The Nifty has to close above 5,840-5,855 for a fresh upmove. In case it falls sharply below 5,785 we may see a fall right up to 5,680
The market settled with minor gains amid volatile trade on nervousness ahead of the announcement from the US Fed about the future of its stimulus programme. The Nifty has to close above 5,840-5,855 for a fresh upmove. In case it falls sharply below 5,785 we may see a fall right up to 5,680. The National Stock Exchange (NSE) recorded a volume of 50.82 crore shares and advance-decline ratio of 740:644.
The domestic market opened flat tracking the Asian markets which were mostly in the red as investors await details from the two-day US FOMC meeting. US markets closed higher on Tuesday on hopes that the Federal Reserve will retain its stimulus programme till the time the employment rate goes down to 6.5%.
The Nifty opened eight points lower at 5,806 while the Sensex resumed trade at 19,224, one point up. Selling pressure in oil & gas, auto, consumer durables, PSU and capital goods stocks led the choppy market lower in the first hour of trade.
The decline saw the benchmarks touching their lows with the Nifty falling to 5,778 and the Sensex going back to 19,100. However, select buying in metal, consumer durables and realty counters at the lows saw the market picking up some momentum in late morning trade.
The benchmarks made a feeble recovery attempt in noon trade but selling pressure kept the indices lower. A struggled upmove a shortly after 2.00pm finally saw the market emerging into the green, albeit for a short while.
Selling in blue chips like Infosys, ONGC, ICICI Bank, TCS and Tata Motors pulled the benchmarks down once more. The market received its much-needed push in the lat half hour of the trading session from the consumer durables and metals sectors, which helped the indices hit their highs. The Nifty went up to 5,828 and the Sensex rose to 19,274 at their respective highs.
The market closed near the highs with the Nifty inching nine points (0.15%) up to 5,822 and the Sensex rising 22 points (0.12%) to settle at 19,246.
Among the broader indices, the BSE Mid-cap index gained 0.53% and the BSE Small-cap segment advanced 0.50%.
The top gainers in the sectoral segment were BSE Consumer Durables (up 1.96%); BSE Metal (up 1.28%); BSE Realty (up 0.58%); BSE Oil & Gas (up 0.56%) and BSE TECk (up 0.36%). The main losers were BSE Auto (down 0.67%); BSE Power (down 0.59%); BSE PSU (down 0.35%); BSE Healthcare (down 0.29%) and BSE IT (down 0.27%).
Out of the 30 stocks on the Sensex, 15 settled higher. The top gainers were Bharti Airtel (up 2.83%); Hindalco Industries (up 2.66%); Sterlite Industries (up 2.65%); Jindal Steel & Power (up 2.52%) and Tata Steel (up 2.05%). The major losers were Tata Motors (down 1.80%); Dr Reddy’s Laboratories (down 1.53%); NTPC (down 1.39%); TCS (down 1.33%) and Hero MotoCorp (down 1.26%).
The top two A Group gainers on the BSE were—Future Retail (up 4.83%) and Idea Cellular (up 4.52%).
The top two A Group losers on the BSE were—MMTC (down 4.98%) and Indian Oil Corporation (down 3.06%).
The top two B Group gainers on the BSE were—Venus Universal (up 25%) and Scanpoint Geomatics (up 19.94%).
The top two B Group losers on the BSE were—Tijaria Polypipes (down 19.8%) and Nitta Gelatin India (down 19.39%).
Of the 50 stocks on the Nifty, 28 ended in the in the green. The main gainers were Hindalco Ind (up 3.26%); Sesa Goa (up 2.89%); Ambuja Cement (up 2.54%); Bharti Airtel (up 2.40%) and JSPL (up 2.33%). The key losers were Tata Motors (down 2.08%); Hero MotoCorp (down 1.81%); Dr Reddy’s (down 1.74%); UltraTech Cement (down 1.66%) and Tata Power (down 1.62%).
Markets in Asia settled mostly lower on uncertainty about the outcome of the US FOMC meeting. The Japanese government’s proposed moves to boost its economy also kept investors edgy.
The Shanghai Composite declined 0.73%; the Hang Seng dropped 1.13%; the Jakarta Composite declined 0.70%; the KLSE Composite shed 0.07%; the Straits Times contracted 0.49%; the Seoul Composite lost 0.65% and the Taiwan Weighted settled 0.05% lower. Bucking the trend, the Nikkei 225 surged 1.83%.
At the time of writing, the key European markets were marginally lower and the US stock futures were trading with minor gains.
Back home, foreign institutional investors were net sellers of stocks totalling Rs597.37 crore on Tuesday. On the other hand, domestic investors were net buyers of shares amounting to Rs582.65 crore.
Clariant Chemicals (India) today said it has made an investment Rs 38 crore in pigments business at its Roha site in Maharashtra. The investment has been made as a part of an initiative to help accelerate the company's business and support R&D to respond faster to local product development needs, a company statement said. The stock gained 1.28% to close at Rs427 on the NSE.
Pharma major Glenmark's US generics arm— Glenmark Generics—has received final approval from the US Food and Drug Administration to sell riluzole tablets, indicated for the treatment of sclerosis, in 50 mg strength. Based on IMS Health sales data for the 12 month period ended March 2013, riluzole, used in treating nervous system disorder, generated sales of $64 million. Glenmark fell 0.57% to close at Rs570.65 on the NSE.
Tata Coffee has inaugurated a premium coffee extraction plant at its instant coffee manufacturing facility in Theni, Tamil Nadu. The new extraction plant will help the company position its freeze dried coffee product at premium levels and increase its overall capacity by 30%. The stock declined 2.31% to close at Rs1,080.50 on the NSE.