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06/26/2010

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prodigystocks

The key benchmark indices ended the day’s trade on bearish note, following a decline in Asian and European stocks, which led to heavy profit booking across Metal, Oil & Gas and Realty space. The domestic markets belled the session with flat to negative note tracking weak global cues. In the global markets, the Asian markets ended lower following the concerns over a possible slowing in fresh investment into equities. Further the US markets also closed on a negative note the other night. Besides, the lack of any positive cues from the global peers made the domestic markets to fall further in the late afternoon session. However, the market tumbled down further and remained bearish following the fall in the European shares on funding worries in the euro zone, which led the domestic market slumped to touch the lowest level on BSE Sensex at 17,465.73 and NSE Nifty at 5,235.80. Though the market recovered from its lower level in the final hour of the session but the rebound was marginal and cannot pull the market above the red line and ended today’s session in bearish mood.. The market breadth, indicated the overall health of the market was negative, as all the sectoral indices closed in red. The BSE Sensex closed below 17,535 mark and NSE Nifty ended below 5,260level.

Today, the leading Indian bourses opened lower tracking weak global cues. After a flat opening the leading Indian bourses turned into negative territory on the back of mixed cues from the Asian markets. The investors turned cautious after government figures showed that Japan’s output declined by 0.1% in May from April. Further in the mid morning session the market started trading in range bound negative and was experiencing a southward dip. Moreover in the afternoon session the market were under selling pressure as investors booked profits taking cues from negative global markets. Further the market sentiments turned bearish following decline in European markets. Asian stocks closed in mix on continued worries over the Europe’s debt crisis. Also, the U.S markets ended lower in overnight trade. Back home, the key benchmark indices further extended losses in the final hour of the session. However, it recovered marginally in the later hours of the session and closed the day’s trade in red.

Among the Sensex pack 27 stocks ended in red and 3 stock ended in green. The overall market breadth was negative as out of total 2989 stocks traded on BSE, 1712 stocks declined whereas 1,136 stocks advanced and 141 stocks were unchanged.

The BSE Sensex closed lower by 240.17 points or (1.35%) at 17,534.09 while NSE Nifty ended lower by 77.35 points or (1.45%) at 5,256.15. BSE Midcap closed with a loss of 46.80 points or (0.65%) at 7,116.33 while BSE Smallcap closed with a loss of 56.20 points or (0.62%) at 9,031.60. The BSE Sensex touched intraday high of 17,777.95 and intraday low of 17,465.73.

Losers from the BSE Sensex pack were – Hindalco Inds (4.35%), Reliance Comm (3.82%), Tata Steel (3.70%), Reliance Infra (2.87%), Jindal Steel (2.61%), Jaiprakash Asso (2.47%), HDFC Bank (2.46%), Tata Motors (2.41%), Tata Power (2.28%), ICICI Bank (2.27%) and HDFC (1.96%).

Gainers from the BSE Sensex pack were –L&T (0.22%), Bharti Airtel (0.15%) and ONGC (0.13%).

On the economic front, a study conducted showed that the economic recovery has facilitated around eleven companies to raise funds around Rs. 4,298 crore by the way of qualified institutional buyers during the period starting from Jan 2010 till date.

Meanwhile India and Canada brought an end to nearly 36 year long isolation by signing a civil nuclear cooperation agreement between the two countries. The North American nation was among the forerunners that led the nuclear isolation drive against India after the Pokhran tests in 1974.

On the global markets front, the Asian markets that opened before the Indian market, ended in red. Straits Times lost 1.38% at 2,830.34, Taiwan Weighted lost 1.03% at 7,423.57, Hang Seng lost 2.49% at 20,209.97 and Nikkei 225 fell 1.27% at 9,570.67.

European markets, which opened after the Indian market, are trading in negative. Key benchmark indices like – Frankfurt DAX index is trading low by 2.19% at 6,022.27, CAC 40 is trading low by 2.63% at 3,482.41 and in London FTSE 100 is trading low by 2.01% at 4,969.73.

The BSE Metal index was at 14,635.33 down by 411.57 points or by (2.74%). The main losers were Hindalco Inds (4.35%), Sesa Goa (3.84%), Tata Steel (3.70%), SAIL (2.94%), Jindal Steel (2.61%) and WELCORP (2.24%).

The BSE Realty index was at 3,167.33 down by 49.87 points or by (1.55%). The main losers were Anant Raj Inds (2.60%), HDIL (2.39%), Unitech (2.21%), Phoenix Mills (2.19%), DLF (1.85%) and Orbit Corp (1.31%).

The BSE Bankex index was at 10,684.11 down by 159.46 points or by (1.47%). The main losers were HDFC Bank (2.46%), ICICI Bank (2.27%), Kotak Mah Bank (2.12%), IDBI Bank (1.84%), Yes Bank (1.74%) and Axis Bank (1.66%).

The BSE Power index was at 3,125.68 down by 43.10 points or by (1.36%). The main losers were JSW Energy (3.60%), Lanco Infra (3.13%), Reliance Infra (2.87%), Tata Power (2.28%), NHPC (2.25%) and GVK Power (2.15%). 

The BSE Oil&Gas index was at 10,700.30 down by 146.18 points or by (1.35%). The main losers were Cairn India (2.94%), Reliance Nat Res (2.92%), RIL (1.90%), Essar Oil (1.56%), BPCL (1.10%), IOC (1.08%) and Gail India (0.03%).

On the corporate front, MMTC closed up by 0.50% to Rs 32,700 on profit booking after the company’s board recommended a 10-for-1 stock-split and a liberal 1:1 bonus issue.

Lumax Auto Technologies closed up by 1.18% to Rs 128.15, extending recent gains after the company''s board decided to issue 20 lakh equity shares on preferential basis to promoters and non-promoters via private placement.

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