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Jul 23, 2012, 09.03 AM IST
Indian equity benchmarks showed little enthusiasm over the week on the back of declining buyer’s interest as earnings from heavyweights kept specific stocks buzzing. Friday trade was particularly sluggish and indices just about managed to hold their head above the water.
Indian equity benchmarks showed little enthusiasm over the week on the back of declining buyer's interest as earnings from heavyweights kept specific stocks buzzing. Friday trade was particularly sluggish and indices just about managed to hold their head above the water. Concerns over a weak monsoon, deteriorating macro economic conditions and lack of domestic cues kept the market tepid throughout the week. The BSE Sensex fell more than 50 points over last week to close at 17158.44 while the Nifty shut shop at 5205.10 against last week's closing of 5227.25.
Despite the challenging environment, software services exporter Mindtree reported better than expected results while the banking space lived up to expectations, posting good numbers this quarter. Axis Bank and Kotak Mahindra Bank reported gains.
The slowdown in the two-wheeler segment also did not affect the quarterly performances of Bajaj Auto and Hero Motocorp, both companies coming out with an encouraging set of numbers. Inflation too eased a bit in June but, markets hardly took notice. Hence, while weak sentiments and a bleak outlook on the market prevails, all eyes are now fixed on hopes of reforms expected to be declared post the presidential poll results.
Earners of the week: The earnings season is in full bloom and companies like Mindtree, Axis Bank, Kotak Mahindra Bank, Bajaj Auto, Hero Motocorp and Dr. Reddy's have come up with good numbers in the first quarter, staying quite in line with market expectations. Heavyweight Reliance Industries too came up with its results reporting dwindling margins in all its business segments including refining, petrochemicals and oil & gas production. Exide, Infotech, Dish TV, Zee Entertainment, Ultratech, Crompton Greaves and Asian Paints also announced their quarterly numbers this week.
Maruti's Manesar misery: What started as labour trouble at Maruti's Manesar plant snowballed into a ruckus that claimed the life of the GM-HR and injured more than 100 people, including workers and people from the management. More than 100 workers have been arrested after the incident and the factory shut down for an indefinite period of time. The lockout may result in an estimated revenue loss of Rs 73 crore per day. Popular and profitable models like Swift, Dzire, SX4 and A-Star are assembled at this plant and a closure is likely to lead to a huge loss for the company. Shares of Maruti tanked after the unrest.
Hitachi's Gujarat plant gutted: A devastating fire razed through consumer durable firm Hitachi's Gujarat unit damaging 60-70% of the factory. The Kadi plant, manufacturing air-conditioners has become inoperable and losses are estimated to be around Rs 100 crore.
Bollywood's first superstar bids adieu: Rajesh Khanna, hailed as the first superstar of the Hindi film industry died on Wednesday at the age of 69. The heartthrob of millions, Khanna was suffering from a prolonged illness. The actor was cremated on July 19 as thousands of emotional fans, industry professionals and the entire country mourned the death of India’s ultimate romantic hero.
Presidential poll: After weeks of wrangling, elections for the post of the 13th president of India took place on July 19 and former finance minister, Pranab Mukherjee seems to be clearly leading the race to Raisina Hills. Pitted against PA Sangma, the scales are heavily tilted towards Mukherjee and the result will be declared on Sunday.
Maharashtra bans gutka: It's now official. The sale of gutka and pan masala, both considered culprits for causing oral cancer, have been banned by the Maharashtra government. Following in the footsteps of states like Madhya Pradesh, Kerala, Bihar and Goa the sale and manufacturing of these harmful substances will no longer be permitted in the state.
Tags: market, results, earnings, Nifty, BSE, Sensex, Reliance, Hero Motocorp, Mindtree, Rajesh Khanna
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