Tuesday, 19 June 2012

Market Heatmap- 18 June 2012

Triggered by positive global cues, the benchmark indices kick-started trade on a strong note. Post the Reserve Bank of India’s credit policy meet, the market witnessed a vertical fall and entered the negative terrain. A good majority of market experts and economists were expecting the central bank to cut rates today. However, the central bank did not announce any reduction in the Cash Reserve Ratio (CRR) and the Repurchase rate (repo rate) as it was of the opinion that any rate action would fuel inflationary pressures. Since then, constant selling pressure kept the equities trailing in the negative terrain till the closing bell. The Sensex ended at 16705 losing 244 points while the Nifty settled at 5064 down by 75 points. Post the closing hours, Fitch ratings has revised India’s outlook to negative from stable. Fitch says the revision in its outlook is reflective of heightened risks that India's medium- to long-term growth potential will gradually deteriorate if further structural reforms are not hastened. Sectorally, all the indices except Consumer Durables reversed their early gains and closed in the negative. Banking was the biggest loser with over three percent losses followed by Realty losing over 2%. The market breadth was weak and two stocks were seen advancing against every five declines. Find out more at :http://www.facebook.com/bmawealth?sk=app_206541889369118

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