 Strong global cues, rising oil fail to rouse market; Nifty ends flatPublished on Mon, Mar 21, 2011 at 15:58 | Source : Moneycontrol.com Updated at Mon, Mar 21, 2011 at 16:34 Like this story, share it with millions of investors on M3
Sensex volatile; Ranbaxy, Hindalco top losers The Sensex trades with marginal gain around 17900 level. Buying was seen in select pharma, FMCG and oil and gas stocks while realty, IT stocks were down. Reliance, ICICI Bank, ITC, SAIL, Sun Pharma and HDFC were positive contributor to the bourses while Infosys, TCS, Ranbaxy and Hindalco were negative contributors. The other key factor worry to the market is Brent crude, it was trading at USD 115.60 a barrel. Biju Samuel of Quant Broking says, "We have been terming the entire weakness, which started in the Indian market since November 2010, as a cyclical bear market." Samuel feels the front-liners could get more affected going forward. "We may see intermediate consolidation in the short-term," he says adding, "The next downside move for the market could begin soon." On stock specific, Ranbaxy Laboratories was top loser on the Nifty; it was quoting at Rs 445.00, down Rs 23.55, or 5.03%. It was trading with volumes of 217,276 shares. There was news that Mylan sues US FDA over Lipitor launch by Ranbaxy. On the Global front, Asian markets were trading higher, Nikkei, Strait Times, Hang Seng were up 1.5-2%. At 13.13 hrs IST, the Sensex is up 8.86 points or 0.05% at 17887.67, and the Nifty up 9.05 points or 0.17% at 5382.75. About 1175 shares have advanced, 1514 shares declined, and 684 shares are unchanged. Top gainers on the Sensex were Jindal Steel at Rs 658.20 up 1.29%, Tata Steel at Rs 603.40 up 1.19%, Sterlite Ind at Rs 160 up 1.14%, HDFC at Rs 627.50 up 1.05% and M&M at Rs 639.40 up 1.02%. Refinery major HPCL was trading at Rs 337.20 up 1.86% from its previous close of Rs 331.05. Top losers on the Sensex were Hindalco at Rs 193.00 down 2.15%, Cipla at Rs 289.50 down 1.46%, Maruti Suzuki at Rs 1,147.50 down 0.93%, Reliance Comm at Rs 103.60 down 0.86% and Infosys at Rs 2,917.20 down 0.83%. Nifty in tight range; Sun Pharma, HDFC, ITC up The benchmark Nifty was extremely volatile in trade at 12:05 hours and was trading in a tight range of 5360-5400 since early trade. Market breadth was too mixed; about 630 shares advanced as against 622 shares declined on the National Stock Exchange. The short-term is very range bound, says Dhiraj Agarwal, Director, Institutional Equities at Standard Chartered Capital Markets. "The market is trying to make up its mind as to which way to go from a medium-term perspective. The series of events which have been unfolding in the last two weeks is a) difficult to fully understand what the implications are and b) difficult to forecast how these events will take shape in terms of how much incremental damage could there be, either it is Japan or the Middle-East." "The market is currently displaying a sort of confused move, choppy on either side without going anywhere. It just might continue like that for a while more," he added. The 30-share BSE Sensex gained 76 points at 17,955 and the 50-share NSE Nifty went up 25 points to 5,397, supported by oil & gas, financial, capital goods and steel companies' shares. Jindal Steel, M&M, HDFC, Tata Steel, Sterlite Industries, Sun Pharma, SAIL and Dr Reddy's Labs were top gainers, moving up 1-2%. However, Ranbaxy Labs was the top loser with 4.6% loss as Mylan is seeking to block Lipitor generic in US. Lipitor was estimated to add USD 500-600 million to Ranbaxy's sales. Infosys, TCS, HUL, NTPC, Reliance Communications, Cipla, Maruti, Hindalco, PNB and Reliance Capital were other losers in trade. Crude prices have been on a rise since the past many months now and the unending unrest in the Middle-East is pushing it further up. Brent climbed 1.5% on Monday towards USD 116 per barrel after western forces launched a military campaign against Libya, stoking fears of intensifying violence in North Africa and the Middle-East. The prices would cool down only once tension in the Middle East and North Africa (MENA) region subsides, said Praveen Kumar senior consultant and head of South Asia oil & gas team at FACTS Global Energy. "Until then, it may remain buoyant," he added. Sensex choppy; Infosys, TCS, Reliance slip The benchmark Nifty was trading with moderate losses amid volatility at 10:41 hours, dragged down by oil & gas, technology, Anil Dhirubhai Ambani Group (ADAG), power and realty companies' shares. Ranbaxy, SBI and ICICI Bank too were down. Rising oil prices could be weighed on the markets today; Brent crude was inching closer to USD 116 a barrel. Crude prices may be buoyant till Libyan tensions continue, says Praveen Kumar of Facts Global Energy. Nymex crude was trading at USD 102.92 a barrel, up 1.83% and London Brent crude jumped 1.17% to USD 115.65 a barrel. Casey Research sees lot of speculation in crude oil market. "Crude oil can hit USD 150-155/barrel if tensions escalate. Crude oil production is insignificant in Libya." Praveen Kumar expects prices to cool down once MENA tensions subside. Facts Global said, "Saudi Arabia has already ramped up production, which was up from 8 million to 9.2 million barrels per day. This ramp up covers Libyan decline. James Paulsen from Wells Capital Management feels that despite losing spark due to tensions in the Middle East, emerging markets have showed better-than-expected recovery results. "Emerging markets are clearly the economic leaders in the globe and US investors should use this opportunity and buy in emerging markets when they are relatively underperforming," he said. The 30-share BSE Sensex was trading at 17,820, down 58 points and the 50-share NSE Nifty fell 17 points to 5,356. The broader indices too were quite volatile. However, steel, capital goods and select auto companies' shares were supporting the markets to cut down losses. HDFC, HDFC Bank and Sun Pharma were too on buyers' radar. Among frontliners, Jindal Steel, HDFC, Sterlite Industries, Tata Motors, Tata Steel, Sun Pharma, Suzlon Energy, Cairn India and Dr Reddy's Labs gained 0.5-1%. However, Hindalco, Reliance Communications, Tata Power, Infosys, Maruti Suzuki, Sesa Goa and Reliance Power slipped 1-3%. Ranbaxy Labs tumbled 4.63% as Mylan sued US FDA for Lipitor and is seeking to block Ranbaxy's Lipitor copy. Lipitor was estimated to add USD 500-600 million to Ranbaxy's sales. In midcap space, Sun Pharma Advanced, Escorts, Videocon Industries, Bayer Cropscience and Opto Circuits rallied 3-7% while Gujarat Gas, KGN Industries, Sanwaria Agro, WABCO-TVS and SKS Microfinance lost 3-6%. In smallcap space, Asian Hotel (E), Fame India, Elantas Beck, EIH Associated Hotel and Smartlink Network gained 5-11% whereas Shristi Infra, Gokaldas Export, Graviss Hosp, Surya Roshni and Nitesh Estates fell 4-5%. Nifty gains amid volatility; financials, infra up Indian equity benchmarks rebounded on the first day of week with 100 points gains on the Sensex after heavy sell-off on Friday led by Reliance. Even Asian markets too were quite supportive. But half of gains wiped out immediately in early trade amid volatility. Short covering rally pushed the 50-share NSE Nifty above the 5400 mark in initial trade. At 9:18 hours, it was trading at 5,389, up 15 points and the 30-share BSE Sensex gained 47 points to 17,926. Among frontliners, Cairn India, Reliance Power, Reliance Capita, Reliance Infrastructure, Axis bank, HDFC, HDFC Bank, Tata Steel and Sterlite Industries were leading the markets higher. However, oil marketing companies like HPCL, BPCL and IOC were under selling pressure as London Brent crude was inching closer to USD 116 a barrel on Middle East tensions. HUL, Infosys and Reliance Industries too were marginally in red. The CNX Midcap rose 25 points to 7,617. About 603 shares advanced as against 278 shares declined on National Stock Exchange. Midcap & Smallcap space: Piramal Life Sciences gained 3% today. It rallied 45% in last week. Pipavav Shipyard was up 2.4% as in a block deal, about 3.56 crore shares, which is 5.4% of the total equity, changed hands on exchanges. Jayshree Tea rose 2.5%. Mcleod Russel and Tata Global went up 1%. Indiabulls Power was up 3% and Exide Industries up 1.2%. Kingfisher Airlines went up 0.6% and GVK Power up 0.5%. Fame India and Monnet Ispat shot up 3.5%. Cadila Healthcare was up 0.8%. However, Central Bank was down 1.5% and Punj Lloyd down 0.65%. Indiabulls Real fell 3%. Global cues: Asian markets were trading higher. Hang Seng, Straits Times, Kospi and Taiwan went up around 1%. Shanghai was flat. The US markets ended off day's high as Japan raised nuclear safety alert level & UN established no-fly zone over Libya. China's central bank hiked reserve requirement ratio by 50 bps. The Dow Jones Industrial Average ended up 84 points at 11,859, after slipping by 70 points from day's high of 11,927 on Friday. It was down 1.5% for week while gained 2.4% YTD. The NASDAQ Composite ended up 7.5 points at 2,644, after coming off 21 points from day's high of 2,665. It was down 2.65% for week and fell 0.35% YTD. Commodities April crude oil contract was up 0.4% at USD 101.07/barrel on Friday. Now it is trading at USD 103.17/barrel April natural gas contract was unchanged at USD 4.16 per MMBtu April gold contract gained 0.8% at USD 1416.1/ounce May silver contract moved up 2.3% at USD 35.05/ounce Grains were up 3.2%. They gained 8.6% in past two sessions May corn contract was up 5.7% F&O cues: -Total Futures open interest (OI) was down by Rs 66 crore on Friday
PREVIOUS STORY Trending NewsBusiness News
|
News FM Says Q4 GDP Growth Lowest In Contemporary Times  The latest earning numbers FIRST on CNBC-TV18
Videos
Interviews
 May 31 2012, 11:18 | Source: CNBC-TV18  May 31 2012, 10:31 | Source: CNBC-TV18  Subscribe to Moneycontrol Newsletters |
|||||||
