October 04, 2012 / 10:02 IST
It was yet another day of consolidation for the market. The benchmark index BSE Sensex took a breather and closed above 18850 mark. Cement stocks continue to strengthen its upward journey. Heavyweight like Ambuja Cement, ACC and JP Associates closed with hefty gains.
The Sensex closed at 18869.69 up 45.78 points or 0.24% and the Nifty shut shop at 5733.65 up 14.85 points or 0.26%. The breadth of the market was encouraging. About 1735 shares advanced, 1136 shares declined, and 582 shares remain unchanged.
Oil&Gas major Reliance industries rose 1.6%. Metal heavyweights Hindalco, Coal India and Sesa Goa also shined with gains of over 1.5% each.
Two wheeler majors, Hero Moto and Bajaj Auto slipped on weak September 2012 sales numbers. Bajaj volumes declined by 13% YoY, while Hero posted even weaker numbers with 26% decline in sales.
IDFC, Siemens, Ambuja Cements, HUL and Dr Reddys Labs were top gainers. Jindal Steel, Power Grid Corp, Hero Motocorp, Bajaj Auto and Axis Bank were top losers.
Infrastructure companies extended gains on hopes for additional support measures for the sector, while insurance-related stocks also gained on optimism for government action.
The final take on GAAR will be announced by last week of this month. Also, September quarterly results are eagerly awaited which will start next week and impact near-to-medium term trend of the market.
Activity in market was also being curtailed by caution ahead of the European Central Bank's monthly monetary policy meeting and a Spanish debt auction on Thursday, and by a US jobs report due out on Friday.
Signs of the economic slowdown in Europe and Asia was gathering pace and sent world share markets and oil lower on Wednesday, while the euro held steady against the dollar as traders await Spain's next move to solve its mounting debt problem.
Crude oil prices and commodities like copper were also hit by the weaker data which is expected to curtail demand.
Brent November crude futures fell 90 cents to $110.67 a barrel while US November crude shed 54 cents to $91.35 a barrel.
Gold importers in India stayed on the sidelines weighed by high prices and as inauspicious period for buying started, with demand slackness expected to continue for another fortnight.
The rupee was up in good two-way interest; pair at 52.29/30, a new 5-month low, versus Monday close at 52.40/41.
Dealers cite good corporate inflows as main reason for fall in pair with inflows from state-run power utility, IT firm as well as about $70 million from a financial services company.
(With inputs from Reuters)
