As predicted, the market was indeed nervous in the beginning, however it managed to remain above the dotted line till 13.10 hrs, but then it moved down. The market continued its downtrend till 14.40 hrs and then started its upward journey and close in positive territory. It was a volatile day of trading which saw stock specific movement. Market participants were also enthused by Finance Minister P Chidambaram's comments in Singapore to widen the tax base and ramp up revenues.
The BSE Sensex, which had lost 120 points in the previous session, bounced back by 45.04 points, or 0.23 per cent to close at 20,026.61 points. After a better start, the Sensex touched day's high of 20,058.07 and a low of 19,920.91. It opened at 19997. On the other hand, the broader NSE Nifty rose by 5.80 points or 0.10 per cent to close at 6,054.30. It earlier touched a day’s high of 6,069 and a day’s low of 6,021. It opened at 6,052.
Major gainers from the Sensex stocks were Bharti Airtel (4.44 pc), Tata Power (2.38 pc) ITC (1.37 pc), Hero Motoco (1.02 pc) HDFC (0.92 pc) and ICICI Bank (0.85 pc). However, HUL dropped by 4.43 per cent, followed by Tata Motors (1.98 pc), Hindalco Ind (1.54 pc), Gail India (1.32 pc), Bajaj Auto (1.24 pc), ONGC (1.14 pc) and NTPC (1.07 pc).
BSE-Midcap and BSE- Smallcap underperformed Sensex with a fall of 0.91 per cent and 0.90 per cent respectively. Among the 13 sectoral indices of BSE, 10 sectors closed in red zone while remaining 3 sectors closed in green zone. Top gainers were, BSE TECk up by 0.64%, BSE Bankex up by 0.43% and BSE Capital Goods up by 0.10%. While top losers were, BSE Realty down by 2.34%, BSE PSU down by 1.00%, BSE Consumer Durables down by 0.94% and BSE Auto down by 0.83%.
The market breadth stood in favor of declines. Of the 3039 stocks traded on the BSE, 817 (26.88%) rose, 1411 (46.43%) fell and 811 (26.69%) stocks remained unchanged.
In spite of yesterday’s fall in the market, foreign institutional investors (FIIs) continued their buying and injected a net Rs 1,046.40 crore yesterday as per provisional data from the stock exchanges. Even the day before that when the market shot up, FII were net buyers. This only reflects the market strength and how much intact the growth story of India is.
Finance Minister P Chidambaram promised FIIs that he will stick to the 5.3% fiscal deficit target for the current year, according to reports. FM reportedly expects to reduce the deficit by 60 basis points in each year for the next four years till it reaches 3%. This will only help in the flow more foreign funds in Indian market.
Nikkei, Hang Seng, Kospi and Taiwan were down while Shanghai Composite was up. Thus Asian markets were mostly lower today. The markets in the Europe was mostly high. The FTSE index was marginally up, CAC index was down by 0.2% and the DAX index in Germany was up 0.3%. But US markets are trading high.
Thus, the market tomorrow will most likely to start on a positive note and if corporate earning number for the third quarter does not spoil the mood, the market is all set to inch up.
The BSE Sensex, which had lost 120 points in the previous session, bounced back by 45.04 points, or 0.23 per cent to close at 20,026.61 points. After a better start, the Sensex touched day's high of 20,058.07 and a low of 19,920.91. It opened at 19997. On the other hand, the broader NSE Nifty rose by 5.80 points or 0.10 per cent to close at 6,054.30. It earlier touched a day’s high of 6,069 and a day’s low of 6,021. It opened at 6,052.
Major gainers from the Sensex stocks were Bharti Airtel (4.44 pc), Tata Power (2.38 pc) ITC (1.37 pc), Hero Motoco (1.02 pc) HDFC (0.92 pc) and ICICI Bank (0.85 pc). However, HUL dropped by 4.43 per cent, followed by Tata Motors (1.98 pc), Hindalco Ind (1.54 pc), Gail India (1.32 pc), Bajaj Auto (1.24 pc), ONGC (1.14 pc) and NTPC (1.07 pc).
BSE-Midcap and BSE- Smallcap underperformed Sensex with a fall of 0.91 per cent and 0.90 per cent respectively. Among the 13 sectoral indices of BSE, 10 sectors closed in red zone while remaining 3 sectors closed in green zone. Top gainers were, BSE TECk up by 0.64%, BSE Bankex up by 0.43% and BSE Capital Goods up by 0.10%. While top losers were, BSE Realty down by 2.34%, BSE PSU down by 1.00%, BSE Consumer Durables down by 0.94% and BSE Auto down by 0.83%.
The market breadth stood in favor of declines. Of the 3039 stocks traded on the BSE, 817 (26.88%) rose, 1411 (46.43%) fell and 811 (26.69%) stocks remained unchanged.
Market outlook for tomorrow
In spite of yesterday’s fall in the market, foreign institutional investors (FIIs) continued their buying and injected a net Rs 1,046.40 crore yesterday as per provisional data from the stock exchanges. Even the day before that when the market shot up, FII were net buyers. This only reflects the market strength and how much intact the growth story of India is.
Finance Minister P Chidambaram promised FIIs that he will stick to the 5.3% fiscal deficit target for the current year, according to reports. FM reportedly expects to reduce the deficit by 60 basis points in each year for the next four years till it reaches 3%. This will only help in the flow more foreign funds in Indian market.
Nikkei, Hang Seng, Kospi and Taiwan were down while Shanghai Composite was up. Thus Asian markets were mostly lower today. The markets in the Europe was mostly high. The FTSE index was marginally up, CAC index was down by 0.2% and the DAX index in Germany was up 0.3%. But US markets are trading high.
Thus, the market tomorrow will most likely to start on a positive note and if corporate earning number for the third quarter does not spoil the mood, the market is all set to inch up.
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