Tag: Janet Yellen

Market cap of top 7 Sensex firms falls Rs 29,907 cr

29/08/2016 16:09

The overall market capitalisation of seven of the top ten Sensex firms tanked by a massive Rs 29,906.6 crore, with TCS emerging as the biggest loser as the 30-share Sensex fell 294.75 points or 1.04 per cent to 27,782.25 as fears over an earlier than expected US interest rate hike played spoilsport.

The country’s top software exporter, TCS, witnessed a decline in its market value of Rs 14,738.8 crore to Rs 4,98,350.78 crore last week, while the market cap of SBI fell Rs 9,160.08 crore to Rs. 1,91,507.71 crore.

ONGC’s market cap plunged Rs 2,994.42 crore to Rs. 2,04,005.66 crore last week while that of HUL fell Rs 2,031.91 crore to Rs. 1,95,347.30 crore.

The market cap of CIL tumbled Rs 473.73 crore to Rs 2,10,619.17 crore, while that of HDFC declined Rs 427.27 crore to Rs. 2,16,315.16 crore.

Infosys witnessed a drop in its market cap of Rs 80.39 crore to Rs. 2,34,460.63 crore last week.

With Fed Chair Janet Yellen keeping the door open for a US rate hike in September, Dalal Street may remain under pressure this week. An earlier than expected Fed move may result in volatility in capital flows into emerging markets including Asia’s third biggest economy.

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Market Outlook for February 10, 2016.

  • Indian equities are likely to witness a gap down opening today after a hefty sell off yesterday following weak global cues and SGX Nifty which was trading lower at 7,264.50, down by 63.5 points or 0.87% at 11:00 am Singapore time, a sign that Dalal Street may witness a bearish opening today.
  • On the Asian market front, while markets in China and Hong Kong remained closed for Lunar New Year holidays, Japan’s Nikkei 225 extended yesterday’s slide, falling over 2% as fears over market volatility pushed up the yen, raising concerns over Japan’s economic recovery.
  • Traders also turned cautious ahead of Fed Chair Janet Yellen’s testimony to the Congress on Wednesday in which she may offer some cues over when the Fed is likely to raise interest rates next.
  • Further, a plunge in crude oil prices which fell below USD 28 a barrel mark after the IEA forecast the global oil surplus would be larger than previously expected in the first half of 2016 was weighing on the sentiments.
  • Back home, investors focus will be on ACC and Ambuja Cements ahead of the quarterly earnings today.
  • Further, shares of Apollo tyres would remian in focus in today’s trade as the company reported 51.35% increase in consolidated net profit at Rs 278.5 crore for the third quarter ended December 31, 2015. Further, the net sales during the quarter stood at Rs 2,929.45 crore as against Rs 3,037.29 crore in the corresponding period of the previous fiscal.