Mar 26, 2013, 06.18 PM | Source:

Sensex manages to snap losing spree; no relief for midcaps

Benchmark indices just about managed to snap a seven-day losing streak, as a 3 percent-decline in index heavyweight Reliance Industries erased much of the gains.

Moneycontrol Bureau

Benchmark indices just about managed to snap a seven-day losing streak, as a 3 percent-decline in index heavyweight Reliance Industries erased much of the gains.

The BSE-Sensex closed at 18704.53, up 23.11 points and the NSE Nifty at 5641.60, up 7.75 points.

There was no respite for midcap and small cap shares, which continued to slide in the absence of any buying support.

Brokers said investors continue to be edgy because of renewed political turbulence, which has increased the possibility of early elections. But more than early elections, investors are worried that the present government may no longer be able to push through any major economic reforms, now that its survival appears to be at stake.

Shares from the oil & gas, realty and capital goods sectors figured among the worst performers.

Pantaloon Retail, DB Realty Purvankara Projects, GMR Infra, Sun TV, SpiceJet, were among the prominent losers in the midcap space, shedding 3-5 percent.

Some market experts like Nilesh Shah of Axis Capital feels it is a good time to look at some of the beaten down secondline shares.

“From a valuation point of view the small cap and midcap portfolio is at a fairly large discount to large cap indices, which current indices are not capturing from an optical point of view,” Shah said in an interview to CNBC-TV18 in an interview earlier today.

Astrazeneca Pharma, ING Vysya Bank, REC, Satyam Computer, and Gujarat State Petroleum Corp. were among the notable gainers today, rising 3-6 percent.

Investors continued to seek refuge in defensive sectors like FMCG and IT.

Brokerage house Standard Chartered Securities expects valuations of top tier IT companies to sustain as macro-economic concerns leave investors with limited choices.

Key equity indices continued to trade flat with the Nifty below 5650. At 14.36 hrs IST, the Sensex was up 37.89 points to 18719.31, and the Nifty gained 11.60 points to 5645.45.

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Key equity benchmarks turned volatile in mid afternoon trade, ahead of F&O expiry.

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It has been a lackluster session for the market ahead of expiry on Thursday. The market will remain shut tomorrow on account of Holi. The BSE Sensex is up 5 points at 18685 and the Nifty up 1 point at 5635.

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Indices are trading flat after a small gap down in the opening bell on low volumes. The stock exchanges will remain shut tomorrow on account of Holi. Political uncertainty and weak global cues is keeping the market participants away from the market. The Nifty has tested its 200 Day Moving Average (DMA) of 5620 today.

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Indices continue to be listless in the absence of buying support in a week shortened by two trading holidays.The Nifty has broken its 200 Day Moving Average (DMA) of 5620 this morning. A close below 200 DMA, an indicator closely followed by technical analysis, on a consistent basis indicates further weakness ahead.

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Key indices were sluggish in early trade Tuesday, as the ongoing political uncertainty continue to weigh on sentiment. On Monday, Samajwadi Party chief Mulayam Singh revived talk of the Third Front, which political experts say is an indirect indication of early elections.

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