MTECHTIPS:-Technical Snapshot
The Nifty witnessed a volatile session yesterday as the index failed to hold on to the gains and the index closed the day with losses. After a firm opening, snapped the day’s trade slightly lower as GAAR deferral hopes were offset by subdued manufacturing growth of India, which eased to a nine-month low to 52.8 in August, 2012. Manufacturing accounts for a little over 15 percent of India’s GDP and has been the biggest drag on growth. Poor showing by the manufacturing sector pulled down the GDP growth to 5.5% in the first quarter, the decade’s worst Q1 performance, against the growth figure of 8% in the corresponding period in the last fiscal.The selling pressure intensified after Morgan Stanley today lowered India’s growth forecast to 5.1% for the current fiscal, from its earlier estimate of 5.8%. The mood also remained dampen as PSU oil
marketing companies extended their recent losses triggered by concerns about high under-recovery. PSU OMCs incurred underrecovery of Rs 47,811 crore in Q1 June 2012. Stocks like HPCL and IOC edged lower in the trade. The losses remain capped as some respite was provided by Auto space, which gained about half a percent after companies like M&M and Tata Motors reported decent August sales figure. Tata Motors registered a 12% growth in its total sales at 71,826 vehicles for the month of August 2012, including exports of Tata commercial and passenger vehicles while, M&M reported 21.74% jump in sales at 45,836 units for August against 37,684 units in the same month last year.
The Nifty witnessed a volatile session yesterday as the index failed to hold on to the gains and the index closed the day with losses. After a firm opening, snapped the day’s trade slightly lower as GAAR deferral hopes were offset by subdued manufacturing growth of India, which eased to a nine-month low to 52.8 in August, 2012. Manufacturing accounts for a little over 15 percent of India’s GDP and has been the biggest drag on growth. Poor showing by the manufacturing sector pulled down the GDP growth to 5.5% in the first quarter, the decade’s worst Q1 performance, against the growth figure of 8% in the corresponding period in the last fiscal.The selling pressure intensified after Morgan Stanley today lowered India’s growth forecast to 5.1% for the current fiscal, from its earlier estimate of 5.8%. The mood also remained dampen as PSU oil
marketing companies extended their recent losses triggered by concerns about high under-recovery. PSU OMCs incurred underrecovery of Rs 47,811 crore in Q1 June 2012. Stocks like HPCL and IOC edged lower in the trade. The losses remain capped as some respite was provided by Auto space, which gained about half a percent after companies like M&M and Tata Motors reported decent August sales figure. Tata Motors registered a 12% growth in its total sales at 71,826 vehicles for the month of August 2012, including exports of Tata commercial and passenger vehicles while, M&M reported 21.74% jump in sales at 45,836 units for August against 37,684 units in the same month last year.
No comments:
Post a Comment