Weak closing of Indian equity market today, in spite of strong global cues has left most market analysts caught in the wrong foot. Trading in Indian stock market opened today with a positive gap tracking strong closing of the U.S. stock market yesterday and positive trend in all the Asian markets. But the market could not hold on to its gain and turned weak in the late afternoon trade on the back of profit booking visible in heavyweight stocks.
Falling for the fifth straight day, the BSE benchmark Sensex today fell by 20.10 points to close at 19639.72. The Sensex had earlier touched a day's high of 19767 and a day's low of 19611. It opened at 19737. The broader indices, NSE Nifty however, snapped its four days of loosing trend and managed to rise by 2.30 points to close at 5959.20. It earlier touched a day’s high of 5990 and a day’s low of 5953. It opened at 5988.
Major losers from the 30-share Sensex were NTPC falling by 2.12 %, Coal India falling by 2.03 %, BHEL loosing 1.72 %, HUL loosing 1.60 %, L&T falling by 1.23 %, ICICI Bank declining by 1.08 % and ONGC falling by 0.98 %. However, Jindal Steel rose by 2.69 %, followed by Maruti Suzuki 1.61 %, HDFC 1.25 %, TCS 0.82 %, Hindalco Ind 0.79 %, ITC 0.78 % and Tata Steel 0.63 %.
At day’s closing, the BSE Midcap index gained 0.02%, while the BSE Smallcap index moved up by 0.24%. Among the 13 BSE sectoral indices, six sectors closed in positive zone while remaining seven sectors closed in negative zone. Top gainers among BSE sectoral indices are - BSE Realty up by 0.78 %, BSE IT up by 0.62 %, BSE TECk up 0.60 %. Top losers are - BSE CG down by 0.93 %, BSE PSU down by 0.57 % and BSE Power falling by 0.49 %.
The market breadth stood in favor of advances. Of the 2986 stocks traded on the BSE, 1165 (39.02%) rose, 1017 (34.06%) fell and 804 (26.93%) stocks remained unchanged.
Asian shares recovered on Wednesday on the back of solid euro zone data and yesterday’s rally in the U.S. market. Almost all the Asian markets ended on a positive zone at the end of day’s trading. Shanghai Composite index in China ended up higher by 0.06 %, Nikkei index in Japan inched up by 3.77 %, Straits Times ended up by 0.12 %, Taiwan index closed with a gain of 0.25 %, Jakarta Composite gained 0.44 % and Hang Seng index in Hong Kong ended higher by 0.47 %. Only Kospi lost 0.10 %.
Markets in the Europe showed mixed trend. FTSE index in UK is up by 0.20 %, the CAC index in France is down by 1.40 %, the DAX index in Germany is down by 1.09 % and AEX Amsterdam Index ended lower by 0.74 %. Markets in the U.S are showing signs of extending its gain yesterday. Dow Jones Industrial Average and Nasdaq Composite Index is both up 0.04 %.
Foreign Institutional Investors (FIIs) bought shares worth a net Rs 489.27 crore yesterday as per provisional data from the stock exchanges. Thus, global signals for Indian market are quite positive. Even FII buying figures indicates the strength of the Indian markets. Market is perhaps looking towards the union budget on February 28th for government’s outlook on fiscal deficit front. Though many market analysts felt that the markets may move further down by another 200 points, but it’s quite definite that the market will soon inch upwards to scale new peaks.
Falling for the fifth straight day, the BSE benchmark Sensex today fell by 20.10 points to close at 19639.72. The Sensex had earlier touched a day's high of 19767 and a day's low of 19611. It opened at 19737. The broader indices, NSE Nifty however, snapped its four days of loosing trend and managed to rise by 2.30 points to close at 5959.20. It earlier touched a day’s high of 5990 and a day’s low of 5953. It opened at 5988.
Major losers from the 30-share Sensex were NTPC falling by 2.12 %, Coal India falling by 2.03 %, BHEL loosing 1.72 %, HUL loosing 1.60 %, L&T falling by 1.23 %, ICICI Bank declining by 1.08 % and ONGC falling by 0.98 %. However, Jindal Steel rose by 2.69 %, followed by Maruti Suzuki 1.61 %, HDFC 1.25 %, TCS 0.82 %, Hindalco Ind 0.79 %, ITC 0.78 % and Tata Steel 0.63 %.
At day’s closing, the BSE Midcap index gained 0.02%, while the BSE Smallcap index moved up by 0.24%. Among the 13 BSE sectoral indices, six sectors closed in positive zone while remaining seven sectors closed in negative zone. Top gainers among BSE sectoral indices are - BSE Realty up by 0.78 %, BSE IT up by 0.62 %, BSE TECk up 0.60 %. Top losers are - BSE CG down by 0.93 %, BSE PSU down by 0.57 % and BSE Power falling by 0.49 %.
The market breadth stood in favor of advances. Of the 2986 stocks traded on the BSE, 1165 (39.02%) rose, 1017 (34.06%) fell and 804 (26.93%) stocks remained unchanged.
Outlook for tomorrow’s market
Asian shares recovered on Wednesday on the back of solid euro zone data and yesterday’s rally in the U.S. market. Almost all the Asian markets ended on a positive zone at the end of day’s trading. Shanghai Composite index in China ended up higher by 0.06 %, Nikkei index in Japan inched up by 3.77 %, Straits Times ended up by 0.12 %, Taiwan index closed with a gain of 0.25 %, Jakarta Composite gained 0.44 % and Hang Seng index in Hong Kong ended higher by 0.47 %. Only Kospi lost 0.10 %.
Markets in the Europe showed mixed trend. FTSE index in UK is up by 0.20 %, the CAC index in France is down by 1.40 %, the DAX index in Germany is down by 1.09 % and AEX Amsterdam Index ended lower by 0.74 %. Markets in the U.S are showing signs of extending its gain yesterday. Dow Jones Industrial Average and Nasdaq Composite Index is both up 0.04 %.
Foreign Institutional Investors (FIIs) bought shares worth a net Rs 489.27 crore yesterday as per provisional data from the stock exchanges. Thus, global signals for Indian market are quite positive. Even FII buying figures indicates the strength of the Indian markets. Market is perhaps looking towards the union budget on February 28th for government’s outlook on fiscal deficit front. Though many market analysts felt that the markets may move further down by another 200 points, but it’s quite definite that the market will soon inch upwards to scale new peaks.
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