Indian equity benchmarks closed on a flat note amid volatile session on Wednesday. European markets too were quite choppy ahead of the last day of Federal Open Market Committee (FOMC) meet today anticipating a positive outcome. The 50-share NSE Nifty fell 6.95 points, to close at 5,133.25 and the 30-share BSE Sensex dropped 34.13 points, to end at 17,065.15.
Considering all factors, Rajen Shah, CIO of Angel Broking feels the market is going to be range bound probably in the band of 16000 to 17500 atleast for the next three months or so.
During the day, Oil & gas, FMCG, auto, capital goods and select technology stocks witnessed selling pressure. However, banking and telecom lend support.
Profit booking weigh on heavyweight Reliance Industries; the stock fell 1.6%. TCS too followed the same trend; declined 1.4% while Wipro moved up 1.3%.
From the auto space, Hero Motocorp was the biggest loser on Sensex - plunged 3%. Maruti, Bajaj Auto and Tata Motors were down 1-2.65%.
From the FMCG space, HUL and ITC declined 1.24% and 0.4%, respectively. From the metal space Hindalco fell nearly 3% and Tata Steel was down 0.56% while Coal India gained 1.6%.
Among major largecaps, HDFC, L&T, ONGC and BHEL closed marginally in the red.
However, ICICI Bank and Jaiprakash Associates were the top gainers - both gained 2% each. From the banking space, HDFC Bank and SBI rose 0.44% and 0.9%, respectively.
Bharti Airtel, NTPC, Cipla, DLF and Tata Power ended today's session with moderate gains.
The broader indices outperformed benchmarks; the BSE Midcap and Smallcap indices rose 0.7% each.
Midcaps like Prism Cement, Stride Arcolab, Glodyne Tech, Bajaj Hindusthan and JSL Stainless shot up 8-13%. However, Responsive Industries, Himadri Chemical, Rajesh Exports, India Infoline and A2Z Maintenance fell 3-5%.
Total traded turnover on both exchanges was more than Rs 1.24 lakh crore. About 807 shares advanced as against 620 shares declined on NSE.
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At 14:54 hours IST : Sensex sees moderate cut; broader indices outperform
Trading amid volatility and led by 1.5-2% fall in heavyweights Reliance Industries and TCS, equity benchmarks slipped marginally lower. The 30-share BSE Sensex slipped 49 points to 17,050 and the 50-share NSE Nifty fell 13 points to 5,127.
Hero Motocorp was the biggest loser, falling more than 3.5%. Among other auto stocks, Maruti Suzuki was down over 2% and Bajaj Auto fell over 1%. Tata Motors declined 0.8%.
From the oil & gas space, Cairn India went down over 2% and ONGC was down just 0.4%. L&T and BHEL dropped 0.3% each.
From the FMCG space, ITC and HUL were down 0.6% and 1.55%, respectively.
However, ICICI Bank extended gain, rising over 2%. NTPC, SBI, Jaiprakash Associates, Wipro, Grasim and Reliance Communications were down around 1%. HDFC Bank and Bharti Airtel rose over 0.4%.
Broader indices continue to outperform benchmarks; the BSE Midcap Index was up 0.7% and Smallcap up 0.6%.
At 13:53 hours IST : Sensex flat with negative bias; European markets dip
Indian equity benchmarks slipped amid choppy trade. The 50-share NSE Nifty fell 20 points to 5,120 and the 30-share BSE Sensex dropped 56 points to 17,043. European markets too were trading 0.7-1.4% lower. About 750 shares advanced as against 620 shares declined on the BSE.
It seems that the market has factored in all domestic events like inflation, GDP, rate hike etc, and is now eyeing global events like FOMC meet and updates of European debt crisis.
Among largecaps, Reliance Industries, TCS, Cairn India, Hero Motocorp, Hindalco, HUL and Maruti Suzuki were down between 1% and 3%. HDFC, ITC, ONGC and Tata Steel declined 0.5-0.9%.
However, ICICI Bank, NTPC, SBI and Wipro held top positions in the buyers' list; these stocks gained 0.7-1.6%. Bharti Airtel, Ranbaxy Labs, Axis Bank and JSPL were marginally in the green.
Midcaps like Stride Arcolab, Prism Cement, Bajaj Hindusthan, TV18 Broadcast and Arvind rallied 6-11% while India Infoline, A2Z Maintenance, Rajesh Exports, Allcargo and AstraZeneca fell 2-3%.
At 12:42 hours IST : Nifty seesaws; oil & gas, auto, FMCG under pressure
It's a flatish day for the market today as it listlessly floats in a narrow range of 5120-5155. While banking, capital goods, cement, telecom and select technology stocks were supporting the market, sell-off in oil & gas, FMCG, auto and select metal companies' shares capped the upside. The 30-share BSE Sensex dropped 47 points to 17,052 and the 50-share NSE Nifty fell 14 points to 5,125.
ICICI Bank, SBI, Wipro and BHEL were gainers on the Nifty, climbing 1-2%. Other largecaps like HDFC Bank, NTPC, L&T, Bharti Airtel and Sterlite Industries moved up 0.5%.
However, heavyweights Reliance Industries and TCS dropped 1.5% and 0.75%, respectively.
Cairn India, HUL, Hero Motocorp, Hindalco, GAIL, Maruti and Sesa Goa were down 1-1.8%. HDFC and ITC declined over 0.5%.
The broader indices were outperforming benchmarks - the BSE Midcap and Smallcap indices moved up 0.6% each.
On the global front, European markets slipped in the opening trade. France's CAC, Germany's DAX and Britain's FTSE fell 0.5-1%.
However, Asian markets were trading higher. Shanghai jumped 2.6%. Nikkei, Straits Times, Kospi and Taiwan were up 0.3-0.9% while Hang Seng lost 0.5%.
At 11:35 hours IST : Sensex choppy; SBI, Hero Motocorp, ICICI Bank most active
Indian equities were oscillating around their previous closing values awaiting cues from the international markets.
The ongoing FOMC meet and a possible breakthrough in the Euro debt crisis were keeping markets on their toes.
The market is likely to be range-bound till the end of this year, said Pratik Gupta, head at Deutsche Equities India.
"India-specific negatives have now been priced in and we don't expect a rush of flows into the market. Most foreign investors are currently underweight on India, and the flows are expected to return only once clarity on Europe emerges. Investors are also watching for RBI moves as well as corporate capex," he reasoned.
The 50-share NSE Nifty rose just 3 points to 5,143 and the 30-share BSE Sensex gained 20 points at 17,119.
Wipro, ICICI Bank, Coal India, SBI, BHEL and Ambuja Cements were top gainers among largecaps - these stocks gained between 1% and 2%.
On the downside, top losers were Hero Motocorp, Hindalco, Maruti Suzuki, Reliance Industries, HUL, Cairn India and Sesa Goa, which slipped 1-2%.
The market breadth was positive; about 850 shares advanced as against 450 shares declined on National Stock Exchange.
SBI, Hero Motocorp, ICICI Bank, L&T, Reliance Industries, Axis Bank and Infosys were most active shares on exchanges.
In the midcap space, Bajaj Hindusthan, Prestige Estate, Godfrey Phillip, Prism Cement and Stride Arcolab gained 5-8.5% while India Infoline, Infotech Enterprises, Tulip Telecom, A2Z Maintenance and ILandFS Transportation fell 2-3%.
In the smallcap space, Marathon Nextgen was locked at 20% upper circuit. Lumax Inds, INOX Leisure, Nirlon and Mirc Electronic rallied 10-13%. However, Bhagwati Banquet, Clarus Finance, Prabhav Industries, R M Mohite and Mangalore Chemical lost 5-6%.
At 10:29 hours IST : Nifty directionless; Wipro, L&T, ICICI Bank, BHEL gain
Equity benchmarks remained directionless in the morning trade today despite positive Asian cues. The 30-share BSE Sensex was trading at 17,062, down 37 points and the 50-share NSE Nifty slipped 11 points to 5,129.
Auto, FMCG and technology stocks, which rallied yesterday, saw profit booking. Even heavyweight Reliance Industries, which led Tuesday's rally, lost 1.5%.
ITC, HUL, TCS and Infosys were marginally in the red. From the auto space, Maruti, Hero Motocorp, M&M, Bajaj Auto and Tata Motors gained 0.5-1.5%.
However, capital goods, telecom, financial and select healthcare companies' shares were on buyers' radar.
Wipro, L&T, ICICI Bank, BHEL, JSPL and HCL Tech moved up 1-1.8%. Bharti Airtel, SBI, NTPC and HDFC Bank climbed 0.3-0.7%.
About 770 shares advanced as against 490 shares declined on National Stock Exchange.
On the global front, Asian markets were trading higher barring Hang Seng. Shanghai surged 2%. Nikkei, Straits Times and Taiwan gained 0.4-0.9%. Kospi rose 1.5% while Hang Seng declined 0.26%.
At 9:21 hours IST : Sensex flat in early trade; banks, capital goods gain
Indian equity benchmarks opened flat, signalling consolidation post 356 points rally on the Sensex yesterday. Markets worldwide are awaiting outcome of the crucial FOMC meet that concludes today. A solution to European debt crisis will also see help markets get direction.
At 9:20 hours IST, the 30-share BSE Sensex was trading at 17,121, up 22 points and the 50-share NSE Nifty rose 4 points to 5,144.
HCL Tech, BHEL, TCS, SBI, HDFC Bank, L&T, Bharti Airtel, Sterlite, Wipro, ITC, Sun Pharma, Ranbaxy Labs and Reliance Power were seeing buying interest.
However, Reliance Industries fell 1% on profit booking.
SAIL, Dr Reddy's labs, Maruti, Tata Motors, Jaiprakash Associates, ICICI Bank and Axis Bank were witnessing selling pressure.
About 366 shares advanced as against 160 shares declined on NSE.
Education sector has been buzzing post Dubai based company bought 12% stake in Everonn. Everonn Education was locked at 5% upper circuit.
Zee Learn shot up 5%. Career Point was up 3.5% and Educomp up 1.3%.
From the realty space, DB Realty and Presitge Estates were up 1-2%.
Voltas, Dabur, Lupin, TVS Motor, Ashok Leyland, Bata, Pantaloon Retail, Lanco Infra and Prakash Industries gained 1-2.5%.
Kale Consultants shot up 7% as it has received order from South American Airline LAN yesterday during market hours.
Vishal Retail rose 6%.
However, KS Oils tumbled 8% on accounting issues.
Bajaj Hindusthan goes ex-rights today, down 10%.
Global cues:
Asian markets were trading higher. Shanghai rallied 2%. Kospi and Taiwan rose 0.5%. Nikkei and Straits Times were flat. However, Hang Seng fell 0.4%.
It was a volatile session in the US on Tuesday. Market gained in early trade despite IMF cutting growth forecast, on Greece saying its making progress on rescue funds. ECB will buy Italian bonds.
However, the market slipped in late trade on reports that EU, IMF and ECB expected to return to Athens only in early October.
Housing starts slipped more than expected in August, was down 5% MoM - fell the most since April.
The Dow Jones Industrial Average lost 142 points from the high point of 11,550 to close flat at 11,408.
Nasdaq Composite dropped 53 points from day's high of 2,643 to close down 0.8% at 2,590.
S&P 500 Index declined 18 points from day's high of 1,220 to close flat at 1,202.
Commodities
Brent Crude ended at USD 110/barrel.
WTI crude was at USD 86.5/barrel
Gold was back above USD 1800/ounce this morning.
F&O cues:
Total Stock Fut Open Interest adds 4.12 cr shares
Nifty Fut Index sheds 8.77 lk shrs in Open Interest
Nifty Sept Fut trading at 16.5 pts prem v/s 5.2 pts prem
Nifty PCR rose to 1.53 from 1.48
Total Put adds 17.55 lakh shares
Total Call sheds 13.19 lakh shares
Open Interest Outstanding at 5000 Put, 4700 Put and 4800 Put
Nifty 5100 Put adds 17.29 lk shrs in Open Int
Nifty 5200 Put adds 13.04 lk shares in Open Int
Nifty 5000 Put adds 12.83 lk shares in Open Int
Nifty Oct 5200 Call adds 4.91 lk shares in Open Int
Nifty 5200 Call adds 4.78 lk shares in Open Int
Nifty 4600 Put sheds 14.78 lk shares in Open Int
Nifty 4900 Call sheds 10.40 lk shares in Open Int
Nifty 5100 Call sheds 9.90 lk shares in Open Int
Nifty 5000 Call sheds 8.29 lk shares in Open Int
Nifty 4500 Put sheds 5.75 lk shares in Open Int
India VIX closed at 27.25 down by 7.94%
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