 "Sensex, Nifty open flat on global, local uncertainty")
After a volatile session on Tuesday reacting to RBI’s policy review, the stock market opened flat as traders held back on prevailing uncertainty in the local and global uncertainty. The Sensex opened at 17234.96 points, marginally down 8 points and the Nifty down 5 points at 5224.80 points.
The Asian markets fell following the weak Chinese Manufacturing data and fading expectations of stimulus from the US Federal Reserve and the European Central Bank
The rupee also fell to 55.56 against the dollar.
Back home, the RBI dashed hopes by leaving rates unchanged. The Bank Index was flat, with ICICI Bank and HDFC Bank losing half a percent each.
Government data showed that the April-June quarter budget deficit is at Rs 1.9 lakh crore. The RBI has said inflation risks have rebounded to April levels.
But the market treads on hope that P Chidambaram as the new Finance Minister can bring some relief to the equity markets. The cabinet reshuffle is expected have a positive turn on the markets post the RBI policy review. In addition, The HSBC-Markit Manufacturing PMI for July and exports and imports data for Juneare to be announced today.
The CNX Midcap Index gained 15 points largely contributed by the stocks which were up post the Q1 earnings including OnMobile and Godrej Properties, both up nearly 2 percent.
Dishman Pharma, Petronet LNG and Manappuram Finance gained after strong Q1 earnings and IDBI Bank, Voltas and Bhushan Steel sustained losses.
Stocks in News
Cipla Cipla is among the top gainers in the market with a good 6 percent rise, after the company’s Q1 earnings which jumped 58 percent to Rs 401 crore.
Coal Indiais down nearly 2 percent after the company’s board on Tuesday reached a consensus on supplying a minimum of 80 percent of the contracted quantity of the fuel to power firms, meeting 15 percent through imports.
Sun TV extended gains by nearly 3 percent after the channel signed an agreement with the state-run cable television services provider in Chennai, Arasu Cable TV Corporation.
Voltas opened almost 3 percent lower ahead of its results today.
Shree Cement fell 2 percent after CCI slapped a Rs 398 crore penalty on the company.
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