The biggest highlight of todays day was WPI which came in at 4.89% in April, 2013 versus CNBC Poll estimates of 5.4%. With CPI already having eased a bit, inflation finally seems to be coming off. However, concerns still remain on the CAD front as was demonstrated by yesterdays trade deficit data and Indians insatiable appetite for the yellow metal. Efforts to curb gold demand will have to continue unabated, however, WPI at a 42 month low and CPI at a 13 month low will provide further scope for RBI to cut rates. This is essential considering that India Incs capital investment has been abysmally low over the past several quarters. However, RBIs nest policy meeting is a long way away (17th June, 2013) and a new set of CPI and WPI data will be announced prior to the meeting. USD eased to ~Rs54.7 after almost touching Rs55 yesterday. The NIFTY remained quite volatile today traversing between red and green several times during the day.
BSE CONSUMER DURABLES (-1.16%) & BSE REALTY (-0.38%) were most hit today while BSE HEALTHCARE (+0.67%) & BSE TECK (+0.64%) performed the best. NIFTY and SENSEX ended the day with gains of 0.25% and 0.16% respectively.
Markets in Asia remained under pressure today owing to various concerns. SHANGHAI COMPOSITE lost 1.11% due to concerns over housing price regulation by the Government. Sentiment was also affected after JP Morgan & Co. slashed its Q2CY13 GDP estimates for China to 7.8% from earlier 8% and CY13 estimates to 7.6% from earlier estimates of 7.8%. NIKKEI lost 0.16% as the Yen strengthened against USD and markets paused a while after hitting the highest level since December, 2007. Asian markets began on an optimistic note due to gains in US retail data, however the rally fizzled out after the initial euphoria withered.
BSE CONSUMER DURABLES (-1.16%) & BSE REALTY (-0.38%) were most hit today while BSE HEALTHCARE (+0.67%) & BSE TECK (+0.64%) performed the best. NIFTY and SENSEX ended the day with gains of 0.25% and 0.16% respectively.
Markets in Asia remained under pressure today owing to various concerns. SHANGHAI COMPOSITE lost 1.11% due to concerns over housing price regulation by the Government. Sentiment was also affected after JP Morgan & Co. slashed its Q2CY13 GDP estimates for China to 7.8% from earlier 8% and CY13 estimates to 7.6% from earlier estimates of 7.8%. NIKKEI lost 0.16% as the Yen strengthened against USD and markets paused a while after hitting the highest level since December, 2007. Asian markets began on an optimistic note due to gains in US retail data, however the rally fizzled out after the initial euphoria withered.