Mkts end weak on -ve global cues; largecaps drag
Published on Tuesday, November 25th, 2008 at 6:27 PMAuthor: admin (5507 Articles)
It was a disappointing session of trade as the benchmark indices closed sharply lower due to weak European cues as well as negative US markets futures. It had looked like the session would be good for the entire day following a smart rally in the US markets on Monday but the rally got fizzled out in second half of session. Midcap and smallcap stocks also tumbled.
Reliance Industries, SBI, Bharti Airtel, L&T, Reliance Communication, Infosys, HDFC, TCS, BHEL, ITC and Tata Steel were contributors to this fall.
The Sensex shed 207.59 points or 2.33% to settle at 8,695.53. It fell around 487 points from the day’s high of 9,182.80. The 50-share NSE Nifty closed at 2,654 losing 2% or 54.25 points over previous close. It shed 136.7 points from the day’s high of 2790.70.
The BSE Midcap Index slipped 29.70 points or 1.02% to 2,872.59 and the Small Cap Index was down 30.54 points or 0.91% at 3,333.42.
Market breadth was weak; about 1,085 shares advanced while 1,593 shares declined. Nearly 518 shares remained unchanged.
Selling was led by oil and gas stocks. The BSE Oil & Gas Index fell 217.30 points or 3.86% to 5,409.37. Reliance Industries crashed 6.85%. Oil marketing companies like HPCL and BPCL lost 1-2.5%. However, ONGC gained 0.97%. Crude was hovering around USD 52-53 to a barrel on the Nymex.
Capital Goods was another sector that dragged the markets lower. The BSE Capital Goods Index lost 168.04 points or 2.56% to 6,386.68. L&T fell 2.98% and BHEL lost 1.39%.
Realty stocks like Unitech and DLF tumbled 1.3-1.4%. Indiabulls Real Estate was down 9.5%. Index was down 39.81 points or 2.51% at 1,543.49.
Selling was also seen in select banking stocks. SBI plunged 6.55%. ICICI Bank and PNB lost 0.8%. Bankex plunged 89.68 points or 2.01% to settle at 4,365. However, HDFC Bank was up 0.43%.
Telecom stocks like Reliance Communication, Idea Cellular and Bharti Airtel tumbled 1.5-5%.
Auto Index tumbled 32.33 points or 1.4% to 2,282.02. M&M fell 7.63% and Bharat Forge was down 1.04%. However, Hero Honda and Maruti Suzuki lost nearly 1%.
Technology stocks were also under pressure. BSE IT Index went down 30.51 points or 1.24% to 2,432.44. HCL Tech, TCS, Tech Mahindra, Wipro and Infosys slipped 1-7.4%.
The Power Index fell 17.70 points or 1.09% to 1,601.74. Suzlon Energy went down 9.5%. CESC, Reliance Power, Power Grid Corp, Reliance Infrastructure and Tata Power were other losers.
Metal stocks like Sterlite Industries, Tata Steel, NALCO and Jindal Saw lost 2-4.6%. Metal Index was down by 45.56 points or 1.06% at 4,264.17.
Healthcare Index lost 11.84 points or 0.42% to 2,818.26. Dishman Pharma, Cadila Health, Ranbaxy Labs and Matrix Lab fell 4-7%. Dr Reddys Labs and Sun Pharma were other losers.
FMCG stocks like United Breweries, ITC, Britannia and Marico tanked 1-3.3%. FMCG Index shed 7.57 points or 0.4%, to close at 1,900.84.
Among the midcap stocks, Simplex Infrastructure, Monnet Ispat, Shiv Vani Oil, Gujarat Flourochem and Deccan Chronicle slipped 10-20%.
In the small cap space, Emkay Global, Magma Fincorp, Alphageo, Kemrock Indus, AurionPro Sol and Numeric Power fell 11-20%.
Total traded turnover was at Rs 56,262.23 crore. This includes Rs 8,459.17 crore from NSE Cash segment, Rs 44,612.44 crore from NSE F&O and the balance Rs 3,190.62 crore from BSE Cash segment.
On the global front, Asian markets closed in the green. Nikkei shot up 5.22%. Straits Times and Taiwan gained 2-2.6%. Hang Seng went up 3.38%. Jakarta and Kospi rose 1-12-1.36%.
However, European markets were trading mixed. CAC fell 9 points or 0.27% to 3,163 and DAX lost 52 points or 1.15% to 4,502. However, FTSE gained 4 points at 4,157, at 4 hours IST. These indices were down nearly 2% during the day.
The Dow Jones Futures went down 45 points or 0.5% to 8,340 and the Nasdaq Futures fell 7 points or 0.6% to 1,140.
There are reports that US Treasury may unveil a lending programme today. This lending programme will shore up consumer-finance market.
Markets @ 3:21 pm : Mkts under pressure; RIL, SBI, R-Comm, Bharti dip 2-7%
The benchmark indices slipped further on huge sell-off in frontliners. Reliance Industries, SBI, Bharti, TCS, Reliance Communications, TCS, L&T, BHEL, Wipro, Infosys, DLF, M&M, Sterlite, ICICI Bank, and Tata Steel are down 2-7%.
The Sensex fell 240 points to 8,663 and the Nifty lost 67 points to 2,641, at 3:21 hours IST. BSE Midcap and Small Cap Indices tumbled 1%.
Market bredth is negative; about 1126 shares have advanced while 1554 shares have declined. Nearly 516 shares are unchanged.
Markets @ 2:39 pm : Nifty below 2700 on weak global cues; frontliners sell-off
The markets have shed all gains and turned negative due to weak European indices and US futures. Reliance Industries, SBI, TCS, Reliance Communications, Infosys, L&T, HDFC, Sterlite, BHEL, Tata Steel, ACC, Wipro, Ambuja Cements, Ranbaxy, and Idea are under pressure.
The Sensex went down 131 points to 8,772 and the Nifty fell 30 points to 2,677, at 2:39 hours IST. BSE Midcap and Small Cap indices lost half a percent each.
However, ONGC, Bharti Airtel, Satyam, SAIL, HDFC Bank, Tata Power and Hero Honda are on buyers’ radar.
Market breadth is weak; about 1212 shares have advanced while 1448 shares have declined. Nearly 536 shares are unchanged.
On the global front, European markets are weak; down 1.5-2%. Dow Jones and Nasdaq Futures tumbled at around 1% each.
Markets @ 1:39 pm : Mkts wipe out early gains on weak European cues
The markets have come off from the highs of the day and are trading flat with some choppiness. They have erased early trade gains due to profit booking in European markets. The Nifty is still holding 2,700 mark. Reliance Industries, SBI, ITC, TCS, Infosys, HDFC, M&M, L&T, Tata Steel, and Reliance Communications are under pressure.
However, buying continues in ONGC, Bharti Airtel, NTPC, BHEL, HDFC Bank, ICICI Bank, Wipro, DLF, Unitech, Hindalco, SAIL, Satyam, Reliance Infrastructure and Cairn India are supporting the markets.
The Sensex went down 1.96 points to 8,901 while the Nifty gained 8.05 points at 2,716, at 1:39 hours IST.
On the global front, European markets are witnessing profit booking, after huge surge in Monday’s trade. FTSE fell 1.61% to 4,086. DAX lost 1% to 4,508 and CAC fell 1.74% to 3,771.
Markets @ 12:31 pm : Mkts positive; capital goods, metal, power gain
The benchmark indices are seeing buying interest due to gains in power, metal, capital goods, realty, telecom, private banking and select oil stocks. Midcap and smallcap stocks are also following the same trend.
Markets breadth continues to be in favour of advances; about 1502 shares have advanced while 1142 shares have declined. Nearly 552 shares are unchanged.
The Sensex shot up 186 points to 9,089 and the Nifty went up 67 points to 2,775, at 12:31 hours IST. BSE Midcap Index rose 1.3% and Small Cap Index gained 0.8%.
Sandeep Tandon, Managing Director and CEO, Quant Broking, does not see the market breaking and sustaining below October lows for long. “The October lows were very meaningful. If it breaks it will be for a day or two.”
The Nifty, he said, is likely to remain in a 2,500–3,000 range through December. On the upside, he doesn’t see the Nifty sustaining above 3,200 for long.
Major contributors in this small rally are Reliance Industries, ITC, HDFC Bank, Wipro, L&T, SAIL, Bharti Airtel, L&T, ICICI Bank, NTPC and BHEL.
Among the midcap stocks, Spice Communication, Thomas Cook, Educomp Solution, Kingfisher Airlines and Patni Computer jumped 6-16.5%.
In the small cap space, Taneja Aerospace, HBL Power, ETC Networks, Goodyear and Ramco System rose 9-12%.
BSE Power, Metal, Bankex, Oil & Gas, Capital Goods and Realty indices gained 2-3.5%.
Markets @ 11:37 am : Mkts trade higher; ONGC, RIL, NTPC, Bharti, BHEL lead
The markets are trading higher despite giving up some gain from highs of the day. SBI, HDFC, ITC, Ranbaxy, Ambuja Cements, and M&M are under pressure. However, support is still there from ONGC, NTPC, Bharti, BHEL, HDFC Bank, Wipro, ICICI Bank, RIL, L&T, SAIL, Sterlite Industries, Reliance Infrastructure, Unitech and DLF. The Nifty is hovering around 2750 while the Sensex is hovering at 9K.
The Sensex went up 92 points to 8,995 and the Nifty gained 40 points at 2,748, at 11:37 hours IST. BSE Midcap index rose 0.9% and Small Cap Index advanced 0.7%.
Top gainers are ONGC, Sterlite Industries, Tata Power, Wipro, HDFC Bank, Tata Communication, Cairn India and Reliance Infrastructure. However, losers are Ranbaxy Labs, M&M, HDFC, SBI, ITC and Ambuja Cements.
Market breadth is in favour of advances; about 1494 shares have advanced while 1134 shares have declined. Nearly 568 shares are unchanged.
On the global front, Asian markets are trading higher. Hang Seng, Nikkei, Straits Times, Kospi, Taiwan and Jakarta went up 1.5-3%. However, Shanghai is flat.
Markets @ 10:50 am : Sensex holds above 9K; metal, bank, power, CG lead
The benchmark indices are trading higher following a bounce back in global indices due to the Citigroup rescue plan and hopes of a bailout package in January. The Nifty is trying to hold above 2,750 while the Sensex managed to sustain above the 9,000 mark, despite some selling pressure at higher levels. Buying in metal, banking, power, oil and capital goods stocks is helping the indices.
Reliance Industries, Infosys, ITC, Bharti Airtel, L&T, ONGC, HDFC Bank and ICICI Bank are leading stocks.
At 10:50 am, the Sensex rose 165 points to 9,068 and the Nifty gained 52 points at 2,760. BSE Midcap and Small cap indices jumped over 1% each.
Among the frontliners, HDFC Bank, Reliance Infrastructure, Jaiprakash Associates, Sterlite Industries, ICICI Bank, Cairn India, Unitech and Siemens gained 4.5-6%. Tata Communication rose over 10% due to surge in Indian ADRs, which jumped over 22%.
Among the midcap stocks, Godfrey Phillip, Spice Communication, BL Kashyap, Educomp Solution and Patni Computer shot up 7.5-19%.
In the small cap segment, Hatsun Agro, Balkrishna Ind, Taneja Aerospace, Electrotherm and Solar Explosive went up 8-20%.
Market breadth is positive due to gains in broader indices. About 1,519 shares have advanced while 1,112 shares have declined. Nearly 565 shares are unchanged.
BSE Metal, Bankex, Oil & Gas, Capital Goods and Power rose 2-3%.
Markets @ 9:56 am : Mkts surge on +ve global cues; Nifty above 2750
Positive global indices lifted the markets higher in early trade. Citigroup rescue plan, appointment of a new economic team, and talks of another economic stimulus package by January boosted global indices up. Buying is seen in banking, oil, capital goods, power, and metal stocks.
At 9:56 am, the Sensex shot up 253 points to 9,156 and the Nifty gained 68 points at 2,776. CNX Midcap 100 rose 54 points to 3,340.
Tata Motors, Tata Communications, Unitech, HDFC Bank, ICICI Bank, Reliance Infrastructure, HDFC, SBI, Tata Steel, Sterlite Industries, Cairn India, Satyam, Wipro, HCL Tech, Hindalco and Reliance Industries are gainers.
Asian markets are trading higher. Hang Seng, Jakarta, Nikkei, Straits Times and Taiwan jumped 2-4%. Kospi rose 1.5% and Shanghai gained 0.3%.
Nymex January Crude jumped nearly 9% on weak USD. It is currently trading at USD 53.69 to a barrel. Citigroup rescue plan and rebound in equity markets in US, Europe helped the crude prices. There is speculation that OPEC may cut output on November 29 by 1-1.5 million barrels. China October imports rebound, jumped 4.3% y-o-y. The near term range for crude is seen at $48-58 a barrel.
Gold is trading at 5-week highs and Silver shot up 9%.
US markets posted the biggest two-day rally since 1987 after US government’s rescue plan for Citigroup. That includes a direct $ 20 billion investment and $ 306 billion in asset guarantees. The news of appointment of new treasury team and prospects of another economic stimulus package by January also helped the markets.
The Dow gained 396.97 points, or 4.93%, to 8,443.39. The S&P 500 index rose 51.78 points, or 6.47%, to 851.81, and the Nasdaq composite index surged 87.67 points, or 6.33%, to 1,472.02.
Market cues:
US markets surge 5%, European markets ended up 10%
Most Asian markets up 4-5% in morning trade
FIIs net sell USD 127.4 million in equity on November 21
MFs net buy Rs 24.4 crore in equity on November 21
NSE F&O Open Int up by Rs 639 crore at Rs 53138 crore
F&O cues:
Futures Open Int up by Rs 693 crore, Options Open Int down by Rs 54 crore
Nifty Nov Futures shed 39 lakh, Dec Futures add 51 lakh shares in Open Int
Nifty Nov at 9-pt premium, Dec at 12-pt premium
Nifty Open Int Put-Call ratio at 0.85 versus 0.87
Nifty Puts shed 7 lakh, Calls add 2.3 lakh shares in Open Int
Nifty 2500 Put sheds 4 lakh shares in Open Int
Nifty 2600 Put sheds 2.6 lakh shares in Open Int
Nifty 3000 Call adds 1.5 lakh shares in Open Int
Nifty 2700 Call sheds 3.4 lakh shares in Open Int
Stock Futures add 1.4 cr shares in Open Int
Source : MoneyControl
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