May 03, 2012, 10.38 AM IST
The Indian market opens lower in trade on weak Asian stocks. Weak economic data from the US and the eurozone weighed down on investor sentiment yesterday, pushing major key indices across the globe into the red.
Top gainers on the Nifty were BHEL, Cipla, SAIL, Wipro and HUL. Hero Motocorp, Axis Bank, Jaiprakash Asso, Bajaj Auto and Siemens were top losers.
Auto, metal and realty stocks were on seller's radar today. Top two-wheeler manufacturer Hero MotoCorp 's fourth quarter net profit rose 20% year-on-year to Rs 604 crore, helped by highest ever sales in the quarter.
The company also announced it is raising product prices by Rs 500-1,000 effective Wednesday to offset rising input costs. The stock was down 5% on profit booking.
The RBI has ordered a new set of rules governing how much capital banks have to keep. The new rules will start applying from January 2013 in phases and will finally become fully applicable by 2018. Banking stocks were marginally bleeding in red post announcement.
The Indian rupee opens at 53.09 per dollar versus 52.95 yesterday. Ssharad D Pawaar, SPFX INDIA said, "The rupee is expected to continue its slide against the dollar. Weak global equity market cues are likely to weigh on the currency. The range for the day is seen between 52.90-53.15/USD." Keep an eye on IT, OMC stocks.
Cement cos in focus
Cement manufacturers ACC and Ambuja Cement (ACL) reported a growth in production at 2.17 million tonne (MT) and 1.91 million tonne, respectively in the month of April.
How to play Nifty?
"The Nifty has broken a three-day upmove and closed in the negative territory on Wednesday as a weak rupee and lack of buying support among investors Technically the short term trend on NIFTY is likely to remain weak and if NIFTY closes below its key support level of 5170 on weekly basis, short term traders are advised to go short for the target of 5135 and 5070 with keeping stop loss of 5235." says IFCI Financial Services technical report.
Results to Watch
Result candidates from the broader market space today are Info Edge, Nitco, Universal Cables, Balaji Amines, D-Link, Maral Overseas and Blue Star Infotech.
ADP report spooks US markets
The US markets recovered from an early decline to end narrowly mixed, but worries over the weak ADP employment report kept investors on edge ahead of Friday's key jobs data.
Dow Jones Industrial Average was down 0.08% or 10.75 points at 13268.57. Nasdaq Composite was up 0.31% or 9.41 points at 3059.85. Standard & Poor's 500 was down 0.25% or 3.51 points at 1402.31.
Cues to gaze at
Spanish and Italian debt sales
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