– Indian markets traded flat initially, but went on to extend losses on the back of weak manufacturing and service sector data coming out of the Euro-zone countries. Recovery is still shaky in Euro-zone countries. Markets overall health is weak, but key sectors and specific companies could see some fresh buying coming up tomorrow due to today’s fall.
– Food minister Ram Vilas Paswan has advocated for more subsidized food for poor people; which will increase the subsidy on government. Whereas, Department of Pharmaceuticals has scrapped the guidelines put forward by the National pharmaceutical Pricing Authority (NPPA) in order to control or lower prices of essential drugs. Realty stocks tumble as circle rates in Delhi went up beyond which one cannot set his property’s pricing and stamp duty too on the properties are based on it. At such time when the property market is not doing well due to high interest rates, this kind of hike will increase realty market prices, which will further reduce the chances of home or property buying. Thus, realty, estate sector’s stocks went down.
– China’s consumer demand came down and fared lower than expectations which has led to the decline in metal and mining. Though these stocks have over reacted today and are expected to see some positivity tomorrow. However, on the manufacturing front China has done better than what has been estimated. US stocks tumble on weak global sentiments.
– Crude prices went up on the back of increased factory output in China. Bullion too are in positive mode as buying at lower level seems to be coming in.