Sensex, Nifty up move intact: Friday closing report

Moneylife Digital Team 19 July 2013

As long as the Nifty holds itself above the previous day’s low, the up move may continue. The index is however, overbought and could react any day now.

The Sensex opened at 20,213 while the nifty opened at 6,057, slightly above yesterday’s levels. On Thursday, we had mentioned that as long as Nifty manages to stay above the 5,995 we might see the up move continuing. Today the index remained well above this level, but closed marginally in the red. The NSE saw a volume of 56.46 crore shares.

Both the Sensex and the Nifty hit new intraday high in the early noon session. The Sensex hit a high of 20,257, highest after 21 May 2013 while the Nifty hit a high of 6,067, highest after 31 May 2013. However, weak trading in European market brought weakness back home as well. The indices hit their respective lows in the end. The Sensex hit a low of 20,111 while the Nifty hit a low of 6,020. The Sensex closed at 20,150 (21 points up, 0.11%) while the Nifty closed at 6,029 (9 points down, 0.15%).

Among the broader indices, the BSE Mid-cap index fell 0.58% and the BSE Small-cap index fell 0.56%.

Among the sectoral indices, four closed in the positive territory. The top gainers were BSE IT (up 2.81%); BSE Teck (up 2.20%); BSE Auto (up 1.66%) and BSE Oil & Gas (up 0.67%). Top losers were BSE Capital goods (down 1.99%); BSE Power (down 1.87%); BSE Bankex (down 1.84%); BSE Realty (down 1.83%) and BSE Consumer durables (down 1.19%).

Out of the 30 stocks on the Sensex, 16 stocks settled higher. Top gainers were TCS (up 4.92%); Bajaj Auto (up 3.68%); Hero MotoCorp (up 2.62%); Tata Motors (up 2.52%) and Gail (up 2.51%). BHEL (down 8.02%); Sun Pharma (down 3.35%); Sterlite Inds (down 2.93%); Jindal Steel (down 2.77%) and ICICI Bank (down 2.64%) were among the top losers.

The top two A Group gainers on the BSE were- MMTC (up 4.96%) and TCS (up 4.92%).

The top two A Group losers on the BSE were- BHEL (down 8.02%) and Financial Technologies (down 7.22%).

The top two B Group gainers on the BSE were- Thirumalai Chemicals (up 19.98%) and Assam Company (up 19.90%).

The top two B Group losers on the BSE were- Astec Lifesciences (down 19.39%) and Swasti Vinayaka Synthetics (down 19.02%).

Of the 50 stocks on the Nifty, 24 ended in the in the green. TCS (up 4.97%); Bajaj Auto (up 3.97%); HCL Technologies (up 3.43%); Gail (up 2.73%) and Hero MotoCorp (up 2.44%) were among the top gainers while BHEL (down 9.02%); IndusInd Bank (down 3.98%); Axis Bank (down 3.88%); Sun Pharma (down 3.70%) and Ranbaxy (down 3.60%) were top losers today.

Earlier in the day, Prime Minister Manmohan Singh said that the economy may grow slower than previously expected 6.5% for the year to March 2014. India is committed to bringing its current account deficit under control and reducing demand for gold and petroleum products. He also said that more foreign direct reforms are on the anvil while listing out the various positive measures undertaken by the UPA government to improve the country's finances and bolster growth.

On the issue of the rupee's slide, he said that the central bank is doing its bit to stabilise the market, however, the recent measures taken by the RBI "are not meant to signal long-term high interest rates." Dr Singh added that if the situation improves, RBI can even consider reversing some of those measures.

US indices rose Thursday after the second day of congressional testimony from Federal Reserve Chairman Bernanke. New claims for jobless benefits fell in the world's biggest economy and factory data improved on Thursday. Back home the indices too opened in the green and traded mostly in the positive throughout the trading session. Federal Reserve Chairman Ben Bernanke spent a second day on Capitol Hill on Thursday, discussing the outlook and Fed rate policy with the Senate Banking Committee. The Fed chief said that economic data since the last Fed rate-policy meeting have been "mixed" and it is "way too early" to make a judgment on when the central bank will slow down the pace of its asset purchases. He remained silent on his future plans during the two hour hearing before the Senate Banking Committee.

The Asian indices closed mostly in the red with Taiwan Weighted being the major loser (1.62%). KLSE Composite rose the most (up 0.35%).

European indices were trading in the red. Among the US Futures indices, Dow Jones Industrial Average and S&P 500 were trading in the red.

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