Frequent summer power cuts have been interrupting my blogging for quite a while now. However, I shall give a brief overview for today.

Globally Chinese and Japanese markets closed subdued. Japanese economic growth rose 0.8%, allaying fears of a slowdown; but analysts feel companies will remain cautious going forward because of global financial problems. The other Asian markets closed in a benign fashion, up between 0.5 and 1.7%. Oil, after slumping a bit earlier this week, has continued its creep upward, now touching $127.

In the Indian markets, the Sensex showed a lot of choppiness, slipping in and out of red and green zones but finally closed around 0.47% higher. The Nifty closed 0.83% higher. The small and midcap indices too closed in the range of 0.8 and 0.9% higher.

Sectorwise, metals gained almost 2%, followed by the Bankex up 1.5%. Power and Healthcare rose above 0.8%. Oil and Gas and Consumer Durables were up 0.75%. Auto and FMCG were up 0.5%. Realty and IT lagged behind, closing negative and flat respectively. Realty stocks perhaps reacted to the unexpectedly continuing high WPI numbers of over 7.8% announced today.

Stock specific action was noted the update of which I shall post in a day or so. This will be an extended weekend for the markets as the Indian stock exchanges are shut on Monday for Buddha Purnima.