The BSE Sensex was trading down almost 1 percent on Wednesday, after posting their best monthly show i
n 11 months in March, as investor focus shifted to the slowing economy and political uncertainties ahead. A survey showed Indian manufacturing activity contracted for a fifth straight month in March as demand remained depressed by the global economic downturn, although there were some signs of improvement. India will only see piecemeal pro-market reforms after the month-long general election that starts in mid-April, a Reuters poll of 14 leading analysts has predicted. An alliance led by the ruling Congress party has lost ground over the last week amid coalition squabbles and may need leftist support to win office, the analysts added. By 11:09 a.m., the 30-share BSE index was down 0.8 percent at 9,634.72 points, with 16 stocks declining. Top telecoms firm Bharti Airtel, diversified cigarette maker ITC and energy giant Reliance Industries led the losses.
"This is a return to reality. More than the upcoming quarterly results, it is the larger macroeconomic factors that will weigh down the market," T.S. Harihar, senior vice president at ICICI Securities, said.
The BSE index had gained 9.2 percent in March, its best performance since last April, and helped post a quarterly gain for the first time since the last quarter of 2007.
Source : in.reuters.com/article/businessNews/idINIndia-38820220090401
n 11 months in March, as investor focus shifted to the slowing economy and political uncertainties ahead. A survey showed Indian manufacturing activity contracted for a fifth straight month in March as demand remained depressed by the global economic downturn, although there were some signs of improvement. India will only see piecemeal pro-market reforms after the month-long general election that starts in mid-April, a Reuters poll of 14 leading analysts has predicted. An alliance led by the ruling Congress party has lost ground over the last week amid coalition squabbles and may need leftist support to win office, the analysts added. By 11:09 a.m., the 30-share BSE index was down 0.8 percent at 9,634.72 points, with 16 stocks declining. Top telecoms firm Bharti Airtel, diversified cigarette maker ITC and energy giant Reliance Industries led the losses."This is a return to reality. More than the upcoming quarterly results, it is the larger macroeconomic factors that will weigh down the market," T.S. Harihar, senior vice president at ICICI Securities, said.
The BSE index had gained 9.2 percent in March, its best performance since last April, and helped post a quarterly gain for the first time since the last quarter of 2007.
Source : in.reuters.com/article/businessNews/idINIndia-38820220090401
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