Sensex, Nifty hovering in overbought zone : Thursday closing report

Moneylife Digital Team 09 May 2013

A close below any previous day’s low on the Nifty will signal a reversal of the current upmove

The Asian indices had a mixed opening while the benchmark back home opened marginally higher. Sensex opened at 20,016 while the Nifty opened at 6,078. It was only at the start of the trading session that the Sensex hit its intra day high at 20,058 while the Nifty hit its high in the afternoon session at 6,085. NSE saw a volume of 55.62 crore shares, lower than yesterday.

The key benchmark moved in a narrow range and at the close of the session they hit a higher low. Sensex hit a low of 19,904 while the Nifty hit a low of 6,040. The indices made a marginal recovery from the day’s low but closed in the negative breaking the three consecutive day of positive trading. The Sensex closed 51 points down at 19,939 (fell 0.26%) while Nifty closed 19 points down at 6,050 (fell 0.32%).

The broader indices closed in the negative. The BSE Mid-cap index fell 0.44% and the BSE Small-cap index fell 0.04%.

Only 6 of the sectoral indices closed in the positive. The top sectoral indices were BSE IT (up 0.87%); BSE Teck (up 0.50%); BSE PSU (up 0.20%); BSE FMCG (up 0.10%) and BSE Power (up 0.07%). Among the losers were BSE Healthcare (down 1.62%); BSE Metal (down 1.46%); BSE Realty (down 1.10%); BSE Consumer Durables (down 0.88%) and BSE Oil & Gas (down 0.62%).

Twelve of the 30 stocks on the Sensex closed in the positive. The chief gainers were SBI (up 1.81%); TCS (up 1.52%); Wipro (up 0.80%); Hindalco Inds (up 0.54%) and ITC (up 0.48%). The key losers were Sun Pharma (down 3.73%); Jindal Steel (down 3.42%); Sterlite Inds (down 2.28%); Cipla (down 1.47%) and Reliance Industries (down 1.33%).

The top two A Group gainers on the BSE were— National Aluminium (up 5.75%) and Punjab National Bank (up 4.57%).

The top two A Group losers on the BSE were— Jubilant FoodWorks (down 7.40%) and Sun TV Network (down 3.89%).

The top two B Group gainers on the BSE were— Viceroy Hotels (up 20%) and Goldstone Infratech (up 20%).

The top two B Group losers on the BSE were— Satra Properties (down 19.30%) and Bhandari Hosiery Exports (down 17.87%).

Most of the Asian indices ended in the red with the Nikkei 225 losing 0.66% while the maximum gain was seen in Seoul Composite which rose 1.18%. The Bank of Korea on Thursday cut its key interest rate by a quarter-point to 2.5%.

Among important news, Chinese data showed consumer price inflation rose more than expected in April. China's consumer price index rose more than expected in April, while wholesale prices suffered a steeper fall. The April CPI showed a gain of 2.4% from a year earlier, led by a 4% rise in food prices, the National Bureau of Statistics said Thursday. The rise was more than March's 2.1% increase, though below February's spike of 3.2%. The producer price index, meanwhile, fell by the most since October, dropping 2.6% against a decline of 1.9% in March. Major European indices FTSE 100, DAX, CAC40 were trading flat and the US Futures was also trading in the negative.

The meeting of board of directors of HT Media will be held on May 14, 2013, inter alia, to consider, the audited financial results for the year ended on March 31, 2013 & recommendation of dividend, if any, for the financial year 2012-13, The board of directors of the company will also consider a proposal for buy-back of equity shares of the company. The stock fell 0.88% to close at Rs101.90 on the NSE.

Investment & Precision Castings has informed BSE that the board of directors of the company at its meeting held on May 09, 2013, inter alia, have recommended payment of Dividend @ Re. 0.50 per equity share (5%) for the Financial Year 2012-2013. The stock rose 11.11% to close at Rs35 on the BSE.

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