Nifty ends below 5800 on settlement day; RIL, TCS, SBI dip
Equity benchmarks witnessed selling pressure in the late trade on Thursday - a settlement day for the month of April. Technology, capital goods, power, steel, auto and Anil Dhirubhai Ambani Group companies' shares took beating today, which dragged the Sensex down by 157 points.
April 28, 2011 / 16:25 IST
Equity benchmarks witnessed selling pressure in the late trade on Thursday - a settlement day for the month of April. Technology, capital goods, power, steel, auto and Anil Dhirubhai Ambani Group companies' shares took beating today, which dragged the Sensex down by 157 points.
The 50-share NSE Nifty closed below the 5800 mark, which was quite below experts' expectations. Hemant Thukral of SBI Capital Securities was expecting Nifty to expire around 5870-5900. VK Sharma of HDFC Securities too said the index was going to close sub-5850. However, he believes people in the market do expect some kind of weakness. The Nifty May futures closed at 25 points premium."We could see weakness coming in the next one week. If I have long positions, I would not carry long positions where I am losing money but will roll over only 50% of those where I am making money because I expect weakness to set in the next settlement in the first week. We will return on the May 9 to have a relook at the markets and build fresh ones," Sharma said.The Nifty has been trading in a particular range of 5700-5900 throughout the April, which closed at 5,785.45, down 48.45 points or 0.83%. Prashastha Seth, Senior VP at IIFL Private Wealth feels that the markets could be rangebound for one or two more expiries. "Some amount of caution is still there in the markets. We could probably have a pretty range bound market for one or two more expiries. After that depending on how the macros pan out we could probably see a move in one direction or the other," he said.The 30-share BSE Sensex fell 156.67 points or 0.81%, to close at 19,292.02. The broader markets too were under pressure - the BSE Midcap Index was down 1% and Smallcap down 0.5%.Heavyweight Reliance Industries played a spoilsport today, with falling 1.4% while ONGC supported the markets quite well after reports that the company made two oil discoveries in Gujarat, with gaining 2%. TCS and SBI too added more pressure in late trade, with losing close to 2%. Among others, L&T, NTPC, ITC, Infosys, BHEL, Wipro and HUL were down 1-1.5%.Reliance Communications was the biggest loser on the back of ongoing 2G spectrum case, with falling more than 5%. Reliance Capital and Reliance Infrastructure lost around 1.5%. DB Realty was down 4% and Unitech down 7.5%.SAIL, Kotak Mahindra Bank, Hero Honda, Cipla, Ranbaxy Labs and DLF were top losers, with slipping 3-3.5%.However, ICICI Bank too helped the benchmarks after fourth quarter numbers, with rising 1%. Country's second largest lender has reported fourth quarter net profit of Rs 1,452 crore, a 44.5% growth. Net non-performing assets (NPAs) declined to 0.94% as against 1.87% on year-on-year basis. Sun Pharma, Bharti Airtel, Dr Reddy's Labs, BPCL and Bajaj Auto were other gainers.In midcap space, Greaves Cotton, 3M India, Alok Industries, Cox & Kings and Godfrey Phillip rallied 3-5.5%. However, Polaris, Patni Computer, IRB Infra, Jyothy Labs and Vijaya Bank lost 6%.In smallcap space, Nitin Fire and Paper Products jumped nearly 20%. Kirloskar Brothers, Honda Siel and Rain Commodities were up 9-13%. However, National Perox, Oil Country, OM Metals Infra, Bodal Chemicals and C Mahendra Exports fell 6-13%.About 1140 shares advanced as against 1802 shares declined on the Bombay Stock Exchange._PAGEBREAK_Nifty hovers around 5800; ICICI Bank most activeEquity benchmarks were marginally in the red in afternoon trade. They remain choppy in trade for fifth consecutive session. The 50-share NSE Nifty has been in a range of 5800-5925 in five days.Technology, FMCG, capital goods, realty, Anil Dhirubhai Ambani Group, power and select metal companies' shares were witnessing selling pressure. Heavyweight Reliance Industries too was down at 14:24 hours.However, ONGC was the leading gainer on Nifty, with gaining 2% as the company made two oil discoveries in Gujarat. Sun Pharma, Bharti, Bajaj Auto, Ambuja, Sterlite, BPCL, Maruti and M&M were other gainers.ICICI Bank was among top gainers, with rising 1% after fourth quarter numbers. Country's second largest lender has reported fourth quarter net profit of Rs 1,452 crore, a 44.5% growth. Net non-performing assets (NPAs) declined to 0.94% as against 1.87% on year-on-year basis. Net NPA was down by 37% at Rs 2,459 crore versus Rs 3,901 crore.ICICI Bank, Coal India, Exide Industries, Amrutanjan Healthcare, LIC Housing Finance, Reliance Industries, Infosys and SBI were the most active shares on exchanges.In midcap space, Cox & Kings, Kwality Dairy, 3M India, Opto Circuits and National Fertiliser gained 3-6%. However, IRB Infra, DB Realty, Gujarat NRE Coke and Tata Communications lost 4-6%.Vijaya Bank tumbled 4% post disappointing fourth quarter numbers. Net profit of the bank declined to Rs 54 crore as against Rs 131 crore. Employee cost jumped to Rs 387 crore from Rs 184 crore as the bank had made additional provision of Rs 118 crore for employee benefit.In smallcap space, Nitin Fire Protection surged 20% and Paper Products shot up 17%. Kirloskar Brothers, Honda Siel and Rain Commodities were up 7-13%. However, National Perox, Oil Country, Subex, RSWM and Astra Microwave slipped 6-10%.About 1125 shares advanced as against 1688 shares declined on Bombay Stock Exchange._PAGEBREAK_Nifty hits 5800 amid volatility; RIL, HDFC slipThe benchmark Nifty has tested the 5800 mark amid a choppy trade at 12:40 hours. The Sensex shed about 100 points, dragged down by capital goods, technology, realty, FMCG, power, financial and Anil Dhirubhai Ambani Group companies' shares.Overall the market was quite volatile in trade - especially on the expiry day for the month of April. Hemant Thukral of SBI Capital Securities expects Nifty expiry around 5870-5900. Nifty May futures were trading at 28 points premium."As majority of the rollovers are already through. We know that index and stock futures already are well above average. So I don
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