As predicted, in my yesterday’s write-up, profit booking did usher in and the Indian stock market snapped its three days of positive trend to close well below the dotted line. Trading sentiment was also hit by mixed trend in global markets as investors awaited cues from key US corporate earnings to be released later today. The indices were trading in the green zone in early morning trade but fell sharply during the afternoon session after the disappointing Q3 result of Hindustan Unilever (HUL) were out. Weak opening of the European markets also weighed on the market sentiments.
The BSE Sensex retreating from two-year highs lost 120.25 points to close at 19,981.57. The broader NSE Nifty fell by 33.80 points to close at 6048.50. The Sensex earlier touched a day's high of 20156 and a day's low of 19952. It opened at 20102. The Nifty touched a day’s high of 6,101 and a day’s low of 6,040. It opened at 6,080.
Shares of RIL, Wipro, NTPC, Bajaj Auto, Sun Pharma, ONGC, M&M are among gainers in Sensex and Nifty. While shares of HUL, Gail India, Hindalco, Tata Motors, SBI, TCS, Tata Steel, Tata Power, L&T and Bharti Airtel Infosys, ICICI Bank, Coal India, Maruti Suzuki, Hero MotoCorp, Dr Reddys Lab, BHEL, HDFC are among losers in Sensex and Nifty.
BSE Midcap index declined 0.91%, while the BSE Smallcap index was down by 0.81%. Across-the-board selling resulted in all 13 BSE sectoral indices closing lower with losses between 0.47 per cent and 1.98 per cent. Among the BSE sectoral indices, the BSE-Realty dropped by 1.98%, followed by BSE-CD (1.93&), BSE-FMCG (1.30%), BSE-PSU (0.91%), BSE-CG (0.86%) and BSE-IT (0.80%).
The market breadth stood in favor of bears. Of the 3,008 stocks traded on the BSE, 853 (28.36%) rose, 1,479 (49.17%) fell and 676 (22.47%) stocks remained unchanged.
Asian markets showed a mixed trend in today’s trade. Japan's benchmark Nikkei Index surged as much as 0.8%. Hong Kong was 0.18% higher, while Shanghai fell 0.53%. However, European markets were mostly lower as indices in France, UK and Germany declined by 0.03% to 0.60%, as per latest data. As per latest information, DOW is trading slightly higher while NASDAQ is trading lower.
The Japanese central bank lifted its growth forecast for the country's economy, predicting gross domestic product would expand 2.3% in the year ended March 2014. This will have its impact in tomorrow’s trade. Also Finance Minister P. Chidambaram's comment during meetings with foreign investors in Hong Kong that the government remained committed to pro-growth policies and reforms will also help the market regain its lost ground.
So under all likelihood, Indian market will be nervous at the beginning of tomorrow’s trade. However, if the results of Larsen & Toubro beat the market expectation, there can be a major uptrend movement.
The BSE Sensex retreating from two-year highs lost 120.25 points to close at 19,981.57. The broader NSE Nifty fell by 33.80 points to close at 6048.50. The Sensex earlier touched a day's high of 20156 and a day's low of 19952. It opened at 20102. The Nifty touched a day’s high of 6,101 and a day’s low of 6,040. It opened at 6,080.
Shares of RIL, Wipro, NTPC, Bajaj Auto, Sun Pharma, ONGC, M&M are among gainers in Sensex and Nifty. While shares of HUL, Gail India, Hindalco, Tata Motors, SBI, TCS, Tata Steel, Tata Power, L&T and Bharti Airtel Infosys, ICICI Bank, Coal India, Maruti Suzuki, Hero MotoCorp, Dr Reddys Lab, BHEL, HDFC are among losers in Sensex and Nifty.
BSE Midcap index declined 0.91%, while the BSE Smallcap index was down by 0.81%. Across-the-board selling resulted in all 13 BSE sectoral indices closing lower with losses between 0.47 per cent and 1.98 per cent. Among the BSE sectoral indices, the BSE-Realty dropped by 1.98%, followed by BSE-CD (1.93&), BSE-FMCG (1.30%), BSE-PSU (0.91%), BSE-CG (0.86%) and BSE-IT (0.80%).
The market breadth stood in favor of bears. Of the 3,008 stocks traded on the BSE, 853 (28.36%) rose, 1,479 (49.17%) fell and 676 (22.47%) stocks remained unchanged.
Market outlook for tomorrow
Asian markets showed a mixed trend in today’s trade. Japan's benchmark Nikkei Index surged as much as 0.8%. Hong Kong was 0.18% higher, while Shanghai fell 0.53%. However, European markets were mostly lower as indices in France, UK and Germany declined by 0.03% to 0.60%, as per latest data. As per latest information, DOW is trading slightly higher while NASDAQ is trading lower.
The Japanese central bank lifted its growth forecast for the country's economy, predicting gross domestic product would expand 2.3% in the year ended March 2014. This will have its impact in tomorrow’s trade. Also Finance Minister P. Chidambaram's comment during meetings with foreign investors in Hong Kong that the government remained committed to pro-growth policies and reforms will also help the market regain its lost ground.
So under all likelihood, Indian market will be nervous at the beginning of tomorrow’s trade. However, if the results of Larsen & Toubro beat the market expectation, there can be a major uptrend movement.
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