Daily Round-Up of 20 March, 2014
The markets today started the day on a weak ground, and attempted to fight back, but caved in late trades owing to weakness in select index heavyweights like – HDFC, Larsen & Toubro, ITC and HDFC Bank. On the other hand, beaten IT shares helped the markets limit losses – TCS in particular jumped back over 3 per cent in trades today. The Sensex finally ended with a loss of 93 points at 21,740.
The Indian Rupee also extended losses towards the end of the day. The Rupee finally ended with a loss of 37 paise at 61.33 per US dollar. Gold and Silver are also trading with significant losses as of 1700 hrs, the MCX Gold April futures are down 0.6 per cent (Rs 180) at Rs 29,800-odd levels, while Silver has shed 1.4 per cent (Rs 640) at Rs 45,030. Other major losers are Nickel, Zinc, Lead and Copper – all down over a per cent each. Mentha Oil has zoomed 4 per cent to Rs 910. Cardamom and Potato are the other major gainers.
In major news – the day started with new US Federal – Yellen’s comments on the interest rates. She said, that the interest rates in US may start rising in 2015. This according to some analyst is sooner-than-expected; hence the world markets and commodities reacted negatively. Also in other international news, the Australian prime minister today announced that they have sighted some objects in the search operations for the missing Malaysian airline – however, confirmation was awaited.
In other economic news, according to reports the government is likely to sell part of its residual stake in Axis Bank tomorrow. FDI inflows in India touched $ 2.18 billion in January, was higher by 1.5 per cent when compared to inflows in January 2013. Noted writer Khushwant Singh passed today at the age of 99.