The Preliminary data of U.S GDP for 1Q12 period saw a growth of 1.9 percent vs previous period growth of 2.2 percent.
Consumer spending rose 2.7 percent vs revised estimate of 2.9 percent vs gain of 2.1 percent in 4Q11. Purchases rose 1.9 percent. Savings rate decreased to 3.6 percent in 1Q12.
The markets plunged on account of lower-than expected 4Q11-12 GDP data, registering their second worst performance since May 2006. In addition markets latched on to the overnight cues as US stocks tumbled due deepening European crisis which added further downwards pressure on the markets. The Sensex 30 index closed 93.62 points lower at 16218.53 (-0.57%). Sensex touched an intraday high of 16277.48 points and a low of 16086.06 points. The Nifty 50 closed down 26.50 points at 4924.25 (-0.54%). Nifty touched an intraday high of 4949.25 points and a low of 4883.55 points.
However equities recovered from their session lows helped by global cues, with stocks in Europe stabilizing as Spanish and Italian bond yield came off their highs. The yields on Spanish 10-year notes were off by 10 basis points at 6.56 per cent and the Italian yields retreated by 7 basis points to 5.87 per cent.
On the domestic earnings front, firms such as DLF, United Breweries and Kingfisher Airlines were some of the firms that reported their earnings. At 15:30 IST the USD/INR hovered at 56.4325 down 0.02 (-0.03%), reaching a intraday high of 56.7800 and low of 55.9700.
In the individual stocks corner top gainers included Hindalco Industries, JP Associates, Asian Paints, IDFC and NTPC. At the bottom end stocks included Tata Motors, Maruti Suzuki, Jindal Steel, ICICI Bank and Bank of Baroda.
Finally commodities were helped by global cues with WTI at USD 88 up 0.20% and Brent trading at USD 103.67 up 0.19%.
Kindly check the Market Summary tab for further information on stock-related data.
(Source: Business Standard, Financial Times)
(Source: The Hindu Business Line)
GDP Constituents 4Q11-12 (Y/Y):
- Agriculture, forestry & fishing 4Q11-12 1.7% vs. 4Q10-11 7.5%
- Mining & Quarrying 4Q11-12 4.3% vs. 4Q10-11 0.6%
- Manufacturing 4Q11-12 -0.3% vs. previous 4Q10-11 7.3%
- Electricity, gas & water supply 4Q11-12 4.9% vs. 4Q10-11 5.1%
- Construction 4Q11-12 4.8% vs. 4Q10-11 8.9%
- Trade, Hotels, Transport & Communication 4Q11-12 7% vs. 4Q10-11 11.6%
- Financing, Insurance, Real Est. & Bus. Services 4Q11-12 10% vs. 4Q10-11 10%
- Community, Social & Personal Services 4Q11-12 7.1% vs. 4Q10-11 9.5%
(Source: CNBC TV-18/MOSPI)
Kingfisher Airlines – According to Centre for Asia Pacific Aviation, Kingfisher needs at least USD 500m immediately to continue operations. (Economic Times)
United Breweries – Co. reported 4Q11-12 PAT at INR 7 cr vs. previous INR 40cr. Net revenue from traded goods at INR 1011cr vs. previous INR 765cr. For FY11-12 PAT at INR 126cr vs. previous INR 147cr. While FY11-12 net revenue from traded goods at INR 3586cr vs. previous INR 3000cr.
4Q11-12 operating EBITDA at INR 113cr vs. previous INR 104cr in 4Q10-12. FY11-12 operating EBITDA at INR 412cr vs. previous INR 390cr. (Source: BSE, Filing)