down by losses in metals and healthcare stocks as investors stuck to a cautious approach ahead of the Q2 earnings season which may signal the strength in Asia’s third biggest economy. IT bellwether Infosys will kick-off the July-September corporate earnings season as it will unveil its Q2 report card on Friday. Investors will also be eying the August IIP data this week. Fears of a quicker than expected US monetary tightening after upbeat US September jobs data also caused mayhem at Dalal Street as emerging markets braced for weaker foreign fund inflows. Investors cast aside robust India services PMI data which showed acceleration in the country’s non-manufacturing sector. The gauge measuring services in India climbed to 51.6 in September from 50.6 in the previous month, HSBC and Markit Economics reported on Tuesday. A reading above 50 signals expansion in services activity over the previous month.
On the Asian front, mainland markets in China remained closed due to national holidays while Hang Seng rose as protestors and officials agreed on formal talks, easing tensions. Japan’s Nikkei 225 fell as a stronger yen dimmed the appeal of exporter stocks after the Bank of Japan decided against boosting stimulus.
The BSE SENSEX closed at 26,271.97, down by 296.02 points or by 1.11 per cent, and the NSE Nifty ended at 7,852.4, down by 93.15 points or by 1.17 per cent.
