As reported here yesterday, the inflation figures were out for the week ending Aug 8th and now it stands at whooping 12.63% as against 12.44% for the previous week.The inflation figures stood at 4.24% in the corresponding week last year. So it is slowly inching towards the psychological 13% mark as being predicted by the RBI. It was mainly due to rising prices of food items like milk,fruits and vegetables.

Even before the figures came out the markets had already shed about 435 points or 2.96% from its previous close at 14,273 levels. The national stock exchange, nifty lost 132 points to close at 4284 levels.The Asian markets were also trading very weak yesterday on export worries. Nikkei-225 was down by 0.77%,strait times down by 1.39% and Hang Seng was down by about 2.58%.

The banking stocks were beaten badly with SBI,ICICI,HDFC Bank,Kotak and Axis being the major losers. The trading volume remained high is stocks like  Reliance capital,Vishal Information,RIL,RNRL,SBI. Meanwhile the partial rupee also ended at 42.51/52 levels ,a rose of about 20 paisa from its previous close of 42.72 levels against a dollar.

There are some news of state run NHPC IPO which is coming with 167 crore equity shares,the largest in the history to hit the markets on October 13. It would raise about Rs 1,670 crores. And would list on Nov 6th,2008. And TATA Motors is considering an option of selling group company stocks to raise another 3000 crores to fund its various acquisitions. Meanwhile the US markets closed flat yesterday and the Asian markets are also trading weak, so we can expect another volatile and a weak session today in the markets.

Some intra day trading tips for today: EIH(cmp 140), Sterlite Industries(cmp 601), Cairn(cmp 243), Vishal Information(cmp 305),Phoenix mills(cmp 168),Hindustan Zinc(cmp 568).

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