A disappointing session for the Indian markets after it surged to its two-week high last week. Today the Indian markets opened flat but eventually closed in the red. Sensex and Nifty ended below their psychological 19700 and 6000 marks respectively as India Inc heads into the third quarter earnings season.
Even cues from the Asian markets were weak while European markets remain mixed ahead of the European Central Bank's (ECB) and Bank of England's (BoE) policy meet scheduled later this week.
"After a strong start to 2013, the equity markets are showing some signs of fatigue. Although the Nifty is trading above the breakout point of 5,930, the frontline Indian stock indices seem to struggle . This week, focus is likely to shift towards the Infosys earnings, which may continue to remain lackluster. The corporate commentary will be examined to gauge the mood at India Inc, " saidAmar Ambani; Head of Research, IIFL, in a note.
BSE Sensex closed at 19691, down 92 points over the previous close.NSE Nifty closed at 5,988, down 27 points over the previous close.
Stocks in news
Upstream oil and gas companies put up an interesting show on hopes that a pricing formula recommended by a government-appointed panel will help sharply raise the prices of domestic natural gas. Oil and Natural Gas Corporation (ONGC) and Cairn India had rallied close to 2%.
Additionally, telecom stocks, i.e. Tata Teleservices and Reliance Communications rang loud on EGOM’s recommendation for up to 50% cut in CDMA base price.
Ssteel stocks saw strong gains after the government notified a 20 percent import duty on Chinese Hot Rolled Flat Steel. State-run SAIL shares and JSW Ispat jumped nearly 4 percent.