The Indian indices opened in the red and have been trading so since the opening bell. Investors seem to be indulging in profit booking after the stock prices rose sharply yesterday. Lower than expected Q4 result of IT bellwether Infosys also dragged the markets down. At 12.00 PM the market indices were, BSE 19,388.60 down 308 points, while the NSE was 71.80 points down at 5,839.70.
Surge in crude oil prices over the last few days has once again sparked the worries of inflation. It is expected that RBI will hike interest rates by another 25 basis points in its next mid quarter policy review meet on 3rd May 2011.
The IIP figure for the month of February slid to 3.6 %. The figure for January was revised to 3.9% from 3.7%. IIP has been declining since last four months.
Data for the Wholesale Price Index (WPI) will be released today.
US markets ended flat on Thursday amid concerns about faltering growth and rising inflation. A US government report showed a surprising jump in US jobless claims, raising some questions among investors about the health of the labor market recovery. The core US Producer Price Index rose faster than expected in March as fuel prices rose strongly, adding to concerns about inflation.
Asian markets are also trading in the red. At 12.00 PM IST, Nikkei was down by 0.65 % and the Hangseng was trading 0.22 % lower.
No comments:
Post a Comment