On Friday 29 July 2011, Prolonging three day's somber mood to the fourth day, local bourses failed to stage any recovery. Although several times the bourses tried to enter the green after the mid morning fall, however surrendered to the selling pressure by the end of the
trade the bourses shut shop in red influenced by the sluggish global leads. Depressed World markets over the US debts impasse dented the trade at Dalal Street too. Upbeat earnings from two Index heavyweights, ITC and ICICI Bank did some good to the bourses but after witnessing substantial recovery they gave away all their gains by the closing, as US debt deadlock, which loomed large for the world markets triggered a flight to safety from equity markets.
Market is approaching the end of the result season, and there were lots of result announcements lined up, ITC was up for the second consecutive session, gaining around 1% after the Cigarette major yesterday reported its net profit for the quarter ended June 30, 2011 at Rs 1332.72 crore as compared to Rs 1070.31 crore for the same quarter last year, up by 24.52%. Meanwhile, the street spirit also got boosted post the result of private sector lender-ICICI Bank, whose net profit for the 1st quarter increased by 29.85% at Rs 1332.20 crore as compared to Rs 1025.98 crore for the corresponding quarter last year. Also soothed the markets by its performance were the stocks of Idea Cellular- which shot up over 4% after the company surpassed the street's forecast. Added to the investor's delight were the stocks of the Syndicate Bank, which surged over 2% after the bank's net profit for the quarter surged 29.22% at Rs 342.91 crore as compared to Rs 265.36 crore for the June quarter last year.
The BSE Sensex lost 25.63 points or 0.14% and settled at 18,183.89. The index touched a high and a low of 18,334.27 and 18,131.86 respectively. 11 stocks advanced against 19 declining ones on the index (Provisional). The BSE Mid-cap index lost 0.70% while Small-cap index was down by 0.78%. On the BSE Sectorial front, FMCG up 0.79%, Bankex up 0.62%, TECk up 0.36%, Auto up 0.20% and IT up 0.15% were the only gainers. On the flip side, Metal down 1.92%, Realty down 1.80%, Oil & Gas down 1.34%, Capital Goods down 0.88% and PSU down 0.87% were the top losers.
India VIX, a gauge for market's short term expectation of volatility gain 6.80% at 19.77 from its previous close of 18.51 on Thursday. The S&P CNX Nifty gained 0.15 points to settle at 5,487.90. The index touched high and low of 5,520.30 and 5,453.95 respectively. 22 stocks advanced against 28 declining ones on the index. (Provisional)
All The Asian equity indices finished the day's trade in the redon the last trading day of the week following weak Wall Street performance overnight, as the deadline approaches for US lawmakers to strike a deal to avert a disastrous default. Meanwhile, Chinese Shanghai snapped the day's trade with a cut of about 0.3 percent, led by energy shares, but resurgent oversold financial names capped losses while, Taiwan stocks fell about one and a half percent in their worst daily percentage drop in nearly three weeks on Friday, with TSMC leading tech heavyweights down after the world's top contact chip
