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Rediff.com  » Business » Markets snap losing streak led by defensives

Markets snap losing streak led by defensives

Last updated on: March 26, 2013 17:08 IST

BSEMarket end a 7-day losing streak and closed higher this Tuesday on back of buying in consumer goods and healthcare companies, however, risk appetite was frail as investors opted to remain on the side-lines in a holiday truncated week coupled with derivative contracts expiry on Thursday.

Indian stock markets will remain shut this Wednesday and Friday on account of Holi and Good Friday.

Trading was also on a cautious note amid brewing concerns over lack of support to Congress-led UPA government from its key political allies after Dravida Munnettra Kazhagam (DMK) party withdrew support last week.

The Bombay Stock Exchange's 30-share index Sensex rose 23.11 points and at 18,704.53 while the National Stock Exchange's 50-share Nifty gained 7.75 points at 5,641.60.

Global risk appetite also remained frail with traders in most part of the region treading cautiously amid renewed worries about the financial situation in the eurozone following the bailout plan for Cyprus.

Japan's Nikkei ended down 0.6% to 12,472, Strait Times added 0.55% to 3,285, Hang Seng gained 0.27% to 22,311 while Shanghai dropped 1.25% to 2,297.

Meanwhile, European shares gained ahead of U.S. data that may show durable-goods orders increased and new-house sales held close to a four-year high last month.

France’s CAC gained 0.22% to 3,736, Germany’s DAX rose 0.27% to 7,892 and UK’s FTSE was up 0.23% to 6,393.

Back home, real-estate, capital goods, oil & gas, metals, power sectors dropped while consumer durables, FMCG, technology, auto indexes were among the gainers on BSE.

Among individual stocks, Bharti Airtel gained nearly 3%, HDFC and HDFC Bank rose 2.3% and 1% respectively, HUL and ITC added 2% and 1% while Sun Pharma gained 0.2% on BSE.

The laggards included counters such as Reliance Industries falling 3.4%, GAIL and Tata Steel dropped 3%, Hero MotoCorp shed 3% while Larsen & Toubro and BHEL declined 2.6% and 2% on BSE.

The key notable movers included, Share of Pantaloon Retail declined 4% after the announcement that L&T General Insurance will be merged with Future Generali Insurance.

Colgate-Palmolive (India) dipped over 2% at Rs 1,248 after the company said it plans to sell a division to a unit of its holding company, U.S.-based Colgate Palmolive Co., for a total consideration of Rs 59.89 crore.

Shares in Tech Mahindra Ltd declined nearly 1%, a day after the companie said a long-planned merger between the company and Satyam Computer Services had been delayed by an additional six months up to September 30.

On the gaining side, Balmer Lawrie & Company rose 2% to Rs 609 on the Bombay Stock Exchange (BSE) ahead of its board meeting today to consider a maiden bonus issue proposal.

Shares in Wockhardt Ltd gained 1.5% after Bank of America-Merrill Lynch initiates coverage on the stock with a "buy" rating and a target price of 2,565 rupees.

The broader markets ended mixed with mid-caps dropping 0.1% while small-caps gaining 0.04% on BSE.

The market breadth was negative. Out of 2,885 stocks traded, 1,460 stocks declined compared to 1,290 advances on BSE.

Aastha Agnihotri in Mumbai
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