The Indian markets began the week with a flat start with the Sensex marginally up at 17806.50 with a .13 percent gain and the Nifty following suit at 5394.60 with 0.15 percent gain on global cues as Asian markets too started the week in the red.
While gold and oil continue to rise, encouraged by a fresh report of a potential framework for the European Central Bank’s new bond buying scheme, as well as hopes of a strong easing from the Federal Reserve.
The rupee opened lower at 55.55 against the dollar.
The Indian government revised economic growth data back to the fourth quarter of 2005 while leaving the estimated pace of expansion in the last fiscal year and the three months ended March unchanged even as Fitch rating says strong likelihood of sovereign downgrade in next 12-24 months as it does not see Indian Govt meeting fiscal deficit target. But the Met department of monsoon picking up this week in drought prone areas should hopefully bring some relief.
The Sensex is being held up by frontline stocks such as Bharti Airtel, which is up over a percent and Reliance Industries which is also inching towards a one and a half percent gain mainly on Goldman Sachs upgrade.
The Midcap Index opened with some action with leading stocks like Deccan Chronicle which is up close to 5 percent after media reports that the promoters have zeroed in on strategic investors. United Spirits is also up over 2 percent rival Diageo Spirits indicated a stake buy.
Stocks in news
IFCI continued its downward spiral from last week, losing over 3 percent.
Reliance Communications is marginally down, less than half a percent after the company said that its debt on books stood at Rs 35,600 crore.
MTNL continued its rally jumping above 1 percent after the company announced some plans for its internet business.