Iris India

Today SGX Nifty is trading at 4,015 (7.30am), 48 points higher than Monday’s closing of 3,967.

The Sensex ended on a negative note led by consumer durables, metal, reality, auto and power stocks, whereas IT gained. Broader market also traded lower. It opened with a loss of 98.27 points, at 13,405.95 on Monday on a weak note. The index proceeded to trade weak through the day, touching a low of 13,219.99 on aggressive selling pressure seen across board in noon trades. Later it pared some of its losses to finally close on a bearish note. Even opening of negative European market added fuel to the sentiment.

BSE Midcap and Smallcap index plunged 2.84% and 3.38% respectively. Among the sectoral indices, BSE Consumer durables slumped 5.68%, Metal and Realty plunged over 3% each, Auto, Power and Capital goods dropped over 2% each, while IT gained 1.76%.

European stocks fell, extending four weeks of losses, as mining companies followed metals prices lower on speculation the first global recession since World War II is far from over. UK`s benchmark index FTSE 100 rose 21.29 points, or 0.52%, to trade at 4,148.37. French benchmark index CAC 40 moved up 6.58 points, or 0.22%, to trade at 2,989.56 and Germany`s benchmark index DAX rose 30.26 points, or 0.67% to trade at 4,606.07.

The Sensex ended the day with a loss of 103.90 points, or 0.77% at 13,400.32 after touching a high of 13,461.68 and a low of 13,219.99. The broad-based NSE Nifty declined 29.85 points, or 0.75% at 3,974.05 after hitting a high of 4,003.40 and a low of 3,918.75.

Major gainers in the 30-share index were Sun Pharmaceutical Industries (2.57%), Infosys Technologies (2.40%), Grasim Industries (2.06%), Sterlite Industries (India) (1.48%), Wipro (1.30%), and Tata Consultancy Services (0.95%).

On the other hand, Reliance Energy (6.10%), Jaiprakash Associates (4.83%), Tata Steel (4.10%), Maruti Suzuki India (3.48%), Hero Honda Motors (3.43%), and Hindalco Industries (3.35%) were the major losers in the Sensex.

Overall market breadth was sharply negative. Out of the total 2,632 stocks traded at BSE, 567 advanced, 2009 declined while 56 remained unchanged.

Foreign Institutional Investors (FIIs) remain net sellers in the equity segment worth Rs 5.59 billion on both the BSE and the NSE on July 13 as per provisional data available at NSE. They bought equities worth Rs 13.60 billion and sold equities worth Rs 19.19 billion.

While, Domestic Institutional Investors (DIIs include banks, DFIs, Insurance and MFs) remain net buyers in the equity segment worth Rs 7,422.6 million on both the BSE and the NSE on July 13, as per provisional data available at the NSE. They bought equities worth Rs 15,555.3 million and sold equities worth Rs 8,132.7 million.

Mutual Funds (MFs) remained net buyers in equities worth Rs 3,112 million on Jul 10. They bought equities worth Rs 7,294 million and sold equities worth Rs 4,182 million. Till July 10 they have been net buyers in equities worth Rs 1,623 million.

MFs remained net buyers in debt segment worth Rs 14,568 million on Jul 10. They bought debt worth Rs 25,995 million and they sold debt worth Rs 11,427 million. Till Jul 10 they have been net buyers in debt worth Rs 181,322 million.

Asian stocks rose after Posco raised its production target and Singapore lifted its forecast for economic growth. Posco climbed more than 4% in Seoul after saying 2009 output may be 6.4% higher than forecast. Komatsu surged more than 5.5% after the Nikkei English News said the company likely posted an operating profit in the April-June quarter.

Japanese benchmark index Nikkei rose 178.69 points, or 1.97%, to trade at 9,229.02. Hong Kong`s Hang Seng index climbed 377.04 points, or 2.19%, to trade at 17,631.67. China`s Shanghai Composite increased 40.01 points, or 1.30% to trade at 3,120.57. Taiwan`s Taiex index advanced 73.61 points, or 1.13%, to trade at 6,604.43. South Korea`s Kospi index rose 11.01 points, or 0.80%, to trade at 1,389.13. Singapore`s Straits Times went up 40.25 points, or 1.78%, to trade at 2,306.89.

US stocks gained on Monday. Goldman Sachs group rose after Meredith Whitney Advisory upgraded the stock to `buy` from `neutral,` saying the company would be a key competitor in the government, corporate and municipal debt markets.

The Dow Jones Industrial average gained 185.16 points, or 2.27%, to settle at 8,331.68. The Standard & Poor`s 500 index climbed 21.92 points, or 2.49%, to end at 901.05. The NASDAQ composite index rose 37.18 points, or 2.12%, to close at 1,793.21.

Indian ADRs ended mixed.

Oil prices stayed below USD 60 a barrel on Monday with concerns the global economy isn`t improving quickly and demand will remain soft.

Light sweet crude for August delivery fell 20 cents to settle at USD 59.69 a barrel on the New York Mercantile Exchange. Gasoline delivery declined 1.1 cent to settle at USD 1.6394 a gallon and heating oil for August delivery dropped 3 cents to settle at USD 1.5038 a gallon.

Natural gas for August delivery slipped 11 cents to settle at USD 3.263 per million British thermal units. In London, Brent prices rose 17 cents to USD 60.69 a barrel on the ICE Futures exchange.