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Sensex, Nifty will remain under pressure – Tuesday closing report

Support for the Nifty exists between the current level and 7,500

As suggested on Monday the S&P BSE Sensex and CNX Nifty gave up gains on Tuesday but not in the manner we expected. The decline was big, the biggest this year. Ahead of the rail budget, the stock market opened in a lull and kept trading near to the yesterday’s close. Market remained in the same range upto noon after which it started moving down.
Market players did not cheer to the steps taken by the railway minister Sadananda Gowda. Markets started moving down after 2pm and ended in a waterfall decline.

The Sensex opened at 26,167 and moved lower from the level of 26,190 to 25,495 and closed at 25,582 (down 518 points or 1.98%) while the Nifty opened at 7,804 and hit a low of 7,596 after hitting a high of 7,809 and closed at 7,623 (down 164 points or 2.11%). The Sensex recorded the highest percentage loss since 27 January 2014 while Nifty made the highest percentage loss since 3 September 2013. The NSE recorded a higher volume of 122.43 crore shares. India VIX fell 1.17% to close at 19.18.

All the other indices on the NSE closed in the negative. The top five losers were Realty (7.35%), Nifty Midcap 50 (6.06%), Infra (5.22%), PSE (5.05%) and Smallcap (5.04%).

Of the 50 stocks on the Nifty, 2 ended in the green. The only two gainers were Sun Pharma (0.62%) and ITC (0.06%). The top five losers were DLF (8.53%), Bhel (8.21%), Jindal Steel (6.07%), NMDC (5.97%) and Power Grid (5.92%).

Of the 1,588 companies on the NSE, 213 companies closed in the positive, 1,344 closed in the negative while 31 companies closed flat.

Gowda said that he aims to make India the largest freight carrier of the world. He foresees the market borrowing of railways to be at Rs11,790 crore for FY 2015. The railway minister said that out of 676 projects sanctioned, only 356 remain completed and it may require Rs5 lakh crore to complete ongoing projects. One of the steps in the rail budget was that the rail ministry is seeking Cabinet nod to allow foreign direct investment (FDI) in the sector. Plans to bring periodic revision in passenger fare and freight rates which is linked to revisions in fuel prices. Gowda said bulk of future projects will be financed via public–private partnership route.

Finance Minister Arun Jaitley will present the final Union Budget for 2014-15 in Lok Sabha on Thursday.

In the Sensex 30 pack Sun Pharma (0.69%), HDFC (0.48%) and ITC (0.36%) were the only gainers. Bhel (8.16%) was the top loser among the Sensex stocks.

Market regulator SEBI has refused the request of MCX's to club its shareholding in MCX Stock Exchange (MCX-SX) with that of Financial Technologies. This means MCX will have to divest its entire shareholding in MCX-SX. However MCX (4.18%) was the top gainer in the ‘A’ group on the BSE.

Syndicate Bank, which filed its shareholding pattern with the BSE as on 30 June 2014, today showed that the FIIs holding in the bank has increased from 6.56% in March 2014 to 8.07% in June 2014. Syndicate Bank (8.94%) was among the top five losers in the ‘A’ group on the BSE.

US indices closed Monday in the negative. Asian indices showed a mixed performance. Jakarta Composite (0.72%) was the top gainer while Nikkei 225 (0.42%) was the top loser. European indices were trading in the red. US Futures were trading marginally lower.

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