Friday, February 4, 2011

Nifty tanks below 5400; Realty, FMCG, tech decline

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Sensex down 0.3 per cent, ICICI Bank drops

Indian shares fell 0.3 percent in early trade on Friday, led by losses in No. 2 lender ICICI Bank , on lingering worries about surging inflation and interest rates in Asia's third-largest economy.

The main 30-share BSE index was trading 0.3 percent down at 18,394.60 points by 0350 GMT, with 21 of the components in the red.

The broader 50-share NSE index was down 0.2 percent at 5,514.25. 

Nifty rangebound; RPower, Tata Steel, IDFC up

At 9:45 am: Bombay Stock Exchange’s Sensex was at 18,421.33, down 27.98 points or 0.15 per cent. The 30-share index touched a low of 18351.93 and high of 18450.07 in trade so far.

National Stock Exchange’s Nifty was at 5528.55, up 1.80 points or 0.03 per cent. The 50-share index touched a low of 5502.10 and high of 5529.45 in trade so far.

“The market has short-term upside risk that can last up to the 200-SDMA at 5626 from where fresh selling is likely to occur. Sectoral trends were mixed on the back of relief rallies across various counters,” said Edelweiss report.

BSE Midcap Index was up 0.53 per cent and BSE Smallcap Index edged 0.52 per cent higher.

Amongst the sectoral indices, BSE Metal Index gained 1 per cent, BSE Bankex moved 0.27 per cent higher and BSE Auto advanced 0.16 per cent. BSE IT Index was down 0.62 per cent and BSE FMCG Index slipped 0.51 per cent.

Reliance Power (2.57%), Reliance Capital (1.93%), Tata Steel (1.85%), Tata Motors (1.75%), and IDFC (1.64%) were the top Nifty gainers.

HCL Tech (-1.28%), Ambuja Cement (-1.24%), M&M (-1.20%), Cairn India (-1.08%) and Hindustan Unilever (-1.06%) were the top losers.

Market breadth was positive on the NSE with 993 gainers against 648 losers.

Sensex volatile; FMCG, realty, oil&gas decline

At 11:15 am; Bombay Stock Exchange’s Sensex was at 18340.46, down 108.85 points or 0.59 per cent. The 30-share index touched a low of 18336.79 and high of 18542.20 in trade so far.

National Stock Exchange’s Nifty was at 5,498.75, down 28 points or 0.51 per cent. The 50-share index touched a low of 5498.40 and high of 5556.30 in trade so far.

“The Nifty breached short term resistance of 5470 and closed above 5500. Some short covering is expected around 5550, which may take the Nifty to 5570. A close above 5650 might just shore up investor confidence. However, any major up-trend will take a while to develop and won’t be without hiccups. Resistance is likely at 5600 and later around 5700-5750.

Be careful as the undertone remains jittery and avoid getting hit by intraday volatility. FII flows will continue to have a bearing on overall sentiment and so will the upcoming budget,” said IIFL report.

BSE Midcap Index was up 0.35 per cent and BSE Smallcap Index moved 0.35 per cent higher.

Amongst the sectoral indices, BSE FMCG Index fell 1.19 per cent, BSE Realty Index was down 0.98 per cent and BSE Oil&gas Index declined 0.86 per cent. BSE Metal Index gained 0.61 per cent and BSE Healthcare Index advanced 0.20 per cent.

Sensex losers included M&M (-2.61%), DLF (-1.80%), ITC (-1.66%), TCS (-1.57%) and L&T (-1.43%).

Bajaj Auto (1.92%), Tata Steel (1.58%), Tata Motors (1.49%), Jindal Steel (1.48%) and ONGC (0.92%) were the top gainers.

Market breadth was positive on the BSE with 1444 gainers against 1083 losers.

Sensex falls 1 pc; Reliance Industries drops

 By 12:18 p.m. (0648 GMT), the 30-share BSE index was down 0.93 percent at 18,277.84 points, with 20 of its components in the negative zone. The index started marginally negative and then rose as much as 0.5 percent.

"There is no fresh money coming into the market as investors prefer to stay on the sidelines on Egypt and inflation worries," said Arun Kejriwal, director of research firm KRIS. "Rising oil prices have added to the poor sentiment in the markets."

Oil was headed for a second straight week of gains as Egypt's volatile situation kept markets on edge ahead of Friday prayers, while investors awaited U.S. employment data expected to give direction to prices later in the day.

The BSE index is down more than 11 percent in 2011, hit by foreign fund outflows of $1.5 billion, after rising 17 percent last year.

Data on Thursday showed India's food price index rose 17.05 percent and the fuel price index climbed 11.61 percent in the year to Jan. 22.

Shares in energy major Reliance, India's largest listed company, was down 1.8 percent at 927 rupees. The company may challenge Chevron's bid for Atlas Energy, according to a letter disclosed by the U.S. natural gas producer.

Cement makers Ambuja Cements and ACC fell as much as 1.8 percent and 2.4 percent, respectively, after they met estimates for 2010 earnings, but said oversupply and rising input costs would keep margins under pressure in the short term.

Both companies, 46 percent-owned by Switzerland's Holcim, said they continued to bet on long-term demand growth from India's housing and infrastructure sectors, but growing excess supply would result in pricing pressure in the near term.

Reliance Power rose 2.3 percent to 133.30 rupees, after the utility said one of its power project had got approval for carbon credits estimated at more than 20 billion rupees ($439 million) over a 10-year period.

In the broader market, there were 1,356 gainers compared with 1,204 losers on low volume of about 110 million shares.

Nifty slips below 5450; M&M, TCS, L&T, HCL down

At 1:10 pm; National Stock Exchange’s Nifty was at 5447.85, down 78.90 points or 1.43 per cent. The 50-share index touched a low of 5439.50 and high of 5556.30 in trade so far.

Bombay Stock Exchange’s Sensex was at 18202.94, down 246.37 points or 1.34 per cent. The 30-share index touched a low of 18157.77 and high of 18542.20 in trade so far.

BSE Midcap Index was down 0.32 per cent and BSE Smallcap Index moved 0.49 per cent lower.

All the sectoral indices were in the red. BSE Realty Index fell 1.84 per cent, BSE IT Index was down 1.69 per cent and BSE FMCG Index slipped 1.59per cent.

M&M (-3.28%), Tata Power (-2.82%), TCS (-2.51%), L&T (-2.49%) and HCL Tech (-2.38%) were amongst the top Nifty losers.

Bajaj Auto (2.41%), Suzlon Energy (1.23%), Reliance Power (0.96%), Tata Steel (0.72%) and Tata Motors (0.29%) were the top gainers.

Market breadth was negative on the NSE with 1583 declines against 1108 gainers.
 
 
At 3:25 pm; National Stock Exchange’s Nifty was at 5382.25, down 144.50 points or 1.43 per cent.

Bombay Stock Exchange’s Sensex was at 17988.60, down 460.71 points or 1.34 per cent.

M&M , Tata Power, TCS, L&T and HCL Tech were amongst the top Nifty losers.

Bajaj Auto, Suzlon Energy, Reliance Power , Tata Steel and Tata Motors were the top gainers.
 

Sensex plunges 445 points; realty,capital goods down

Bombay Stock Exchange’s Sensex ended at 18001.92, down 447.39 points or 2.42 per cent. The 30-share index touched a low of 17926.98 and high of 18542.20 intraday.

National Stock Exchange’s Nifty closed at 5388.95, down 137.80 points or 2.49 per cent. The 50-share index touched a low of 5369.05 and high of 5556.30 in today’s trade.

BSE Midcap Index was down 1.52 per cent and BSE Smallcap Index moved 1.72 per cent lower.

BSE Realty Index fell 3.69 per cent, BSE FMCG Index was down 2.81 per cent and BSE Capital Goods Index slipped 2.39 per cent.

M&M (-4.36%), ITC (-4.23%), Reliance Infrastructure (-4.04%), Tata Power (-3.80%) and L&T (-3.61%) were amongst the top Sensex losers.

Bajaj Auto (0.95%) was the only gainer.

Market breadth was negative on the BSE with 1743 declines against 1026 gainers.
 

Nifty tanks below 5400; Realty, FMCG, tech decline

National Stock Exchange’s Nifty ended at 5395.75, down 131 points or 2.37 per cent. The 50-share index touched a low of 5369.05 and high of 5556.30 in today’s trade.

Bombay Stock Exchange’s Sensex closed at 18008.15, down 441.16 points or 2.39 per cent. The 30-share index touched a low of 17926.98 and high of 18542.20 intraday.

”As long as Nifty is below 5470 the trend will remain bearish and we may even slip to 5250. Only if it breaches 5470 on closing basis, immediate trend may possibly change to sideways” said, Rizwan Khan, Technical and Derivative Strategist, Aditya Birla Money.

BSE Midcap Index was down 1.37 per cent and BSE Smallcap Index moved 1.57 per cent lower.

According to experts the market is likely to drift further down in coming sessions and investors can start nibbling stocks at attractive levels.

“We have been buying in small quantities in capital goods, infrastructure and banks and will start looking at auto stocks after some more correction. Investments will be for longer term,” said Ambareesh Baliga, vice president, Karvy Stock Broking.

BSE Realty Index fell 3.37 per cent, BSE FMCG Index was down 3.08 per cent and BSE IT Index slipped 2.26 per cent.

Sun Pharma (-5.79%), Kotak Bank (-4.97%), Ambuja Cement (-4.51%), M&M (-4.34%) and Hindalco (-4.19%) were amongst the top Nifty losers.

Bajaj Auto (0.99%) was the only gainer.

Meanwhile shares of Spicejet and DB Realty plunged on reports that these companies are under CBI scanner for dealings with people related to DMK chief M Karunanidhi.

The low cost airline SpiceJet was purchased by media czar and Sun TV promoter Kalanithi Maran. He is the grand nephew of DMK chief M Karunanidhi and brother of Union Textiles Minister Dayanidhi Maran.

Investigating agencies probing the alleged irregularity in allocation of 2G licences are examining a transaction in which over Rs 200 crore was transferred from Mumbai-based DB group to Kalaignar TV , a broadcaster majority-owned by family members of DMK party chief M Karunanidhi.

Market breadth was negative on the NSE with 2011 declines against 876 gainers.