Calm before F&O...Nifty in red for 6th day

India Infoline News Service | Mumbai | March 25, 2015 16:27 IST

Amar Ambani, Head of Research at IIFL said, "There seems to be no respite for the markets as the bear onslaught continues on the street. Indices extended their losing streak to the sixth consecutive trading session as the market yet again was unable to hold on to its early gains. The Capital Goods, Power and the Metals stocks were among the top losers."

Indices cont​i​nued to slip ​with the market exhibit​ing sluggish movement throughout the day​. Key indices swung between zones albeit a very tight range. The Sensex slipped 50 points, and Nifty declined 12 points; Lupin scales new life-time high, while NMDC, Tata Steel drop to 52-week lows.
 
Another positive start was reversed, as the Sensex after opening 55 points higher at 28,216, barely manage​d​ to touch a high of 28,250 before slipping back into the negative zone.
 
Expiry related pressure saw select index heavyweights move in opposite directions as a result of which any major swing in the key indices was tempered. The BSE index touched a low of 28,031 - down 218 points from the day's high at the fag end of the day.
 
Amar Ambani, Head of Research at IIFL said, "There seems to be no respite for the markets as the bear onslaught continues on the street. Indices extended ​their ​losing streak to ​the ​sixth consecutive trading session as ​the ​market yet again was unable to hold on to ​its early gains. The Capital Goods, Power and the Metals stocks were among the top losers."
 
The Sensex finally ended with a marginal loss of 50 points at 28,112. In the process, the BSE index has now shed 2.2 per cent (624 points) in the last six trading sessions.
 
The NSE Nifty moved in a range of 57 points. The Nifty from a high of 8,574, slipped to a low of 8,516, and finally settled with a loss of 12 points at 8,531.
 
The India VIX (Volatility) index plunged nearly 4 per cent to 13.1425.
 
The broader market ended on a mixed note. The CNX Midcap index managed to sneak a gain of 0.1 per cent at 12,884, even as the Smallcap index dropped 0.6 per cent to 5,451.
 
The breadth was fairly bearish, with losers outpacing gaining stocks in near about 2:1 ratio, there were two declining stocks for every single advancing share. Out of 1,711 stocks traded on the NSE today, 987 declined while 528 advanced.
 
Meanwhile, the Standard & Poor's Ratings Services today expressed confidence in the India growth story. In a special report published today, S&P said that India's reform drive and economic momentum could give plenty of growth opportunities to India's top corporates, But many corporates are waiting for the government to put policy into action before investing further.
 
Among sectors, the CNX PSU Bank index was the major loser. PSU banks ended with heavy losses, as the PSU Bank index slumped 1.7 per cent to 3,484. Punjab National Bank tanked over 4 per cent to Rs. 155. Oriental Bank of Commerce plunged 2.5 per cent to Rs. 213.
 
SBI shed 2 per cent at Rs. 265. Syndicate Bank, IDBI, Bank of India, Canara Bank, Bank of Baroda, Indian Overseas Bank and Allahabad Bank were the other major losers.
 
Among other sectors - the CNX Energy, Infra and Metal indices were down around a per cent each at 8,319, 3,184 and 2,343, respectively. The Auto and the Pharma indices, however, were up 0.5 per cent each at 8,516 and 12,919, respectively. The Bank Nifty ended more or less unchanged at 18,310.
 
NTPC tumbled 3.7 per cent to Rs. 147. Coal India dropped 2.5 per cent to Rs. 361.
 
Larsen & Toubro and Gail India declined around 2.5 per cent each to Rs. 1,630 and Rs. 381, respectively.
 
NMDC and Tata Steel recorded fresh 52-week lows today. The former was down 2.2 per cent at Rs. 125, while the latter was down 1.5 per cent at Rs. 322.
 
Jindal Steel, Ambuja Cements and IDFC also shed 2 per cent each.
 
UltraTech Cement, Kotak Bank, IndusInd Bank, Zee Entertainment, Tata Power, ONGC, HDFC, Power Grid Corporation and TCS were the other prominent losers.
 
On the other hand, HCL Technologies soared nearly 4 per cent to Rs. 1,008 on the back of renewed buying interest at the counter.
 
Real-estate major DLF rallied 3 per cent to Rs. 165.
 
Sun Pharma gained 1.7 per cent at Rs. 1,055, as the company is now all set to become the fifth largest pharma company in the world. Sun Pharma today fixed 7 April, 2015, as the record date for completing the merger process with Ranbaxy.
 
Tata Motors gained 1.6 per cent at Rs. 541 after the company's board today approved the proposed rights issue to raise up to Rs 7,500 crore, at Rs. 450 per share.
 
ICICI Bank advanced nearly 1.5 per cent to Rs. 316 on the back of bargain hunting, as the stock bounced back from a four-day fall.
 
Cairn India, BPCL, Mahindra & Mahindra, Wipro and Sesa Sterlite were the other major gainers, up over a per cent each.
 
Among other stocks - IPCA Laboratories nose-dived 13.5 per cent to Rs. 658 on media reports that the US FDA issued an import alert on the company's manufacturing plants at Pithampur and Silvassa.
 
Idea Cellular gained 2.2 per cent at Rs. 174 on launching 3G services in Delhi on the 900 MHz spectrum.
 
Godrej Properties rallied to a high of Rs. 268 on announcing the launch of a large new residential project in Kolkata. The counter also witnessed a huge block deal of around 35 lakh shares on the BSE today. The stock, however, reversed its course and ended 2 per cent lower at Rs. 246.
 
Capital First advanced a per cent to Rs. 381 on successfully raising Rs. 300 crore via the QIP issue.
 
GMR Infrastructure was in news on plans of hiking stake in Delhi International Airport Private Limited (DIAL) from 54 per cent to 64 per cent. The stock ended 0.3 per cent lower at Rs. 15.30.
 
LIC Housing Finance slipped 2.7 per cent to Rs. 431 amid a huge block deal on the BSE. Around 10.6 lakh equity shares changed hands in a single block deal at Rs 437 on the BSE at the counter.
 
Symphony surged 2.5 per cent to Rs. 2,487. The stock has been trading with a positive bias for the last few days following a favourable High Court order which granted stay against its competitor for launch of product.
 
Om Metals Infraprojects soared over 9 per cent to Rs. 37.85 on the back of winning a major order from the UP government.
 
Deccan Gold Mines hit the 20 per cent upper circuit at Rs. 33.65 on reports that the Reserve Bank of India (RBI) has allowed foreign institutional investors to invest up to 24 per cent of the paid up capital of company under the Portfolio Investment Scheme.
 
Transcorp International was also locked at the 20 per cent upper circuit at Rs. 48.95 on receiving the Authorized Dealer Category II License from the RBI.
 
Cords Cable Industries hit the 20 per cent upper circuit for the second straight day after the company secured order of Rs. 15.7 crore towards development of 100-MW solar project in Tamil Nadu. The stock was locked at Rs. 28.80.
 
Dynamatic Technologies continues its dream-run on the bourses. The stock today scaled a fresh all-time at Rs. 3,742 and finally ended with a gain of 16.5 per cent at Rs. 3,904 on the back of frenzied buying at the counter. The stock has skyrocketed by a whopping 90 per cent since the start of the year.
 
A total of 130 stocks have dropped to a fresh 52-week low so far in the day while mere 11 stocks have touched a new 52-week high.
 
Prominent stocks at 52-week low were - 3i Infotech, ABG Shipyard, Anant Raj, Andhra Sugars, Arvind Remedies, Atlas Cycles, Autoline Industries, Bajaj Hindusthan Sugar, Balrampur Chini, Bank of India, Bhushan Steel, Core Education, Dena Bank, Dhanlaxmi Bank, Dhunseri Petrochem, Educomp Solutions, Everest Kanto, Elder Pharma, Fineotex Chemical, Gitanjali Gems, Gujarat Narmada Valley Fertilizers, Godfrey Phillips, Greenlam Industries, GTL, GVK Power & Infra, Hanung Toys, Harrisons Malayalam, Himadri Chemicals, Helios & Matheson, Hindustan Copper, Hindustan Motors, Hindusthan National Glass, ICSA (India), Indian Metals & Ferro Alloys, Indian Overseas Bank, Jai Corp, Jaihind Projects, Jayshree Tea, Jaypee Infratech, Jaiprakash Power Ventures, Jyoti Structures, Khaitan Electricals, KSK Energy, Lanco Infratech, Lovable Lingeri, Mercator, MMTC, Mold-Tek Packaging, Nahar Spinning, NMDC, Nucleus Software, Oil Country Tubular, Ortel Communications, Parry Sugar, Peninsula Land, Prakash Industries, Reliance Communications, Sasken Communication, Shree Ganesh Jewellery House, STC India, Sterling Biotech, Sumeet Industries, Tara Jewels, Tata Steel, Tamil Nadu Newsprint & Papers, UCO Bank, United Bank of India, Unity Infraprojects, Uttam Galva Steels, Varun Shipping, Vascon Engineers, Venky's (India), Viceroy Hotels, Visa Steel, Welspun Corp, Windsor Machines and West Coast Paper Mills.
 
Dynamatic Technologies, Gujarat Pipavav Port, Hexaware Technologies, Bharti Infratel, KRBL, Lupin, Punjab Chemicals, RPG Life Sciences, Symphony and Uniply Industries were some of the stocks to register a fresh 52-week high on the NSE.

 

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