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Sensex and Nifty recover by small margin while global markets fall, economic survey awaited

Wednesday, 9 July 2014 - 10:02am IST | Place: Mumbai | Agency: dna webdesk

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The benchmark BSE Sensex recovered over 78 points in opening trade today on emergence of buying by funds and retail investors at prevailing levels ahead of the release of Economic Survey later in the day. The global markets are showing a major slump as Sensex gained +13.34 at 10:30 am IST. 

While businessess hoped for a positive impact after the Rail budget announcement, the markets fell gradually on the back of profit taking. By the time markets closed, the index BSE sensex had fallen by 517 points. 

Asian equities extended losses into a third session on Wednesday following a selloff on Wall Street overnight and steady Chinese inflation data. Consumer prices in the mainland rose an annual 2.3 % last month, versus estimates for a 2.4 % rise and softer than May's 2.5 % rise.

Japan's Nikkei share average fell to a fresh one-week low on Wednesday morning as U.S. stocks beat a retreat before the start of the earnings season, and the stronger yen hurt exporters. Nikkei stood at 15239.17 with -0.49% fall. Producer prices meanwhile, declined an annual 1.1 %, falling for the 27th straight month.

Singapore's Straits Times slipped 13.30 points or 0.41 % to 3,270.04 and South Korea's Seoul Composite was down 9.36 points or 0.47 % to 1,997.30. Taiwan Weighted lost 48 points or 0.50 % to 9,482.98.

The sectors that showed major gains were banking and finance sector while power and infrastructure were losers. HPCL stood with +11.50% gains while rating agency CRISIL showed gains by +2.84%. Indian Oil, Max India and Allahabad Bank also showed positive gains. 

Meanwhile, Apollo Tyres showed losses by -5.95% followed by GMR Infra and Torrent power. 

The 30-share index, which had lost 518 points yesterday, its worst drop in 10 months, recovered by 78.30 points, or 0.31 %, to 25,660.41, with stocks of capital goods, oil & gas, consumer durables and PSUs, leading the recovery. 

The US Dow Jones Industrial Average ended 0.69 % lower in yesterday's trade.

Also read: Sensex breaches 26,000 mark as Nifty shows gains on hopes of positive #Budget2014

With agency inputs

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