Moneylife » Markets » Equities » Nifty, Sensex fail to break out of consolidation zone: Friday Closing Report
Nifty, Sensex fail to break out of consolidation zone: Friday Closing Report
| 19/10/2012 04:59 PM |
Follow @mldigital
There is no short-term now for the market. The medium-term trend remains down
The market snapped its two-day winning streak and settled lower today on selling pressure in power, metal and capital goods stocks. Although the Nifty managed to keep itself above yesterday’s low, today’s move on the index took away more than half of yesterday's gain. The medium-term trend is down. The National Stock Exchange (NSE) saw a volume of 66.04 crore shares and an advance decline ratio of 652:1051.
The domestic market witnessed a gap down opening, giving up the gains accrued yesterday, on profit booking and unsupportive global cues. Markets in the US closed lower as technology stocks dragged following lower-than-expected earnings report from Google and a rise in weekly jobless claims. Markets in Asia were subdued in morning trade tracking overnight losses in the US.
Back home, the Nifty opened 16 points lower at 5,703 and the Sensex started the day at 18,768, down 24 points from its previous close. The market inched up to its intraday high in early trade with the Nifty going up to 5,712 and the Sensex rising to 18,770.
The benchmarks extended their losses as trade progressed on selling pressure in banking, capital goods, metal and auto sectors. The market continued to languish in noon trade on a lower opening of the European indices.
The indices fell to their lows shortly before 2.30pm wherein the Nifty stood at 5,660 and the Sensex retracted to 18,612.
However, a minor recovery helped the market close off the lows. The Nifty fell 34 points (0.60%) to 5,684 and the Sensex dropped 110 points (0.58%) to finish at 18,682.
Among the broader markets, the BSE Mid-cap index declined 0.52% and the BSE Small-cap index fell 0.34%.
BSE Fast Moving Consumer Goods (up 0.84%) and BSE Consumer Durables (up 0.43) were the only sectoral gainers. The top losers were BSE Power (down 1.44%); BSE Metal (down 1.32%); BSE Capital Goods (down 1.09%); BSE Auto (down 0.90%) and BSE Bankex (down 0.86%).
Six of the 30 stocks on the Sensex closed in the positive. The key gainers were ITC (up 2.09%); Hero MotoCorp (up 0.54%); Dr Reddy’s Laboratories (up 0.43%); Bharti Airtel (up 0.34%) and Infosys (up 0.32%). The major losers were Hindalco Industries (down 2.54%); Jindal Steel (down 2.53%); GAIL India (down 2.31%); BHEL (down 2.02%) and Tata Power (down 1.82%).
The top two A Group gainers on the BSE were—CRISIL (up 3.37%) and Gitanjali Gems (up 3.28%).
The top two A Group losers on the BSE were—Exide Industries (down 8.82%) and Indian Hotels (down 5.48%).
The top two B Group gainers on the BSE were—Fintech Communications (up 20%) and Agre Developers (up 19.91%).
The top two B Group losers on the BSE were—SEL Manufacturing Company (down 9.75%) and Raj Oil Mills (down 9.69%).
Out of the 50 stocks listed on the Nifty, nine stocks settled in the positive. The top gainers were ITC (up 1.87%); Ambuja Cement (up 1.48%); Dr Reddy’s (up 0.53%); Infosys (up 0.44%) and Bharti Airtel (up 0.41%). The main losers were Jindal Steel (down 2.62%); Hindalco Ind (down 2.55%); BHEL (down 2.37%); BPCL (down 2.315) and Grasim Industries (down 2.12%).
The Asian pack closed mostly lower on dismal earnings reports from tech majors Google and Microsoft. The lower-than-expected earnings reflected the slowdown in the economy, analysts pointed.
The Shanghai Composite slipped 0.16%; the Jakarta Composite declined 0.59%; the Straits Times fell 0.37%; the Seoul Composite dropped 0.78% and the Taiwan Weighted settled 0.76% lower. On the other hand, the Hang Seng rose 0.15%; the KLSE Composite added 0.06% and the Nikkei 225 gained 0.22%.
At the time of writing, the key European indices were between 0.28% and 0.69% and the US stock futures were in the negative, indicating a lower opening for US stocks.
Back home, institutional investors—foreign and domestic—were net sellers in the equities segment on Thursday. While foreign institutional investors offloaded stocks worth Rs68.87 crore, domestic institutional investors pulled out shares of Rs184.56 crore.
Petronet LNG (PLL) is looking at plans to sell gas to the power sector from its proposed terminal at Gangavaram port in Andhra Pradesh. The company has to source liquefied natural gas cheap if it is to be viable for the power sector. PLL has signed a pact with HPCL to cater to the latter’s Vizag refinery and at least five power generation companies located close to port are in discussions with PLL for sourcing liquefied natural gas. The stock gained 0.99% to close at Rs168.80 on the NSE.
Public sector lender Dena Bank has waived the entire processing fee for home and car loans. For personal and gold loans, it has reduced the fee by half. The move follows the country’s largest bank State Bank of India’s reduction in processing fee on home and car loans by half. The festive offer is valid up to 31st October 31, the bank said. The stock declined 0.94% to close at Rs110.50 on the NSE.
Apollo Hospitals Enterprise (AHEL) is planning to set up standalone diabetes clinics under the brand name “Sugar Clinic” to cash in on healthcare service opportunities in diabetes management across the country. The company is scouting for a tie-up with a foreign partner to offer diabetes management services to patients, said a senior official from AHEL. The stock gained 1.36% to close at Rs755 on the NSE.
More in Moneylife
PNB Metlife refunds Rs25,000 to the correct policyholder: another Moneylife victory +3365 views
TODAY'S TOP STORIES
VIDEOS
Keep your Money Safe: Avoid money traps and MLM
LATEST COMMENT
No harm in reconsidering an opinion, when outcome appears to be very different from the drawn conclusion. Nilesh KAMERKAR
MORE
Sensex, Nifty may still have some steam left: Thursday Closing Report
Do FIIs buy high and sell low–III? Panic-selling during declines
Be the first to comment
Moneylife Magazine
|
|
|
- Is the interest in Gold ETFs waning?
- Do FIIs buy high and sell low – I? Maximum buying at peak index levels
- OMCs to stop LPG deliveries to houses with multiple-connections from 1st June
- Vikram Pandit to buy stake in JM Financial, to head its proposed banking arm
- COMPAT orders cement cos to pay 10% of the Rs6,307 crore penalty
- Sun TV Networks announces 11% jump in its net profit
- BSE to shift 29 scrips to T group category for failure to comply with demat norms
- S&P cautions India of rating downgrade; retains negative outlook
- ITC net profit up 19.4%, aided by non-cigarette and agri-business segments
- MMM India, another MLM taking people for “double-your-money” ride
- RBI tells HDFC Bank not to make up its own KYC verification rules
- Why I-T returns of Pawar, Jindal and Gandhi are exempted from RTI?
- How much longer can the FM, RBI ignore HSBC in India?
- The draconian LBT: Local Body Tax explained
- Aadhaar: Private ownership of UID data- Part I
- Aadhaar: Who owns the UID database? –Part II
- Did HSBC Bank resort to toxic churning and illegitimate transactions to earn commissions?
- PNB Metlife refunds Rs25,000 to the correct policyholder: another Moneylife victory
- The draconian LBT: Local Body Tax explained
- Goa’s Advocate General is the highest paid across the country, reveals RTI
- Mass mis-selling: 59,000 investors in Kolhapur are alleged to have lost money in LIC ULIPs
- Do FIIs buy high and sell low – I? Maximum buying at peak index levels
- Investors lost Rs1 lakh crore due to poor regulation. Will there be a CBI probe?
- High Mark to sell 250 million records to another credit bureau?
- Directors of public sector banks: The ground reality
- System glitch deducts 40% amount as TDS from SBI depositors’ account!
- Do FIIs buy high and sell low–II? Momentum-chasing
What's your say?
Are KYC norms applicable only for genuine customers?
What you said
Can the Govt and regulators really protect people from Saradha-like scams and MLM schemes?
Thanks for casting your votes! View Previous Polls
Join 22, 000 Others
Membership Benefits
- Daily & Weekly newsletters
- Access to www.moneylife.in to comment, create alerts
- Your own profile in Moneylife.in
- All special mailers
- Basic membership to MSSN, our new initiative
- Free ebooks
- Invitation to events
- Invitation to round-table meets
- Access to Insurance helpline
- Access to counselling sessions
- Access to Reading room in Mumbai
Foundation Events
