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Equity Indices

May - June 2012

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Equity Indices Monthly Returns (%) As on Apr 30, 2012
S&P Nifty -0.90%
BSE Sensex -0.49%
BSE Mid Cap -0.48%
BSE Small Cap 2.04%
BSE100 -0.88%
BSE200 -0.98%
BSE Bankex 0.66%
BSE IT -6.21%
BSE Realty -4.75%
Dow Jones 0.01%
FTSE -0.53%
HangSeng 2.62%
KLSE -1.83%
Kospi -1.59%
Nikkei -5.58%
Source: Bloomberg

Equity Market Overview

Indian markets remained under selling pressure

Indian markets remained under selling pressure led by negative global cues, lower than expected IIP growth, issues related to GAAR as well as negative outlook by S&P
   
S&P has changed the long term sovereign credit rating outlook for India to negative from stable while retaining the 'BBB' rating. It has also warned that further deterioration of economic fundamentals posed the possibility of a rating downgrade
   
Exports growth was negative in Mar '12. FY12 Exports growth was 21%, while FY12 Imports grew by 24.1% on back of crude, gold, fertilizer and coal imports. Trade Deficit touched USD 185 bn in FY12 as compared to USD 119 bn in FY11
   
High beta sectors like Property & Industrials have again corrected sharply in last two months. Telecom has been an under performer due to the regulatory changes. Sectors influenced by Government policies like Mining, Power and Oil & Gas continue to suffer
   
Quarterly results remain a mixed bag but no large outperformance seen till now

US markets scale new heights

US markets remained volatile during April led by worries related to euro zone, and weak economic data
   
US Q1-CY12 GDP growth of 2.2% was below expectation. There is renewed weakness in incoming US data. Underlying US economic activity is not as strong as the improvement in labour market
   
EU Composite PMI for Apr'12 fell to 47 versus estimates of 49. Contraction continues in EU region
   
UK slip into recession as GDP shrank by 0.2% in Q1-CY11. Spain GDP contracted by 0.3% in Q1.
   
Spain has increased its Fiscal Deficit target from earlier 4.4% to 5.3%.
   
After seven weeks of negotiations talks to slash Budget Deficit failed in Portugal
   
Chinese economy may be headed for a soft landing and its GDP has already slowed down to 8.1% for Q1CY12 which is a sharp decline from the 8.9% increase in Q4CY11 and also falls short of the 8.5% expansion expectations
   
Growth slowdown in China led to fall in the commodity prices. Oil prices have also corrected by about 4% during the current month on news of slowdown in China and euro zone issues

FII's turned net sellers for the month

FII turned net sellers during the month of April, 2012 and net sale was to the tune of Rs. -5.68 bn (cash segment).
   
However, in the current calendar year from Jan-March 2012, FII have been net buyers to the tune of Rs. 434.7 bn while inflows have declined sharply during April, 2012 mainly due to concerns related to implementation of GAAR.
   
Mutual funds have remained net sellers in the current calendar year and have sold shares worth around Rs.61 bn.
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