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Money Aug 3, 2012

Sensex pares losses as Europe opens in green

By Firstbiz Staff

The stock market indices pared losses to end off their intra-day lows and down around 0.2 percent, after European markets opened in green.

The Sensex closed down at 17197.93 and the Nifty at 5215.70. This week , the markets gained 2 percent in volatile trading.

The much anticipated announcements from the RBI, US Fed and ECB proved to be a dampener. The markets around the world were hoping for announcements that would stimulate the economy from the central banks of the US and Europe.

HSBC PMI for India's services sector in July also shrunk, there by eroding optimism in the demand environment.

Reuters

The biggest sector losers were metals, auto and banks. Deficient monsoons dampened sentiment for FMCG and banks. Power sector shares were hammered in a week the country witnessed two disruptive grid collapses that pushed more than half of the population into darkness.

The midcaps saw some buffer due to strong gainers such as Cipla and Kale Consultants which rallied this week and managed to outperform frontline stocks.

Among the frontline stocks, Wipro, ONGC and Cairn India posted 2 percent gains today while SBI and Coal India were in the red.

Stocks in news

Kale Consultants gained 5 percent. The stock, which rose 29 percent on week, was in the limelight this week after the strong Q1 results

Mahindra Satyamclosed with a 6 percent gain owing to its strong Q1 numbers.

Coal India closed with less than a percent loss, mainly due to negatives from the fuel supply agreements signed with power firms.

DB Corp ended nearly 7 percent up and Deecan Chronicle2 percent after CNBC TV18 reported that the former is in talks to buy out the print business of the south-based media house.

by Firstbiz Staff

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