Indian Stocks Decline Ahead Of FDI Debate
By IBTimes Staff Reporter | December 3, 2012 8:21 PM EST
Indian stock markets declined Monday as investors opted for caution ahead of the outcome of FDI vote and a parliament debate on Dec 4-5.
The 30-share BSE Sensex declined 0.29 percent or 54.40 points to 19,285.50 and the 50-share NSE Nifty fell 0.28 percent or 16.45 points to 5,864.20.
Markets opened on a positive note, tracking firmer Asian cues, but turned lower as investors turned their attention to a crucial debate with voting on FDI in multi-brand retail in the Lok Sabha on Tuesday and Wednesday.
Meanwhile, Morgan Stanley on Monday raised India’s fiscal 2013 economic growth forecast to 5.4 percent from 5.1 percent, citing better-than-expected GDP growth in the September quarter and also the stabilization in non-agriculture growth indicators.
Among the sectoral indices, realty, metal and power sector were trading higher while consumer durables, banking and FMCG sectors were witnessing some profit booking.
Tata Communications plunged 3.21 percent and HDFC Bank fell 2.51 percent while Pantaloon Retail climbed 6.96 percent.
The overall market breadth was positive with 1606 advanced against 1218 declines. The BSE's Midcap Index gained 1.13 percent to 6,980.03 and Smallcap Index advanced 0.77 percent to 7,331.76. CNX midcap Index gained 0.96 percent and CNX IT declined 0.09 percent.
Indian markets rallied last week as investor confidence was lifted following the reaffirmation by Moody’s rating agency that India’s outlook is stable citing that the economic growth is getting back on track. BSE Sensex climbed 4.5 percent and closed at a 19-month high of 19339.90 last week.
Asian stock markets were trading mixed despite encouraging economic reports from China. The data released by the China Federation of Logistics and Purchasing Saturday showed that the official Purchasing Managers' Index (PMI) reached a seven-month high of 50.6 in November from 50.2 in October. The final reading of the HSBC Flash PMI also surged to 50.5 in November from 49.5 in October.
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