Sensex southbound amid volatility; Wipro, Infy, HUL gain
At 10:51 hours IST - equity benchmarks were trading lower amid volatility and continued the sell-off in today's trade as well. The 50-share NSE Nifty tested 5700 in first half an hour of trade after opening but it managed to hold the same level. Index had lost more than 100 points on Thursday.
January 14, 2011 / 12:38 IST
At 10:51 hours IST - equity benchmarks were trading lower amid volatility and continued the sell-off in today's trade as well. The 50-share NSE Nifty tested 5700 in first half an hour of trade after opening but it managed to hold the same level. Index had lost more than 100 points on Thursday.
Technology and healthcare companies' shares along with Reliance Communications, HUL, Siemens, M&M and ICICI Bank were supporting the markets. However, selling continued in metal, cement, realty, select auto and financial companies' shares along with Bharti, ONGC.Vibhav Kapoor of IL&FS said the markets are over-reacting to inflation and interest rate hike scenario. In the current situation, he feels, banks will see a bit of margin cut but on the credit growth front, they may record over 20% upside. Kapoor does not think the global commoditry prices will rise much from their current levels.The 30-share BSE Sensex slipped 100 points to 19,082 and the 50-share NSE Nifty fell 33 points to 5,718. Broader indices were moderately lower in trade.Among largecaps, Wipro, Reliance Communications, Ranbaxy Labs, HCL Tech and Siemens gained 1.5-2.5%. HUL, Cipla and M&M went up 0.8-1%.However, Tata Motors, Tata Steel, L&T, HDFC, Hindalco, Ambuja Cements, Axis Bank and ACC slipped 1.4-3.3%. SAIL tumbled over 4.5% post 34% decline in profit after tax at Rs 1,107 crore while expectation was at Rs 1468 crore.In midcap space, Shree Renuka Sugar, WABCO-TVS, Godfrey Phillip, Aventis Pharma and Supreme Industries were up 2-3.6% while Sadbhav Engg, BOC India, Whirlpool, Sobha Developer and Jubilant Foodworks lost 3-4%.In smallcap space, Simplex Project, Tata Coffee, Can Fin Homes, Zenith Infotech and EIH Associated Hotel gained 5.4-8.8% whereas Asian Hotel (E), Modern India, Bheema Cements, Spectacle Info and LS Industries fell 5-5.6%.New listing after scheme of arrangement: Kalyani Investment (Demerged from Kalyani Steels) was trading at Rs 860.60 and BF Investment (demerged from BF Utilities) was at Rs 124 a share. Breadth was slightly in favour of declines; about 1139 shares advanced as against 1293 shares declined on Bombay Stock Exchange._PAGEBREAK_Nifty tests 5700; cap goods, metals, financials slipAt 9:46 hours IST - the benchmark Nifty tested the 5700 - psychologically an important level in morning trade. Experts have been saying it is the major support for Nifty. Ambreesh Baliga of Karvy Stock Broking sees 5700 as a crucial support. A breach of 5700 would see the market falling 500-600 points, Baliga said. "I just hope that does not happen because it will clearly depend on the newsflow, which come at that point of time. But for the time being that is a very good support level. We still believe that the market would be in this range of around 5700 to 5900-5950," Baliga added.Capital goods, realty, oil & gas, metal, auto, cement and financial companies' shares were putting selling pressure on markets. However, benchmarks were getting a support at 5700 due to buying in Wipro, Infosys, HUL, Reliance Communications, Kotak Mahindra Bank, Dr Reddy's Labs and Tata Power. There was a bit of volatility in markets.The 30-share BSE Sensex was trading at 19,076, down 106 points and the 50-share NSE Nifty fell 38 points to 5,714. The broader indices were following the same trend with a fall of 0.6%.Among frontliners, Tata Motors, DLF, ONGC, Tata Steel, BHEL, ACC, Ambuja Cements, Axis Bank and Tata Motors gained 1.4-3.35%. SAIL tanked 4.82% post numbers. Its profit after tax was down 34% at 1,107 crore while expectation at Rs 1468 crore.However, Wipro rose 2.03% and Reliance Communications went up 1%. M&M, Infosys, HUL and HCL Tech gained 0.4-0.8%.In midcap space, Alfa Laval, Birla Corp, Tecpro Systems, Sintex India and Aventis Pharma rallied 2-4% while Whirlpool, Sadbhav Engg, Sobha Developer, TVS Motor and Amtek Auto lost 3-4.4%.In smallcap space, Simplex Project, Marathon Nextgen, Oscar Invest, Bhagwati Banquet and Zenith Infotech went up 5.8-9% whereas PTL Enterprises, Spectacle Info, Prabhav Industries, West Coast Paper and Parenteral Drug slipped 4-9%.About 828 shares advanced as against 1171 shares declined on Bombay Stock Exchange._PAGEBREAK_Nifty below 5750; SAIL, Tata Motors, BHEL, L&T slipThe benchmark Nifty was flat in opening trade, with a negative bias. It was consolidating around 5750 level after a day of sharp fall on Thursday. Financial, capital goods and metal companies' shares were down while technology stocks along with ICICI Bank were supporting the markets.SAIL tumbled 5% post numbers. Its profit after tax was down 34% at 1,107 crore while expectation at Rs 1468 crore.Among frontliners, Tata Motors, Tata Steel, BPCL, Axis Bank, Reliance Capital, L&T, SBI, IDFC and ICICI Bank were on sellers' radar.However, Infosys, Reliance Communications and Wipro were witnessing buying interest.At 9:17 hours IST, the 50-share NSE Nifty was trading at 5,729, down 22 points and the 30-share BSE Sensex fell 37 points to 19,145. The CNX Midcap lost 0.33% to 8,297. Breadth was negative; about 264 shares advanced as against 409 shares declined on National Stock Exchange.New listings after scheme of arrangement. BF Investments (demerged from BF Utilities) and Kalyani Investments (demerged from Kalyani Steels) listed at Rs 294.55/share and Rs 352.70/share on NSE, respectively.Midcap & Smallcap space:Bank of Baroda, Andhra Bank, HPCL and IOC were down over 1%.Jubilant Foodworks fell 2.4%. However, LT Foods and KRBL went up 1.5-2.7%. IL&FS Engineering rose 2%.Hindustan Media Ventures rallied 10% ahead of numbers today.Tata Coffee signed MoU with Starbucks for strategic alliance in India. The stock jumped 7%. Global cues:Asian markets were trading mixed. Shanghai lost 1%. Nikkei, Straits Times and Taiwan declined 0.25-0.6%. However, Hang Seng was up 0.3% and Kospi up 0.1%.The US markets end down as weekly initial jobless claims disappoint. The Dow Jones Industrial Average ended down 23.5 points at 11,732.The Nasdaq Composite was down 2 points at 2,735 and S&P 500 Index fell 2.2 points at 1284.CommoditiesFebruary natural gas contract was down 2.8% at USD 4.38 per MMBtuFebruary crude contract was down 0.5% at USD 91.4/barrelFebruary gold contract was up 0.1% at USD 1387/ounceMarch silver contract shed 1.1% at USD 29.26/ounceF&O cues: Total Nifty futures up Rs 497 crore, Options up Rs 5123 croreStock futures net add 29 lakh shares in Open Int Nifty Fut Open Int net add 1.23 lakh shares in Open Int; Nifty futures prem down to 4 pts versus 11 pts Nifty Open Int PCR down to 0.94 from 1.01Nifty Put add 12.7 lakh shares in Open Int, Call add 67.5 shares in Open IntHighest Open Int outstanding on call side at 6200 call, 6100 call; highest Open IntI on put side at 5600 PutNifty 5900 Call adds 19.8 lakh shares in Open Int; prem down from 78 to 39 (indicates writing)Nifty 5800 Call adds 19.2 lakh shares in Open Int; prem down from 132 to 75 (indicates writing)Nifty 5700 Call adds 9.3 lakh shares in Open Int; prem down from 202 to 126Nifty 5700 Put add 6.88 lakh shares in Open Int; prem up from 40 to 79Nifty 5600 Put adds 5.4 lakh shares in Open IntNifty 5300 Put adds 1.6 lakh shares in Open IntNifty 5800 Put shed 4.2 lakh shares in Open Int Discover the latest Business News, Sensex, and Nifty updates. 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