Mkt shrugs off FDI win, Nifty ends in red but above 5900
The stock markets closed in the red, discounting the UPA government's victory in Rajya Sabha where it voted on FDI in multi-brand retail. The 30-share Sensex closed 94 points down at 19392 while the 50-share Nifty shaved 23.50 points to close at 5907.
December 07, 2012 / 17:33 IST
The stock markets closed in the red, discounting the UPA government's victory in Rajya Sabha where it voted on FDI in multi-brand retail. The 30-share Sensex closed 62.70 points down at 19424.10 while the 50-share Nifty shaved 23.50 points to close at 5907.40. The equity benchmarks had stayed flat most of the day suggesting the final verdict on FDI in retail was already factored in.
The week saw a significant rally on Thursday with Nifty closing at 20-month high. However, it nosedived to close the week down 0.4 percent. Sensex closed down 0.5% while CNX Midcap stayed flat. IT Index lost 4 percent in the week.Speaking to CNBC-TV18 Sanju Verma said the FDI verdict was a foregone conclusion. It is important to note that valuation-based rally is almost over and an earnings-based rally will play itself out now. Retail stocks Pantaloon, Trent and Phoenix Mills closed in the green, while Shoppers' Stop lagged behind.Country's largest car maker Maruti Suzuki topped the buying list, rising 2 percent while shares of Tata Motors and M&M gained over 0.5 percent.State-controlled power equipment major BHEL and private power producer Tata Power were up over 0.7 percent.Top lender State Bank of India rose 0.16 percent whereas its rivals ICICI Bank and HDFC Bank were down over 0.2 percent. Housing finance company HDFC fell 0.76 percent.Software services exporters Infosys and TCS lost 0.8-1 percent, continuing the downtrend since yesterday.Healthcare majors Cipla, Sun Pharma and Dr Reddy's Labs declined 0.4-0.5 percent. Steel producers Tata Steel and Sterlite Industries tanked 1-2 percent.Index heavyweight and private oil & gas producer Reliance Industries slipped 0.9 percent.Realty major DLF and private sector lender Axis Bank were down 2.5-3 percent.In the second line shares, Hexaware plunged over 9 percent as the company lowered revenue guidance from 20 percent to 18 percent for Q4. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
