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Home » News » Markets » Local Markets

Jun 14, 2012, 01.30 PM | Source: Moneycontrol.com

Sensex falls 100 pts as May inflation trims rate-cut hopes

The Sensex and Nifty extended losses amid volatility after inflation rose to 7.55% for May as against 7.23% in previous month that dampened somewhat hopes of rate cut. Even WPI inflation revised higher to 7.69% for March as against 6.89% (provisional).

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Sensex falls 100 pts as May inflation trims rate-cut hopes

The Sensex and Nifty extended losses amid volatility after inflation rose to 7.55% for May as against 7.23% in previous month that dampened somewhat hopes of rate cut. Even WPI inflation revised higher to 7.69% for March as against 6.89% (provisional).

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12:27
The Sensex and Nifty extended losses amid volatility after inflation rose to 7.55% for May as against 7.23% in previous month that somewhat dampened hopes of rate cut. Even WPI inflation revised higher to 7.69% for March as against 6.89% (provisional).

Dipan Mehta, Member BSE and NSE feels today's number certainly diminished the chances of a rate cut. "Markets are expecting this inflation number to act as a bit of a trigger to take the benchmarks to higher level and perhaps consolidate this upmove, which we have seen over the past 8-10 trading sessions. So in that respect certainly it’s been a bit of a dampener."

The BSE benchmark fell 59.06 points to 16821.45 after earlier losing as much as 112 points. Meanwhile, the NSE benchmark slipped 24 points to 5,097.55. The Indian rupee too depreciated by 9 paise to 55.77 as against the US dollar.

Country's largest lenders State Bank of India and ICICI Bank dropped 1.7% and 2.3%, respectively while their rival HDFC Bank was down 0.7%.

Engineering and construction major by sales Larsen & Toubro tumbled 2.6% and top commercial vehicle maker Tata Motors tumbled over 2%.

State-owned power generation company NTPC plunged 3%, falling for second consecutive session today after company started reducing capacity due to coal shortage.

Top telecom operator Bharti Airtel and state-owned capital goods company BHEL were down 0.9% each.

Oil & gas producers Reliance Industries and ONGC were marginally lower.

However, cigarette major ITC and software services exporter Infosys outperformed, rising 1% each.

12:16
BSE-SENSEX-BONDS-FALL-AFTER-INFLATION:BSE Sensex, bonds fall after May inflation gains

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11:45
The BSE Sensex and NSE Nifty continued to hover around previous closing values since yesterday, even after Asian markets extended losses. Shanghai and Hang Seng fell 0.7% each. Nikkei and Straits Times dropped 0.3% each while Taiwan Weighted was down 0.2%.

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10:42
SENSEX-FLAT-AHEAD-OF-WPI:Sensex down ahead of WPI data

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10:22
Indian equity benchmarks stayed rangebound after shooting up quite sharply since last week ahead of major event - RBI mid-quarter policy review on June 18. The market has been hoping for at least 50 basis points cut in repo rate or cash reserve ratio after looking at sluggish economic growth since last few months.

Read More »

09:20
The BSE Sensex and NSE Nifty started off trade on a flat note for the second consecutive session after rising more than 5.5% since last week.

Read More »

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