The Hindu : Business : Sensex slips ahead of GDP data

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Tuesday, May 31, 2011
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Sensex slips ahead of GDP data

MUMBAI: The Bombay Stock Exchange sensitive index, Sensex, reversed its two-day gains and slipped over 34 points to 18232.06 in lacklustre trading, ahead of the release of 2010-11 GDP estimates on Tuesday. Similarly, the broad-based National Stock Exchange index, Nifty fell by three points to 5473.10 from 5476.10.

The Sensex, had gained over 114 points in early trade on news of early arrival of monsoon rains in Kerala. However, lack of any major direction from the global markets and profit booking by investors pulled down the Sensex, brokers said.

“Market sentiment got a boost after reports that monsoon hit Kerala two days ahead of schedule,” said IIFL Head of Research (India Private Clients) Amar Ambani. The U.S. and the U.K. markets remained closed on Monday. Asian indices ended narrowly mixed while other European stocks were displaying a better trend in mid-session.

Also, traders said several domestic factors would influence the market this week. Although the Sensex finished in the red, the total market breadth was strong due to rise in second-line stocks, pointing towards the increased retail participation.

Auto and some refinery stocks on the BSE Sensex attracted selling while pharma, consumer durable and realty counters were in demand.

Cipla rose by 3.55 per cent to Rs. 329.55, Reliance Communication by 2.94 per cent to Rs. 87.50, DLF by 2.58 per cent to Rs. 231, HDFC by 1.90 per cent to Rs. 668.80 and TCS by 1.03 per cent to Rs. 1,153.25. As a result, the total market breadth at BSE remained positive, with 1,629 counters ending with gains, against 1,150 that settled with losses.

Rupee gains 8 paise

The rupee on Monday appreciated by eight paise to close at 45.08/09 against the U.S. currency following sustained sale of dollars amid renewed capital inflows.

The rupee opened higher at 45.11/12 a dollar from its last close of 45.16/17 and moved in a range of 45.20 and 45.04 before concluding at 45.08/09. The RBI has fixed the reference rate for the dollar at Rs 45.10 and for the euro at Rs 64.35. — PTI

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