Close below any previous day’s low may pull the Nifty further lower
The upmove following victory of Bharatiya Janata Party (BJP) in general elections seems to have slowed down. The Indian indices tried to move higher but were pulled down by institutional selling. The BSE 30-share Sensex opened at 24,555 while NSE 50-share Nifty opened at 7,310. Both the benchmarks immediately rose to their respective days high but soon lost strength and edged lower. Sensex hit a high of 24,587 and slide to hit a low of 24,300 and after a range bound session closed at 24,377 (up 14 points or 0.06%). Nifty moved from the high 7,354 to hit a low of 7,248 and closed at 7,276 (up 12 points or 0.16%). The NSE recorded a volume of 192.55 crore shares. India VIX fell 6.77% to close at 19.2325.
The top five gainers among the other indices on the NSE were Media (4.81%), Realty (4.72%), Smallcap (2.80%), IT (2.35%) and Metal (2.09%) while the top five losers CPSE (3.15%), Energy (2.67%), PSE (1.42%), PSU Bank (1.07%) and Dividend Opportunities (0.94%).
Of the 50 stocks on the Nifty, 25 ended in the green. The top five gainers were Sesa Sterlite (8.01%), NMDC (5.11%), Bhel (3.64%), Tata Steel (3.58%) and Wipro (3.21%). The top five losers were Coal India (6.41%), ONGC (4.43%), Hero MotoCorp (3.73%), Reliance Industries (3.58%) and Bank of Baroda (3.12%).
Of the 1,581 companies on the NSE, 1,212 closed in the green while 334 closed in the red while 35 closed flat.
The first budget of the new government is expected by July 2014. India's southwest monsoon is on its natural course and rain is expected to occur at many places across Andaman & Nicobar islands by Wednesday, Indian Meteorological Department (IMD) said in its forecast issued on Monday.
Today all the software stocks in the Sensex 30 pack managed to move higher, led by Infosys (3.19%), Wipro (2.61%) and TCS (1.39%).
Coal India (5.89%) was the top loser among the Sensex 30 stock and was among the top loser in the ‘A’ group of the BSE. MMTC (10.65%) was among the top three gainers in ‘A’ group of BSE. Jaiprakash Power Ventures which was the top gainer yesterday in the ‘A’ group of BSE was the top loser today (down 7.71%) among the ‘A’ group stocks of BSE. The company reported poor quarterly results and is in the process of getting shareholder approval to raise funds of upto Rs3,000 crore for ongoing projects and to reduce its debts.
US indices closed Monday in the green. Asian indices showed mixed performance. Hang Seng (0.57%) was the top gainer while Jakarta Composite (2.37%) was the top loser. European indices were showing mixed performance while US Futures were trading marginally higher.