Concerns of weak GDP projections and cautiousness ahead of IIP and WPI inflation data to be announced on Tuesday and Thursday respectively did not allowed Indian markets to close in positive territory. Indian shares marked their longest losing streak since May 2011, and ended in negative zone for an eighth consecutive session. Markets opened in the green today and swung between positive and negative territory throughout the day’s trading. In the absence of trading in most Asian markets due to closure, the market virtually market struggled for direction throughout the day.
The 30-share BSE Sensex lost 24.20 points to close at 19460.57. The Sensex surged to a day's high of 19543 and a fell to a day's low of 19416. It opened at 19517. The 50-share NSE Nifty fell by 5.65 points, to end at 5897.85. Nifty touched a day's high of 5924 and a day's low of 5879. It opened at 5920.
Of the 30 shares of BSE index components, 13 stocks declined led by consumer durable and IT counters. However, a gain in realty and healthcare sectors saved the market from any major fall. Top 5 gainers in BSE Sensex stocks were: Cipla surging by 3.62 %, followed by Dr. Reddy (2.35 %), Hindalco (2.14 %), Sterlite (2.07) and HUL (1.88 %) The top 5 losers of the Sensex pack were: Maruti (1.79 %), ONGC (1.61 %), Jindal Steel (1.60 %), Bharti Airtel (1.57 %) and L&T (1.26 %). Of the 50-share Nifty pack 21 stocks ended with gains while the rest 29 stocks closed with loses. The top 5 gainers among NSE stocks were: Cipla surging by 3.77 %, followed by Axis Bank (2.98 %), Hindalco (2.37 %), Dr. Reddy (2.34 %) and Tata Motors (1.93 %). The top 5 losers among NSE socks are: ACC (3.50 %), IDFC (2.44 %), Jindal Steel (2.05 %), Maruti (1.82 %) and Bharti Airtel (1.74 %).
Both BSE Mid Cap and BSE Small Cap indices were only marginally down. Among the 13 sectoral indices in BSE, eight sectors closed with gains, while five sectors closed with losses. The top three gaining sectors were: BSE Realty up by 0.91%, BSE HC up by 0.74% and BSE PSU up 0.47%. The top three loosing sectors were: BSE CG down by 0.81%, BSE TECk down by 0.43% and BSE IT down by 0.33%.
The market breadth stood negative. Of the 2977 stocks traded on the BSE, 938 (31.51%) rose, 1061 (35.64%) fell and 978 (32.85%) stocks remained unchanged.
In Asia, markets in Hong Kong, China, Taiwan, Singapore, South Korea and Malaysia were all closed today for the Lunar New Year. Japan market was closed for National Foundation Day. Jakarta Composite was marginally up by 0.27 %.
Market in UK is closed. The CAC index in France is marginally up by 0.03 % and AEX Amsterdam Index is down by 0.04 % and DAX index in Germany is also down by 0.24 %. Markets in the U.S are showing signs of weakness. Dow Jones Industrial Average is trading down by 0.15 %, while the Nasdaq Composite Index is at present down by 0.12 %.
Amidst all this weakness in the market, Foreign Institutional Investors (FIIs) has remained net buyers on almost every trading day. FII’s have bought shares worth a net Rs 1490.82 crore on last Friday as per provisional data from the stock exchanges.
IIP data tomorrow will be a key factor. However a decline in four-wheeler car sales in January is a matter of concern. Reserve Bank of India Governor Duvvuri Subbarao today cautioned that the country is heading for the highest ever current account deficit this fiscal, which is a major cause of concern for all market participants. However, finance minister has already indicated that the government is committed to reform in the financial sectors and would take all the necessary steps to boost the economy and bridge the financial deficit.
Thus the current negative downtrend in the market must be taken as an opportunity to enter the market with an outlook of 2 to 3 months. Under most likelihood, the market will show signs of weakness even tomorrow; however a positive indication from IIP numbers may help the market to move up.
The 30-share BSE Sensex lost 24.20 points to close at 19460.57. The Sensex surged to a day's high of 19543 and a fell to a day's low of 19416. It opened at 19517. The 50-share NSE Nifty fell by 5.65 points, to end at 5897.85. Nifty touched a day's high of 5924 and a day's low of 5879. It opened at 5920.
Of the 30 shares of BSE index components, 13 stocks declined led by consumer durable and IT counters. However, a gain in realty and healthcare sectors saved the market from any major fall. Top 5 gainers in BSE Sensex stocks were: Cipla surging by 3.62 %, followed by Dr. Reddy (2.35 %), Hindalco (2.14 %), Sterlite (2.07) and HUL (1.88 %) The top 5 losers of the Sensex pack were: Maruti (1.79 %), ONGC (1.61 %), Jindal Steel (1.60 %), Bharti Airtel (1.57 %) and L&T (1.26 %). Of the 50-share Nifty pack 21 stocks ended with gains while the rest 29 stocks closed with loses. The top 5 gainers among NSE stocks were: Cipla surging by 3.77 %, followed by Axis Bank (2.98 %), Hindalco (2.37 %), Dr. Reddy (2.34 %) and Tata Motors (1.93 %). The top 5 losers among NSE socks are: ACC (3.50 %), IDFC (2.44 %), Jindal Steel (2.05 %), Maruti (1.82 %) and Bharti Airtel (1.74 %).
Both BSE Mid Cap and BSE Small Cap indices were only marginally down. Among the 13 sectoral indices in BSE, eight sectors closed with gains, while five sectors closed with losses. The top three gaining sectors were: BSE Realty up by 0.91%, BSE HC up by 0.74% and BSE PSU up 0.47%. The top three loosing sectors were: BSE CG down by 0.81%, BSE TECk down by 0.43% and BSE IT down by 0.33%.
The market breadth stood negative. Of the 2977 stocks traded on the BSE, 938 (31.51%) rose, 1061 (35.64%) fell and 978 (32.85%) stocks remained unchanged.
Outlook for tomorrow’s market
In Asia, markets in Hong Kong, China, Taiwan, Singapore, South Korea and Malaysia were all closed today for the Lunar New Year. Japan market was closed for National Foundation Day. Jakarta Composite was marginally up by 0.27 %.
Market in UK is closed. The CAC index in France is marginally up by 0.03 % and AEX Amsterdam Index is down by 0.04 % and DAX index in Germany is also down by 0.24 %. Markets in the U.S are showing signs of weakness. Dow Jones Industrial Average is trading down by 0.15 %, while the Nasdaq Composite Index is at present down by 0.12 %.
Amidst all this weakness in the market, Foreign Institutional Investors (FIIs) has remained net buyers on almost every trading day. FII’s have bought shares worth a net Rs 1490.82 crore on last Friday as per provisional data from the stock exchanges.
IIP data tomorrow will be a key factor. However a decline in four-wheeler car sales in January is a matter of concern. Reserve Bank of India Governor Duvvuri Subbarao today cautioned that the country is heading for the highest ever current account deficit this fiscal, which is a major cause of concern for all market participants. However, finance minister has already indicated that the government is committed to reform in the financial sectors and would take all the necessary steps to boost the economy and bridge the financial deficit.
Thus the current negative downtrend in the market must be taken as an opportunity to enter the market with an outlook of 2 to 3 months. Under most likelihood, the market will show signs of weakness even tomorrow; however a positive indication from IIP numbers may help the market to move up.
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