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MTECHTIPS:-Technical Snapshot
The Nifty gave a weak opening tracking weak global markets, and the indices dipped intraday and failed to witness any positive up move. Investors offloaded their positions after global ratings agency Standard & Poor’s (S&P) warned of a significant chance of downgrading India’s debt rating in the future. The rating agency underscored that downgrade was likely if growth prospects dimmed, external position deteriorated; political climate worsened or pace of fiscal reforms slowed. It also said that it sees India’s FY13 fiscal deficit at 6% of GDP as against the government’s projection of 5.1%.Major blow came in from the realty space, which tumbled over four and half a percent after Arvind Kejriwal released more evidence of links between DLF, Haryana government and Robert Vadra. The social activist-turned-politician has also named two other realty players Indiabulls and BPTP for having close links with politicians. Telecom stocks like Idea Cellular, Bharti Airtel, Reliance Communication and MTNL extended yesterday’s losses triggered by the Empowered Group of Ministers’ decision on October 8, to impose a one-time fee on existing telecom operators.The sentiments also remain dampened after Auto industry body SIAM slashed the FY13 car sales growth forecast from its previous estimate of 9-11 percent growth, citing high interest rates and slowing economic growth. SIAM also cut its motorcycle sales growth for FY13 to 5-7% from 11-13% earlier, and commercial vehicles sales growth to 3-5%, from 6-8% earlier.
The Nifty gave a weak opening tracking weak global markets, and the indices dipped intraday and failed to witness any positive up move. Investors offloaded their positions after global ratings agency Standard & Poor’s (S&P) warned of a significant chance of downgrading India’s debt rating in the future. The rating agency underscored that downgrade was likely if growth prospects dimmed, external position deteriorated; political climate worsened or pace of fiscal reforms slowed. It also said that it sees India’s FY13 fiscal deficit at 6% of GDP as against the government’s projection of 5.1%.Major blow came in from the realty space, which tumbled over four and half a percent after Arvind Kejriwal released more evidence of links between DLF, Haryana government and Robert Vadra. The social activist-turned-politician has also named two other realty players Indiabulls and BPTP for having close links with politicians. Telecom stocks like Idea Cellular, Bharti Airtel, Reliance Communication and MTNL extended yesterday’s losses triggered by the Empowered Group of Ministers’ decision on October 8, to impose a one-time fee on existing telecom operators.The sentiments also remain dampened after Auto industry body SIAM slashed the FY13 car sales growth forecast from its previous estimate of 9-11 percent growth, citing high interest rates and slowing economic growth. SIAM also cut its motorcycle sales growth for FY13 to 5-7% from 11-13% earlier, and commercial vehicles sales growth to 3-5%, from 6-8% earlier.
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