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Sensex, Nifty trending up: Monday closing report

Nifty has to stay above 6,050 for maintaining the upward trend

The first day of the week witnessed a positive session on Indian bourses except for a plunge in the red when the finance minister P Chidambaram started presenting his vote-on-account or interim budget in the parliament. However, the benchmark indices made a quick recovery and continued move in a narrow range till the end.

 

The BSE 30-share Sensex opened at 20,439 while the NSE Nifty opened at 6,057. The Sensex hit a low of 20,339 while the Nifty hit a low of 6,038. The Sensex at the end of the move reached intraday high of 20,492 and closed at 20,464 (up 97 points or 0.48%). Similarly, the Nifty hit intraday high of 6,081 before closing at 6,073 (up 25 points or 0.41%). The NSE recorded a volume of 40.64 crore shares.
 

Among the other indices on the NSE, the top five gainers were Bank Nifty  (1.20%); Finance (1.20%); Auto (0.72%); Service (0.67%) and Pharma (0.62%), while the top five losers were Realty (1.16%); Metal (0.71%); PSU Bank (0.22%); Smallcap (0.15%) and PSE (0.09%).

 

Of the 50 stocks on the Nifty, 28 ended in the green. The top five gainers were Tata Power (4.60%); M&M (3.27%); Dr Reddy (2.59%); ICICI Bank (2.38%) and Hero MotoCorp (1.95%). The top five losers were NMDC (5.05%); Coal India (1.78%); DLF (1.72%); Hindalco (1.15%) and Reliance (1.13%).

 

Of the 1,480 companies on the NSE, 575 closed in the green, 816 closed in the red while 89 closed flat.

 

Finance Minister P Chidambaram said that the fiscal deficit will be contained at 4.6% of GDP below target of 4.8% for the year ending 31 March 2014. He added that the current account deficit (CAD) will be contained at $45 billion in 2013-14. Fiscal deficit was projected at 4.1% of GDP in 2014-15. Chidambaram said that there is a need to bring down the fiscal deficit to 3% of GDP by 2016-17.

 

GDP growth in third and fourth quarters of FY 2014 will be at least 5.2% and FY2014 growth rate will be 4.9%, the Finance Minister said.

 

The Indian government will provide capital infusion of Rs11,200 crore for state-run banks during 2014/15.

 

The finance minister also announced cut in excise duty for cars, sports utility vehicles (SUVs) and two wheelers. He did not announce any major change in direct tax rates.

 

In overseas markets, US indices closed in the green on Friday even after a report showed poor industrial output last month. Industrial output unexpectedly fell 0.3% in January but the Federal Reserve said that it was partly due to "the severe weather that curtailed production in some regions".

 

All the Asian indices closed in the green. Hang Seng was the top gainer which rose 1.07%.

 

While on one hand, China's new credit increased to a record in January, on the other hand, Japan's economy grew less than forecast in the fourth quarter. Gross domestic product expanded an annualized 1.0% from the previous quarter, the Cabinet Office said in Tokyo.

 

European indices were trading in the green. US Futures too were edging higher.

 

German home prices rose by the most in at least 10 years in 2013 as low interest rates made it cheaper to finance purchases and prompted investors to switch from bond markets to real estate. Prices for houses, apartments and residential buildings climbed 4% from a year earlier, according to an index published today by the VDP Association of German Pfandbrief Banks.

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ML sectoral trends

Shares of petrochemicals and oil & gas services companies advanced 7% and 5%, respectively,...

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