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India's Third Giant Leap

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Indian markets end lower
Mon, 29 Jun Closing

Indian share markets recovered marginally and ended their day in the red. Sectoral indices ended lower today with banking and pharma bearing the maximum burnt.

BSE-Sensex ended lower by 167 points (0.6%) and NSE-Nifty ended lower by 63 points down (0.7%). S&P BSE Midcap and S&P BSE Smallcap index both ended the session in negative, down by 1.4% and 1.5% respectively. The rupee is trading at 63.88 to the US dollar.

Stocks in the software space have closed the day on a negative note. As per a leading financial daily, stock of Persistent Systems has dipped around 5%, extending the 15% decline in the past three trading sessions. This was after the information technology consulting and software company said that its April-June quarter revenues in dollar terms will be marginally lower on a quarter-on-quarter basis. The company has guided for a marginal decline in this quarter on spillover of client-specific challenges in fourth quarter and weakness in the traditional outsourced product development (OPD) business. Currently the stock of Persistent Systems ended down by 5.3%.

As per a leading financial daily, shares of Oil Marketing Companies (OMCs) may witness buying interest in an otherwise weak market. This was as oil prices fell on a fear of Greece debt default. Further a combination of weak crude oil prices, end of diesel subsidies and prompt government compensation for subsidized fuels has reduced OMCs reliance on bank loans and cut interest expenses. This will put more money in their hands and set a stage for profit growth and expansion. Shares of Bharat Petroleum Corporation (BPCL), Hindustan Petroleum Corporation (HPCL) and Indian Oil Corporation (IOC) were up between 1-2% on the BSE.

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