Metal stocks fell on Tuesday, with the S&P BSE metal index sliding 2.8 per cent compared to the 0.64 per cent fall in the benchmark S&P BSE Sensex
Select leading markets like Bombay Stock Exchange, National Stock Exchange, forex and money market will remain closed on December 25, on account of Christmas.
Sensex falls at close; metals, banks perform well.
'The news about the new virus strain in the UK provided them with an opportunity to take money off the table.'
SBI was the top gainer in the Sensex pack, jumping around 3 per cent, followed by Kotak Bank, Axis Bank, Bajaj Auto, Tech Mahindra, UltraTech Cement and PowerGrid. NSE Nifty rose 36.40 points to 15,337.85.
Sensex ended up 11 points at 25,561 and the 50-share Nifty gained 16 points to end at 7,640.
IndusInd Bank was the top loser in the Sensex pack, shedding over 3 per cent, followed by Tata Steel, Bajaj Auto, HCL Tech, Sun Pharma and Tech Mahindra. On the other hand, HDFC twins and Bajaj Finance were the gainers.
The 30-share Sensex and the 50-share Nifty ended flat at the mark of 27,403 and 8,248 respectively.
Benchmark stock indices Sensex and Nifty tumbled nearly 1 per cent on Wednesday due to profit booking in banking, financial and IT stocks after a recent rally. The 30-share BSE Sensex plunged 537.22 points or 0.94 per cent to end at 56,819.39 as 24 of its stocks declined. During the day, it tanked 772.57 points or 1.34 per cent to touch a low of 56,584.04. The broader NSE Nifty declined by 162.40 points or 0.94 per cent to 17,038.40 with 39 of its constituents ending in the red. Bajaj Finance was the biggest loser among Sensex stocks, dropping by 7.24 per cent.
The upcoming July derivatives expiry later in the week would also add some volatility to the market proceedings.
The main losers on the Sensex were Tata Steel, Hero Moto, BHEL, ONGC & Maruti Suzuki.
Bajaj Finserv was the top loser in the Sensex pack, shedding over 3 per cent, followed by Maruti, Bharti Airtel, Asian Paints, Bajaj Finance and HDFC.
HDFC was the top loser in the Sensex pack, shedding nearly 2 per cent, followed by Kotak Bank, Asian Paints, UltraTech Cement, HDFC Bank, HUL and Tech Mahindra.
However, experts caution that investors should not expect the big returns they got from the sector between March and September 2020.
On the Sensex chart, NTPC, SBI, UltraTech Cement, ICICI Bank, Tata Steel, Bajaj Finserv and Bjaja Finance were among the major laggards, shedding as much as 1.63 per cent.
Benchmark indices failed to sustain gains and retreated from day's high dragged primarily by the losses in metals, information technology and bank shares as investors started to book profits in late noon deals. Earlier, markets had scaled fresh all-time highs on the surprise post-budget rate cut by Reserve Bank of India (RBI). The 30-share Sensex ended down 213 points at 29,380 and the 50-share Nifty closed down 74 points at 8,922. Intra-day, Sensex reached the all-time high mark of 30,024.74 while Nifty touched the life-time high level of 9,119.20. In the broader market, both the BSE Midcap index and Smallcap indices, down 1% and 1.2% each underperformed the front-liners. Market breadth in BSE ended negative with 1,882 declines against 1,010 advances. A day after signing an agreement with Finance Ministry on inflation targeting, RBI surprised the markets with an early post-budget repo rate cut of 25 bps (basis points) to 7.5% from 7.75% which was again outside of central bank's scheduled policy review meetings as the earlier rate cut effected on January 15. "RBI's latest rate cut of 25 basis points, while a surprise in its timing is in-line with our expectations of a sharp rate-cutting cycle over the coming quarters. With inflation sustainably lower by 500bps, the RBI has in recent months acknowledged the scope for rate cuts and was only waiting for additional comfort that the government's fiscal policy would not play spoil-sport," said Dinesh Thakkar, chairman and managing director at Angel Broking in a note. Analysts at Karvy believe that further monetary policy action will depend on number of factors including easing of supply constraints, improved availability of power, land, minerals and infrastructure, fiscal consolidation, the pass through of rate cuts by banks and the expected monsoon. Citing weakness in some sectors of the economy and the overall global trend towards monetary easing as rationale for the rate cut the central bank also exuded confidence in the road map for fiscal consolidation as laid out in the Union Budget, 2015. Commenting on how the markets reacted to RBI's surprise move, K Subramanyam assistant vice-president (institutional research), Asit C. Mehta Securities said, "The unexpected cut did take the market by surprise .However, credit off-take is not dependant only on interest rates. A gradual revival in the economy would be of more help which would trigger credit off-take. Hopefully this will follow and RBI's action would prove helpful. From market point of view this is bullish as equity becomes more attractive vis-a-vis falling interest rates." On the macro-economic front, the HSBC services PMI rose to an eight-month high of 53.9 in February up from 52.4 in January indicating strong expansion in output across the sector. Respondents cited robust growth of new business as the principle factor for the increase in activity. Meanwhile, foreign portfolio investors (FPIs) bought shares worth a net Rs 773 crore on Tuesday, as per provisional data. Buzzing Stocks 9 out of the 12 sectoral indices of BSE ended in red. BSE Metal index, down 2.4% was the top loser followed by BSE Oil & Gas and Power indices, down 1.3% each. BSE Healthcare index, up 1.2% and BSE FMCG index, up 0.9% were the top losers. Bank stocks came under during late noon trades as traders booked profits at higher levels. However, RBI rate cut may encourage large lenders to cut their lending rates boosting demand for home and auto loans and provide funds for various stalled and new projects. Many stalled projects across the country are waiting for cash to restart work. The stock of stalled projects at the end of December 2014 stood at Rs 8.8 lakh crore or 7% of GDP. ICICI Bank ended down 0.1%, Axis Bank and SBI declined over 3% and HDFC Bank shed 1.5%. Sun Pharma gained over 6% on approval granted to Sun Pharma Advanced Research Company (SPARC) by US FDA for an antiepileptic drug. The product will be manufactured by Sun Pharmaceutical Industries at its Halol (Gujarat) facility in India. SPARC was formed in 2007 when Sun Pharma separated out its active projects in drug discovery and innovation into a new company. Dr Reddys Lab and Cipla have gained over 1% each. ITC gained over 1% after consecutive sessions of losses on the proposed larger-than-expected hike in excise duty on cigarettes in the Union Budget. The biggest ever auction of spectrum by the Department of Telecommunications (DoT) started on Wednesday in the morning where government expects to garner Rs 80,000-1lakh crore from the sale of spectrum. Idea Cellular gained over 2%, Reliance Communication gained around 1% and Bharti Airtel closed 0.5% higher. Metal stocks were under pressure in today's session. Hindalco declined over 3%, Sesa Sterliteended down over 4% and Tata Steel closed down 2%. Profit-taking in IT stocks led to Wipro losing around 1.8%, Infosys declining 0.7% and TCS losing 1.5%.
Tata Steel was the top gainer in the Sensex pack, rallying over 4 per cent, followed by Bajaj Finserv, IndusInd Bank, HDFC, Nestle India, Asian Paints and Sun Pharma. NSE Nifty rose 61.40 points to its fresh record peak of 15,879.65.
Titan was the top gainer in the Sensex pack, rising around 4 per cent, followed by HDFC, Nestle India, IndusInd Bank, UltraTech Cement and Bharti Airtel. On the other hand, Bajaj Auto, Tata Steel and NTPC were the laggards.
Among top losers, Reliance Industries (RIL) sank over 4 per cent, after the company shelved a proposed deal to sell a 20 per cent stake in its oil refinery and petrochemical business to Saudi Aramco for $15 billion. Other laggards included Bajaj Finance, Bajaj Finserv, NTPC, SBI and Titan.
Bank of Baroda ended flat after sharp gains in the previous session.
ONGC was the top loser in the Sensex pack, shedding around 5 per cent, followed by SBI, Axis Bank, ICICI Bank, Bajaj Auto and Maruti. On the other hand, IndusInd Bank, HUL, Dr Reddy's, NTPC and Reliance Industries were among the gainers.
Tata Steel was the top gainer in the Sensex pack, rallying nearly 7 per cent, followed by Bajaj Finserv, SBI, HCL Tech, Sun Pharma, Bajaj Finance and Reliance Industries. NSE Nifty advanced 69.05 points to 15,778.45.
The wider Nifty hit a low of 10,033.35 before finishing at 10,044.10, down 74.15 points or 0.73 per cent.
SBI was the top loser in the Sensex pack, shedding over 1 per cent, followed by HDFC duo, Kotak Bank, PowerGrid and ICICI Bank.
HCL Tech was the top loser in the Sensex pack, shedding over 3 per cent, followed by Infosys, Bajaj Finserv, NTPC, ICICI Bank and IndusInd Bank.
Bharti Airtel was the top gainer in the Sensex pack, rising around 4 per cent, followed by Tech Mahindra, HDFC, Kotak Bank, M&M and HCL Tech. NSE Nifty advanced 21.85 points to 16,280.10.
The 30-share Sensex ended up 292 points at 29,571 and the 50-share Nifty closed up 75 points at 8,910.
The 30-share Sensex ended up 8 points at 27,508 and the 50-share Nifty closed 1 point higher at 8,284.
Bajaj Finserv was the top gainer in the Sensex pack, jumping nearly 5 per cent, followed by Bajaj Finance, Infosys, M&M, Maruti and HDFC. NSE Nifty surged 93 points to 15,301.45.
Reliance Industries was the top gainer in the Sensex pack, rising over 1 per cent, followed by ICICI Bank, SBI, HDFC, M&M, Axis Bank, Bajaj Finance, Titan and Infosys. NSE Nifty advanced 42.20 points at 15,722.20.
Equity benchmarks Sensex and Nifty ended marginally lower on Tuesday as investors booked profits at higher levels amid a mixed trend in global markets.
Tata Steel was the top gainer in the Sensex pack, rising over 4 per cent, followed by Axis Bank, SBI, ICICI Bank, Bajaj Finserv, L&T and Maruti. NSE Nifty advanced 69.90 points to 15,860.35.
Sensex,Nifty to remain under pressure through the week.
The Sensex rally was driven by Tata Motors, Vedanta, Bharti Airtel, Maruti, Reliance Industries, Tata Steel, Larsen and Toubro and HCL Tech.
Persistent capital inflows by domestic institutional investors and retail investors kept the markets in fine nick
ONGC was the top loser in the Sensex pack, shedding around 4 per cent, followed by NTPC, PowerGrid, M&M, Nestle India, SBI and HCL Tech. On the other hand, HUL, Bajaj Auto, Bharti Airtel, Bajaj Finserv were among the gainers.
IndusInd Bank was the top loser in the Sensex pack, shedding over 3 per cent, followed by Tata Steel, NTPC, Bharti Airtel, HCL Tech, ICICI Bank, M&M and HDFC Bank. NSE Nifty fell 120.30 points to 15,632.10.
On the Sensex chart, HDFC, L&T, SBI, Axis Bank, Bajaj FinServ and HDFC Bank were major laggards - dropping up to 2.62 per cent. NSE Nifty closed with a loss of 164.85 points at 15,080.75.
Both the indices ended at their highest levels since February 1.
Other than ITC, other laggards include PowerGrid, Infosys, M&M, NTPC, SBI, HDFC, Kotak Bank, HDFC Bank, TCS, Hero MotoCorp, Coal India, ONGC, RIL, Asian Paint, IndusInd Bank, ICICI Bank, Maruti Suzuki, Bajaj Auto, Tata Motors, Bharti Airtel and Axis Bank.
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