The markets shrugged off positive data and
slumped due to weakness in global equities and
aggressive selling by foreign institutional
investors (FIIs) in the week ended Friday.
Investors remained cautious as they feared the
US Federal Reserve might raise interest rates.
The market registered a decline in three of the
four trading sessions. For the week, the S&P
BSE Sensex slipped 2.5 per cent or 645.9
points, to end at 25,480.84. The CNX Nifty lost
2.4 per cent or 187.85 points, to end at
7,602.60. Both the benchmark share indices
ended at their lowest close since July 15.
The broader markets also edged lower but
outperformed the benchmarks. The BSE mid-
cap index dipped 0.7 per cent and the small-
cap one by nearly 1.5 per cent.
The US economy added 209,000 new jobs in
July, showed the latest report.
Early data from the stock exchanges showed
on Friday and Thursday, FIIs sold shares worth
about Rs 2,600 crore. They have about $12
billion of investment in the Indian markets.
Economy
Manufacturing activities in India this July rose
the most in 17 months on increased orders,
according to the HSBC Purchasing Managers'
Index (PMI). Also, the official PMI issued by
the Chinese government climbed to a 27-
month high of 51.7 in July, beating forecasts
for 51.4.
US Secretary of State John Kerry told Prime
Minister Narendra Modi on Friday that India's
refusal to sign a global trade deal sent a wrong
signal and urged Delhi to resolve the difference
as soon as possible.
Sectors, stocks
Among the sectoral indices, the BSE capital
goods index fell nearly eight per cent. Oil and
gas, metals, power, realty, consumer durables,
information technology (IT), automobile and
the Bankex indices all slipped by one to three
per cent each. The fast moving consumer
goods (FMCG) index dipped 0.5 per cent, while
heathcare ended flat, with a positive bias.
Larsen & Toubro, the capital goods major, fell
a little above 11 per cent during the week,
after reporting consolidated net profit of Rs
967 crore for the quarter ended June, mainly
on account of a one-time gain of Rs 249 crore
on disinvestment and stake sale in one of its
project.
ITC dipped about two per cent on profit
taking. The stock had gained 1.4 per cent on
July 30, after its cigarette business? revenues
grew 18.8 per cent year-on-year to Rs 4,201
crore and the Ebit (earnings before interest
and tax) margin went up 142 basis points to
64.8 per cent for the first quarter. The
country's largest cigarette maker reported a
better-than-expected 25 per cent rise over a
year in quarterly sales, to Rs 9,160 crore,
against Rs 7,339 crore in June 2013. Sales
growth was the highest since the March 2010
quarter. http://www.business-standard.com/article/markets/indices-dipped-on-fii-sell-off-this-week-114080201151_1.html
slumped due to weakness in global equities and
aggressive selling by foreign institutional
investors (FIIs) in the week ended Friday.
Investors remained cautious as they feared the
US Federal Reserve might raise interest rates.
The market registered a decline in three of the
four trading sessions. For the week, the S&P
BSE Sensex slipped 2.5 per cent or 645.9
points, to end at 25,480.84. The CNX Nifty lost
2.4 per cent or 187.85 points, to end at
7,602.60. Both the benchmark share indices
ended at their lowest close since July 15.
The broader markets also edged lower but
outperformed the benchmarks. The BSE mid-
cap index dipped 0.7 per cent and the small-
cap one by nearly 1.5 per cent.
The US economy added 209,000 new jobs in
July, showed the latest report.
Early data from the stock exchanges showed
on Friday and Thursday, FIIs sold shares worth
about Rs 2,600 crore. They have about $12
billion of investment in the Indian markets.
Economy
Manufacturing activities in India this July rose
the most in 17 months on increased orders,
according to the HSBC Purchasing Managers'
Index (PMI). Also, the official PMI issued by
the Chinese government climbed to a 27-
month high of 51.7 in July, beating forecasts
for 51.4.
US Secretary of State John Kerry told Prime
Minister Narendra Modi on Friday that India's
refusal to sign a global trade deal sent a wrong
signal and urged Delhi to resolve the difference
as soon as possible.
Sectors, stocks
Among the sectoral indices, the BSE capital
goods index fell nearly eight per cent. Oil and
gas, metals, power, realty, consumer durables,
information technology (IT), automobile and
the Bankex indices all slipped by one to three
per cent each. The fast moving consumer
goods (FMCG) index dipped 0.5 per cent, while
heathcare ended flat, with a positive bias.
Larsen & Toubro, the capital goods major, fell
a little above 11 per cent during the week,
after reporting consolidated net profit of Rs
967 crore for the quarter ended June, mainly
on account of a one-time gain of Rs 249 crore
on disinvestment and stake sale in one of its
project.
ITC dipped about two per cent on profit
taking. The stock had gained 1.4 per cent on
July 30, after its cigarette business? revenues
grew 18.8 per cent year-on-year to Rs 4,201
crore and the Ebit (earnings before interest
and tax) margin went up 142 basis points to
64.8 per cent for the first quarter. The
country's largest cigarette maker reported a
better-than-expected 25 per cent rise over a
year in quarterly sales, to Rs 9,160 crore,
against Rs 7,339 crore in June 2013. Sales
growth was the highest since the March 2010
quarter. http://www.business-standard.com/article/markets/indices-dipped-on-fii-sell-off-this-week-114080201151_1.html
