Market Update

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STOCK MARKET
Indian shares went down around 1%, weighed down by broad based selling and further fall in Asian markets. The Indian rupee too dropped further, depreciating by 30 paisa to 56.41 against the US dollar. The BSE Sensex tanked 170.28 points or 1.01% to 16,747.80 and the NSE Nifty lost 0.93% or 47.65 points to 5,080.55. On the global front, Nikkei tanked nearly 2% and Kospi was down over 1%. Shanghai, Hang Seng, Straits Times and Taiwan Weighted fell 0.2-0.7%. Index heavyweight Reliance Industries dropped 1.5% while state-owned oil & gas producer ONGC was down 1%. Top commercial vehicle maker Tata Motors, fast moving consumer goods major Hindustan Unilever and telecom operator Bharti Airtel tumbled more than 2%. Private steel and power producer Jindal Steel topped the selling list, losing 4.5% after disappointing numbers in Q1. Engineering and construction major Larsen & Toubro and country's largest lender State Bank of India declined 1% each. Private sector lender ICICI Bank and software services exporter Infosys were down 0.7% each. Among metals and mining stocks, Sterlite Industries, Hindalco, Coal India and Tata Steel tanked 2-3%. Wipro, country's third largest IT exporter tumbled another 3% after results. The market breadth has widened its gap; about three shares declined for every share advancing on the National Stock Exchange. At 10:08 hours IST: Sensex drops 100 pts; Rupee falls 21 paise to 56.32/$ The BSE Sensex fell more than 100 points due to further decline in rupee. Reports indicated that the government is unlikely to bite the bullet in diesel/LPG/Kerosene price hike as opposition parties increased pressure, which dented sentiment of the market. The Indian rupee depreciated by 21 paise to 56.32 against the US dollar. The BSE benchmark was down 111.66 points at 16,806.42 and the NSE benchmark slipped 29 points to 5,099.25. Oil & gas producers Reliance Industries and ONGC declined 1% each.
COMMODITY MARKET
The rupee was trading close to a month low; at 56.3725/3775 vs 56.12/13 last close. Month-end oil demand seen with USD/INR likely to remain biddish on importer demand, says dealers. Custodian banks, including a U.S. bank, seen selling intermittently, but not much impact as USD demand is strong. State-run bank dealer says media reports of government postponing a diesel price increase also weighing on sentiments. Pair likely to remain bid with diminishing chances of anything coming on the reforms side
In commodity market, MCX gold has raised by 137 points due to fall in rupees and traded on Rs 29705.00 per 10 gm and silver had raised by 153 points and currently traded on RS 52987.00 per kg. MCX Exchange’s scripts has extends down trend as nickel, copper, and crude oil has down trend today, while zinc, aluminum is in profit.
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