Market crawls towards Budget with no upward triggers
The BSE Sensex closed on a flat note on Wednesday with no fresh triggers. Further, the upward movement of the market was capped by limited participation from the domestic investors.
February 22, 2013 / 10:04 IST
Moneycontrol Bureau
The BSE Sensex closed on a flat note on Wednesday with no fresh triggers. Further, the upward movement of the market was capped by limited participation from the domestic investors. The market has been in a consolidating phase for sometime now with mostly lower grinds. All eyes are now on the Budget session of Parliament that will kickstart today.Will the Budget set the stage for an upward run or will the grind continue? Many experts believe that positive triggers from the upcoming Budget is already priced in so it is likely to be a non-event. However, there are no fresh up tick triggers present for the market. Today, the market does not see any support from the global front, as markets across the globe closed lower. The Asian markets were trading lower. China's Shanghai Composite was down 1.40% or 33.56 points at 2,363.62. Hong Kong's Hang Seng slipped 1.44% or 335.03 points at 22,972.38. Japan's Nikkei fell 0.72% or 82.05 points at 11,386.23. Singapore's Straits Times shed 0.32% or 10.69 points at 3,298.20. The US, markets end near session lows with the S&P 500 and Nasdaq down more than 1 percent each, following the federal reserve's meeting minutes and as investors paused a day after all three major averages closed at fresh multi-year highs. The CBOE volatility index soared nearly 20 percent to close above 14, posting its biggest one-day percentage jump since November 2011.The European markets end lower as weak earnings from companies like Accor and BHP Billiton weighed on sentiment. In the currency space, the euro slipped to 1.32 levels against the dollar as the greenback saw its biggest one-day gain in seven months. The dollar index is above 81.Sell off was seen across commodities as well. Brent crude futures slip over a percent to USD 115 dollar. Gold too takes a hard hit, plunges more than 2 percent to seven month lows around USD 1559 an ounce.shadab.khan@network18online.com Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
