Indian Shares Ended lower on Global debt Crisis, Expectations of Another Rise In interest rate

POINT ROBERTS,(Aug, 12)  - www.InvestorIdeas.com, a global investor research portal for independent investors, issues the following market and economic commentary for investors following investing in India.

Indian equities slumped on Friday as investors continued to focus on the global debt crisis and rumors of another rise in the interest rate by the Reserve Bank of India (RBI) to control inflation.
Stocks earlier opened higher as the Wall Street closed sharply higher overnight. However, those rallies could not sustain and stocks starting falling in afternoon session. The 30-scrip sensitive index (Sensex) of the BSE (Bombay Stock Exchange) closed lower by 1.29% 17,059.4 points, The 50-scrip S&P CNX Nifty of the NSE (National Stock Exchange) slid 1.27% to 5,072.95 points.
The BSE Sensex made an intraday high of 17,246 and The NSE Nifty hitting a high of 5,194.
Stocks have been falling throughout the week taking signal from the overseas markets, where U.S. sovereign debt rating was downgraded and increased fears of another recession.
In the afternoon session, the government officials reported that industrial output, as measured by the IIP, increased 8.8% in the month of June, surpassing economists’ estimates of 5.5-5.7%. The Government also revised May's IIP reading to by 0.30% higher to 5.9.
GMR Infrastructure Limited (BOM:532754) shares lost its hefty intraday gains of over 3% following the company said that it has agreed to take 30% stake in Indonesia's Pt Golden Energy Mines for $450 million - $550 million.
Lanco Infratech Limited (BOM:532778)  shares climbed 6.25% to $18.70 after r the Supreme Court of Western Australia dismissed an application filed by Perdaman Chemicals and Fertilisers to restrain the company from mortgaging Griffin coal assets.
Jindal Steel & Power Limited (BOM:532286) added 2.60% to $524.70 on value buying as the stock had fallen over 6% in the past one week.
Banking stocks were under selling pressure, State Bank of India slid 2.20% and HDFC Bank also fell over 2%.
Shares of automakers also witnessed heavy selling pressure with Tata Motors fell 5.77% and ESCORTS fell 3.36%.
There were some buying in sugar stocks led by Rajshree Sugar climbed about 5%, Simbhaoli Sugars added 2.72% and E.I.D. Parry gained 2.55%.



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