The market managed to snap its four-session losing streak and end marginally higher today amid volatile and range-bound trade. A close below 5,970 on the Nifty may pull the market down further. However, a close above the previous day’s high may bring some relief. The National Stock Exchange (NSE) reported a lower turnover of 53.30 crore shares and advance-decline ratio of 750:628.
The market opened in the positive this morning, recouping itself from the 2% decline seen yesterday, as investors lapped stocks at lower levels. Across the globe, markets in Asia continued to trade in the negative in morning deals on economic concerns and the US markets closed marginally lower on Thursday as gains in IT major Hewlett Packard eased worries of the Federal Reserve’s proposed move.
The Nifty opened 44 points higher at 6,011 and the Sensex resumed trade at 19,765, a gain of 91 points over its previous close. Gains in fast moving consumer goods, banking, capital goods and consumer durables helped the indices hit their highs in initial trade itself. The Nifty rose to 6,015 and the Sensex inched up to 19,833 at their respective highs.
The market could not sustain the early gains and soon trended lower. The benchmarks fell to their lows at around 10.30am. The Nifty fell to 6,937 and the Sensex went back to 19,568 at their lows.
Select buying in capital goods, realty, metal and power stocks enabled the market recover from the lows and emerge in the positive terrain around 11.00am. However, the benchmarks remained range-bound and hovered on both sides of their previous closing levels in subsequent trade.
Meanwhile, the European markets opened mixed on negative news from China and the US.
The market managed to snap its four-session losing streak and settle marginally higher today on buying in blue chips. The Nifty finished 17 points (0.28%) higher at 5,984 and the Sensex closed trade at 19,704, gaining 30 points (0.15%).
The broader indices outperformed the Sensex today, as the BSE Mid-cap index gained 0.37% and the BSE Small-cap index advanced 0.30%.
The top sectoral gainers were BSE Consumer Durables (up 1.86%); BSE Metal, BSE Capital Goods (up 1.61%) each; BSE Bankex (up 0.96%) and BSE Power (up 0.96%). The main losers were BSE Healthcare (down 1.28%); BSE IT (down 0.74%); BSE TECk (down 0.66%) and BSE Auto (down 0.04%).
Out of the 30 stocks on the Sensex, 15 settled higher. The major gainers were Tata Steel (up 4.56%); Tata Power (up 3.7%); Larsen & Toubro (up 2.705); ICICI Bank (up 2.60%) and Sterlite Industries (up 1.63%). The key losers were Sun Pharmaceutical Industries (down 3.67%); Hindalco Industries (down 1.70%); Cipla (down 1.63%); TCS (down 1.59%) and BHEL (down 1.51%).
The top two A Group gainers on the BSE were—United Spirits (up 6.55%) and Amara Raja Batteries (up 5.98%).
The top two A Group losers on the BSE were—Wockhardt (down 6.50%) and Apollo Hospitals Enterprise (down 5.09%).
The top two B Group gainers on the BSE were—TTK Healthcare (up 20%) and SAH Petroleums (up 20%).
The top two B Group losers on the BSE were—Ashima (down 19.77%) and GG Dandekar Machine Works (down 19.01%).
Of the 50 stocks on the Nifty, 34 ended in the in the green. The main gainers were Maruti Suzuki (up 7.86%); Tata Steel (up 4.77%); Tata Power (up 3.98%); Lupin (up 2.94%) and L&T (up 2.90%). Sun Pharma (down 3.1%); BHEL (down 1.61%); Cipla (down 1.53%); TCS (down 1.39%) and Ranbaxy Laboratories (down 1.32%), were the major losers on the index.
Markets in Asia closed mostly higher and the Nikkei 225, which plunged over 7% yesterday, managed to close nearly 0.90% higher today. A Tokyo-based market analyst said that the markets, which were going up and down like a roller coaster, are expected to calm down in a week’s time. Markets in Singapore, Malaysia, and Thailand were closed for a public holiday.
The Shanghai Composite gained 0.57%; the Jakarta Composite advanced 0.66%; The Nikkei 225 climbed 0.89% and the Seoul Composite rose 0.22%. Among the losers, the Hang Seng fell 0.23% and the Taiwan Weighted lost 0.34%.
At the time of writing, two of the three European markets were in the red and the US stock futures were trading lower.
Back home, foreign institutional investors were net buyers of equities aggregating Rs316.23 crore on Thursday while domestic institutional investors were net sellers of shares amounting to Rs538.75 crore.
Viceroy Hotels is in the process of securing shareholder nod, through a postal ballot, for selling its Chennai Property Division to Ceebros Hotels Pvt Ltd for Rs480 crore. The sale will help the company retire Rs430 crore debt of Chennai property and bring down the overall company debt to Rs200 crore. The stock rose 0.51% to Rs19.70 on the NSE.
Fortis Healthcare today said that its Singapore-based subsidiary will receive A$270.38 million (around Rs 1,452 crore) on completion of its stake sale in Dental Corporation Australia to Bupa Australia Health. Fortis Healthcare International has a 64% stake in Dental Corporation Holdings. The stock closed 3.90% down at Rs91.15 on the NSE.
Private sector lender YES Bank has ties up with the International Finance Corporation (IFC) to boost international trade opportunities. Through this programme, IFC will extend credit guarantees to YES Bank to cover its payment risks under trade instruments issued by the bank in favour of participating correspondent banks. YES Bank gained 1.75% to close at Rs505.40 on the NSE.
This strongly indicates it will go higher than the Rs 25 mark in this upmove and the results are also scheduled next week.
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