Inflation Near Zero in India; Satyam Surges

123jump.com Staff
11 Jun, 2009
New York City

Wholesale inflation in India at the end of May dropped to 0.13% and stocks closed lower after rallying for thirteen weeks. State controlled oil refining and marketing companies fell after crude oil prices increased and IEA revised its demand for global oil demand.

[R][6:00 PM Mumbai, 8:30 AM New York – Wholesale inflation in India at the end of May dropped to 0.13% and stocks closed lower after rallying for thirteen weeks. State controlled oil refining and marketing companies fell after crude oil prices increased and IEA revised its demand for global oil demand.[/R]

The Sensex index in India decreased 55.34 or 0.36% closed to 15,411.47 and CNX Nifty index decreased 0.4% to 4,637.70.

In trading, turnover on the BSE decreased to 7,587 crore rupees from 8,340 crore rupees in yesterday’s trading. On the NSE, trading declined to 23,892.48 crore rupees from 25,673.64 crore rupees.

Of the stocks traded on the BSE, 968 increased, 1,768 decreased and 54 were unchanged.

The annual wholesale inflation ending on May 30 declined to 0.13% from 0.48% in the previous 52 weeks ending on May 23.

Gainers & Losers

State controlled oil companies declined after crude oil prices reached $72 a barrel. The International Energy Agency increased its global oil demand estimate by 120,000 barrels to 83.3 million. The demand is still expected to be 2.9% lower from a year ago.

Hindustan Petroleum Corporation Limited decreased 4.4% to 306.25 rupees, Bharat Petroleum Corporation Ltd fell 5.1% to 425.70 rupees and Indian Oil Corporation fell 1.3% to 553.95 rupees.

Software exporters edged lower after a rallying for more than a week. Infosys declined 2.9% and Wipro fell 2.2%. However, Satyam Computer Services surged to daily limit of 10% for the third day in a row after it reported net profit and JP Morgan made positive comments on the company.

Metals and mining stocks closed higher after international prices of metals increased. Sterlite Industries increased 5.8% to 702.25 rupees, National Aluminium Company Limited increased 3.8% to 358.05 rupees and Tata Steel gained 2.9% to 452.25 rupees.

Asian Markets Review

The Nikkei 225 Index in Tokyo closed lower 10.16 or 0.10% to 9,981.33, Hang Seng index in Hong Kong increased 5.37 or 0.03% closed to 18,791.03, CSI 300 index in China lower 27.97 or 0.94% closed to 2,961.63. ASX 200 index in Australia increased 22.80 or 0.57% closed to 4,047.20. The KL Composite index in Malaysia higher 5.99 or 0.55% closed to 1,088.96.

The Kospi Index in South Korea increased 4.51 or 0.32% to close at 1,419.39.SET index in Thailand closed higher 2.52 or 0.40% to 627.07 and JSE Index in Indonesia decreased 19.23 or 0.91% closed to 2,089.58. The Sensex index in India decreased 55.34 or 0.36% closed to 15,411.47.