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Rediff.com  » Business » Markets snap 3-day winning streak

Markets snap 3-day winning streak

Last updated on: May 29, 2013 16:47 IST

BSE buildingBenchmark indices closed in the red, after three consecutive sessions of gains, weighed down by software and financial shares coupled with weak global cues.

The Sensex closed for the day at 20,148 down 13 points and the Nifty slipped seven points to end at 6,104.

In broader markets, both the mid and smallcap indices underperformed, losing 0.2-0.4% as compared to the 0.1% loss on the BSE benchmark index.

In international markets, Asian markets had a mixed session. Japan's Nikkei share average inched up in choppy trade on Wednesday, with investors still wary after last week's tumultuous trade raised concerns about the outlook as the market retreats from 5-1/2-year highs.

The index finished up 0.1% at 14,326.

European shares fell across the board as robust U.S. economic data fanned speculation the Federal Reserve may soon begin tapering back its bond-buying programme.

The FTSE 100, CAC and DAX was down 0.9-1.2%.

Back home, the rupee weakened to its lowest in 10 months on Wednesday tracking broad dollar gains versus global and Asian currencies.

The first time the rupee had breached the 56 mark this month was on May 23 when it had touched 56.01 against the greenback.

Among the sectoral indices, Health Care, Consumer Durables, FMCG, Auto and Oil & Gas were the only indices to close in the green, up 0.1-2%.

On the other hand, Realty index slipped 2.5% followed by Metal, Bankex, Power, IT, Capital Goods and PSU indices, down 0.3-1.1%.

The draggers in the realty space were HDIL, Unitech and Indiabulls Real Estate, all down between 4-7%.

Metal names like Sterlite, Tata Steel and Jindal Steel lost some sheen. The stocks were down 2-2.5%.

All the three IT majors- TCS, Infosys and Wipro closed in the negative, having lost 0.3-1%.

Major financial names ICICI Bank, HDFC, SBI, down 1-1.4%, too were in the red ahead of January-March GDP data due this Friday.

Among autos, Mahindra & Mahindra, Maruti Suzuki and Bajaj Auto slipped 0.8-1.3%.

Gail India, Tata Power, L&T and NTPC down 0.4-1.5% were the other prominent losers.

Meanwhile, the movers in the healthcare space were Sun Pharma up 7% after reporting a better-than-expected 23% year-on-year growth in its consolidated net profit at Rs 1,012 crore for the quarter ended March 31, 2013.

IPCA Lab which gained 5% was the other major gainer.

Reliance Industries and ONGC closed higher by 0.2-0.5%.

From the FMCG space, both ITC and Hindustan Unilever closed up 0.7% and 0.5% respectively.

Tata Motors, Hero MotoCorp, Coal India, Cipla, HDFC Bank and Dr Reddys Lab up 0.2-1.7% were the other notable gainers.

In individual stocks, Sun TV Network gained 4% to Rs 428 after the promoters' offer to sell around 8 million shares via offer-for-sale (OFS) was oversubscribe by 1.50 times till 1355 hours.

Wockhdart was locked in lower circuit of 10% at Rs 1,122 on concerns of flat growth in the current financial year 2013-14.

AstraZeneca Pharma India rallied 19.5% to Rs 798 after the promoter received a strong response for share sale offer.

Novartis India rallied 8% to Rs 556 extending its previous day gain ahead of the promoter stake sale plan through offer-for-sale (OFS) to meet the Sebi minimum public shareholding norms.

Adani Power dipped 5% at Rs 54 after the company said that its board has allotted 479 million shares to two promoter group entities at a price of Rs 53.11 per share.

The market breadth was negative on the BSE. 1,342 stocks declined while 1,025 stocks advanced.

Jinsy Mathew in Mumbai
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