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Jul 12, 2012, 08.23 AM IST
Indian equity benchmarks and the rupee fell on Monday following negative global cues. Investors remain worried about global economic growth after sluggish US jobs data and China's inflation fell to 29-month low. Even the Ketan Parekh's stock market scam news dampened the sentiment.
It is surely profit taking, says Ambareesh Baliga, COO of Way2Wealth. "Crossing that 5,350-5,400 levels are going to be quite difficult unless we have some good dose of positive news that again I don’t think will come too soon. So people are losing a bit of patience," he explained.
He feels the next set of good news can happen only post July 31 (RBI policy day).
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The Indian rupee hit an intraday low of 56.06, but got recovered to 55.84 against the US dollar, down 44 paise at 15:31 hours IST. Excessive disappointment or hope build-up is adding to the rupee weakness, says Moses Harding of IndusInd Bank.
France's CAC, Germany's DAX and Britain's FTSE were down 0.4% each as investors are not hopeful of progress on the Eurozone debt crisis at a meeting of finance ministers later in the day in Brussels.
The euro fell to a two-year low of 1.2225 to the dollar in early Asian trade, but did recover slightly to 1.2290 a dollar.
Asian markets closed sharply lower. Shanghai tanked 2.4% as China's inflation fell to 29-month low in June to 2.2% as compared to 3% in May. Hang Seng, Nikkei, Straits Times, Kospi and Taiwan Weighted were down 0.8-1.9%.
Back home, housing finance company HDFC and engineering and construction major by sales Larsen & Toubro went down 1.2% each.
Among metals stocks, Tata Steel, Jindal Steel and Sterlite Industries tanked 1.7-2.5%. Top lenders State Bank of India, ICICI Bank and HDFC Bank slipped over 0.5%.
Two wheeler majors Hero Motocorp and Bajaj Auto, and top car maker Maruti Suzuki were down 2-2.6%.
Cigarette major ITC declined 0.5% and top telecom operator Bharti Airtel dropped 1.5%.
Country's largest software services exporter TCS outperformed, gained 1% ahead of first quarter earnings of FY13 that will be announced on July 12. However, its rival Infosys was down 0.3% as analysts expect the company to lower its forecast for the financial year 2012-13 on Thursday when it will announce its Q1 results.
The 30-share BSE Sensex slipped 150 points following major fall in Asian markets in late trade. Shanghai tanked 2.4% and Hang Seng dropped nearly 2%. Nikkei, Straits Times and Kospi were down over 1%.
The BSE Sensex and NSE Nifty fell 1% each in afternoon trade due to further sell-off in metals, telecom, capital goods, power and banks stocks. Index heavyweights Reliance Industries and State Bank of India too extended losses.
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