Worse than anticipated GDP growth rate forecast for the current financial year by Central Statistical Organization and negative global cues pulled down Indian stock market indices to its lowest closing in one-and-a-half months. The Indian markets did opened on a negative note today and later in the mid morning session, the key share indices did try to recoup its losses and enter green zone but could not sustain gains for long as GDP growth forecast spoiled the market sentiment. Caution also prevailed as investors awaited the European Central Bank's policy meeting later in the day.
The 30-share BSE Sensex lost 59.40 points to close at 19580.32. The Sensex surged to a day's high of 19702 and a fell to a day's low of 19540. It opened at 19589. The 50-share NSE Nifty fell by 20.40 points, to end at 5938.80. Nifty touched a day's high of 19702 and a day's low of 19540. It opened at 19589.
Of the 30 shares of BSE index components, 18 stocks declined led by consumer durable, realty power and metal sectors. However, a gain in IT, Auto and FMCG sectors saved the market from any major fall. Top 5 gainers in BSE Sensex stocks were: M&M surging by 1.26 %, followed by TCS (1.20 %), Tata Motors (0.89 %), Infosys (0.56 %) and Coal India (0.47 %). The top losers of the Sensex pack were: Sterlite (2.92 %), NTPC (2.72 %), Cipla (2.61 %), GAIL (2.29 %) and Bharti Airtel (2.08%).
Of the 50-share Nifty pack 16 stocks ended with gains while the rest 34 stocks closed with loses. The top 5 gainers among NSE stocks were: Powergrid (2.06 %), IDFC (1.60 %), M&M (1.29 %), TCS (1.21 %) and Grasim (0.96 %). The top 5 losers among NSE socks are: Reliance Infra (4.14 %), Ambuja Cement (3.08 %), Bank of Baroda (2.80 %), CIPLA (2.69 %) and Sesa Goa (2.65 %).
BSE Mid Cap and BSE Small Cap indices fared worse, edging lower by 0.9% and 1.3% respectively. Among the 13 sectoral indices in BSE, ten sectors closed with lose, while only three sectors closed with gains. The three gaining sectors were: BSE IT up by 0.63 %, BSE Auto up by 0.30 %, BSE FMCG edging up marginally by 0.03 %. The top losers among BSE sectoral indices include: BSE CD down by 3.34 %, BSE Realty down by 1.47 % and BSE Power down by 1.39 %.
The market breadth stood in favor of bears. Of the 2963 stocks traded on the BSE, 785 (26.49 %) rose, 1352 (45.63 %) fell and 826 (27.88 %) stocks remained unchanged.
Most Asian markets fell today (Thursday, February 7th) lead by Japan’s Nikkei, which fell by 0.93 % on the back of profit-taking, a day after it soared to its highest close in almost four-and-a-half years. Shanghai Composite index in China ended lower by 0.66 %, Straits Times ended lower by 0.45 %, Hang Seng index in Hong Kong ended lower by 0.34 % and Kospi lost 0.23 %. However, Jakarta Composite gained marginally by 0.09 % and Taiwan index closed with a gain of 0.25 %.
European markets showed mixed trend today (Thursday, February 7th). FTSE index in UK is down by 1.06 %, the CAC index in France is down by 1.15 % and AEX Amsterdam Index ended lower by 0.62 %. Only DAX index in Germany ended with a gain of 0.13 %. Markets in the U.S are showing signs of weakness after a positive start. Dow Jones Industrial Average is trading down by 0.86 %, while the Nasdaq Composite Index is at present down by 0.89 %.
Thus more corrections in Indian market are inevitable. Analysts say consolidation is expected to continue ahead of the union budget to be announced later this month. Markets also have a fear that a populist budget ahead of Lok Sabha election in 2014 may further widen the fiscal deficit. So market will probably continue its correction phase for tomorrow. However, the Indian growth story is still intact, feels analysts.
The 30-share BSE Sensex lost 59.40 points to close at 19580.32. The Sensex surged to a day's high of 19702 and a fell to a day's low of 19540. It opened at 19589. The 50-share NSE Nifty fell by 20.40 points, to end at 5938.80. Nifty touched a day's high of 19702 and a day's low of 19540. It opened at 19589.
Of the 30 shares of BSE index components, 18 stocks declined led by consumer durable, realty power and metal sectors. However, a gain in IT, Auto and FMCG sectors saved the market from any major fall. Top 5 gainers in BSE Sensex stocks were: M&M surging by 1.26 %, followed by TCS (1.20 %), Tata Motors (0.89 %), Infosys (0.56 %) and Coal India (0.47 %). The top losers of the Sensex pack were: Sterlite (2.92 %), NTPC (2.72 %), Cipla (2.61 %), GAIL (2.29 %) and Bharti Airtel (2.08%).
Of the 50-share Nifty pack 16 stocks ended with gains while the rest 34 stocks closed with loses. The top 5 gainers among NSE stocks were: Powergrid (2.06 %), IDFC (1.60 %), M&M (1.29 %), TCS (1.21 %) and Grasim (0.96 %). The top 5 losers among NSE socks are: Reliance Infra (4.14 %), Ambuja Cement (3.08 %), Bank of Baroda (2.80 %), CIPLA (2.69 %) and Sesa Goa (2.65 %).
BSE Mid Cap and BSE Small Cap indices fared worse, edging lower by 0.9% and 1.3% respectively. Among the 13 sectoral indices in BSE, ten sectors closed with lose, while only three sectors closed with gains. The three gaining sectors were: BSE IT up by 0.63 %, BSE Auto up by 0.30 %, BSE FMCG edging up marginally by 0.03 %. The top losers among BSE sectoral indices include: BSE CD down by 3.34 %, BSE Realty down by 1.47 % and BSE Power down by 1.39 %.
The market breadth stood in favor of bears. Of the 2963 stocks traded on the BSE, 785 (26.49 %) rose, 1352 (45.63 %) fell and 826 (27.88 %) stocks remained unchanged.
Outlook for tomorrow’s market
Most Asian markets fell today (Thursday, February 7th) lead by Japan’s Nikkei, which fell by 0.93 % on the back of profit-taking, a day after it soared to its highest close in almost four-and-a-half years. Shanghai Composite index in China ended lower by 0.66 %, Straits Times ended lower by 0.45 %, Hang Seng index in Hong Kong ended lower by 0.34 % and Kospi lost 0.23 %. However, Jakarta Composite gained marginally by 0.09 % and Taiwan index closed with a gain of 0.25 %.
European markets showed mixed trend today (Thursday, February 7th). FTSE index in UK is down by 1.06 %, the CAC index in France is down by 1.15 % and AEX Amsterdam Index ended lower by 0.62 %. Only DAX index in Germany ended with a gain of 0.13 %. Markets in the U.S are showing signs of weakness after a positive start. Dow Jones Industrial Average is trading down by 0.86 %, while the Nasdaq Composite Index is at present down by 0.89 %.
Thus more corrections in Indian market are inevitable. Analysts say consolidation is expected to continue ahead of the union budget to be announced later this month. Markets also have a fear that a populist budget ahead of Lok Sabha election in 2014 may further widen the fiscal deficit. So market will probably continue its correction phase for tomorrow. However, the Indian growth story is still intact, feels analysts.
No comments:
Post a Comment