Indian equity market indices ended its four-day winning streak and closed in red today. As expected, Indian market opened higher on hopes of global growth recovery in US after better-than-expected economic data and several domestic reform initiatives by the government of India. However, Indian markets closed today's trading session in the negative zone trimming gains of the opening session.
Intensified selling during the closing session of today’s trading pulled down BSE benchmark Sensex by 92.66 points. The Sensex closed at 19,691.42 and the Nifty fell 27.75 points to settle at 5,988.40. The Sensex earlier touched a day's high of 19,856 and a day's low of 19,654, before opening at 19820. While the NSE Nifty earlier touched a day’s high of 6,042 and a day’s low of 5,997 before opening at 6,042.
BSE Mid Cap and BSE Small Cap indices however bucked the trend, edging higher by 0.24% and 0.55% respectively. Among the 13 BSE sectoral indices, six sectors closed in the red zone while remaining seven sectors closed in the green zone. Top gainers were, BSE Metal up by 0.94%, BSE Healthcare up by 0.41%, BSE Auto up 0.37%. While, top losers were, BSE CG was down by 1.47%, BSE FMCG fell by 1.05% and BSE CD down by 1.00%.
More than two stocks closed in the red for every Sensex stock that closed higher. Infosys, Wipro, Sun Pharma, Hero MotoCorp, Bharti Airtel, ICICI Bank, Maruti Suzuki, Tata Steel, ONGC, Mahindra & Mahindra, Hindalco Inds, are among gainers in Sensex and Nifty. While RIL,TCS, NTPC, BHEL, HDFC, SBI, Tata Steel, Hero MotoCorp, Dr Reddys Lab, Bajaj Auto, Tata Motors, Coal India, Tata Power, L&T, HUL, Gail India, Sterlite Inds, are among losers in Sensex and Nifty.
The advance decline ratio was in favour of the bulls. While, 1589 stocks advanced against 1345 declining stocks, only 132 stocks remained unchanged.
Moreover cautious approach of investors ahead of Q3 results to be announced this week will most likely to see market zooming down. However, the underlying sentiment of the market is quite positive as the Reserve Bank of India (RBI) is widely expected to cut interest rates at its January 29 policy review, which could help revive flagging economic growth.
Goldman Sachs maintained its 'overweight' call on Indian stocks, with an end-2013 target for the NSE Nifty, of 7,000. Thus weakness or downtrend in market even at this level can be seen as an opportunity to enter.
Intensified selling during the closing session of today’s trading pulled down BSE benchmark Sensex by 92.66 points. The Sensex closed at 19,691.42 and the Nifty fell 27.75 points to settle at 5,988.40. The Sensex earlier touched a day's high of 19,856 and a day's low of 19,654, before opening at 19820. While the NSE Nifty earlier touched a day’s high of 6,042 and a day’s low of 5,997 before opening at 6,042.
BSE Mid Cap and BSE Small Cap indices however bucked the trend, edging higher by 0.24% and 0.55% respectively. Among the 13 BSE sectoral indices, six sectors closed in the red zone while remaining seven sectors closed in the green zone. Top gainers were, BSE Metal up by 0.94%, BSE Healthcare up by 0.41%, BSE Auto up 0.37%. While, top losers were, BSE CG was down by 1.47%, BSE FMCG fell by 1.05% and BSE CD down by 1.00%.
More than two stocks closed in the red for every Sensex stock that closed higher. Infosys, Wipro, Sun Pharma, Hero MotoCorp, Bharti Airtel, ICICI Bank, Maruti Suzuki, Tata Steel, ONGC, Mahindra & Mahindra, Hindalco Inds, are among gainers in Sensex and Nifty. While RIL,TCS, NTPC, BHEL, HDFC, SBI, Tata Steel, Hero MotoCorp, Dr Reddys Lab, Bajaj Auto, Tata Motors, Coal India, Tata Power, L&T, HUL, Gail India, Sterlite Inds, are among losers in Sensex and Nifty.
The advance decline ratio was in favour of the bulls. While, 1589 stocks advanced against 1345 declining stocks, only 132 stocks remained unchanged.
Market outlook for tomorrow’s trading
Weak global trend will see Indian market indices to open lower tomorrow. Asian stocks were mostly down today. Nikkei was down by 0.83%, Hang Seng closed lower by 0.01%, KOSPI was down by 0.03%, Jakarta Composite fell by 0.40% while Taiwan was down by 0.65%. Only Shanghai Composite ended up by 0.37%. Even European shares were flat early on Monday, taking a breather from their New Year rally, buoyed by gains in banking stocks on the back of a regulatory decision to ease new liquidity rules for the sector. Presently, US markets are trading lower. Both Dow and NASDAQ are trading lower by almost 0.5% and 0.4% respectively.Moreover cautious approach of investors ahead of Q3 results to be announced this week will most likely to see market zooming down. However, the underlying sentiment of the market is quite positive as the Reserve Bank of India (RBI) is widely expected to cut interest rates at its January 29 policy review, which could help revive flagging economic growth.
Goldman Sachs maintained its 'overweight' call on Indian stocks, with an end-2013 target for the NSE Nifty, of 7,000. Thus weakness or downtrend in market even at this level can be seen as an opportunity to enter.
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