Political uncertainty after DMK announced its decision of pulling out of the ruling UPA coalition send Indian equity market on a tail spin. The situation was such that Finance Minister P Chidambaram had to rope in with a statement, in which he said that government at the centre enjoys majority and is "absolutely stable". However market could not recover much from the day’s low. In spite of a 25 basis point repo rate cut by RBI, much in line with the market expectation, RBI Governor D Subbarao’s warning that going forward there is very little head room to lower rates and the onus will now be on the Government, weakened the market sentiment further.
The 30-share BSE Sensex lost 285.10 points to end the day’s trading at 19008.02. The Sensex hit to a day's high of 19378.61 and a fell to a day's low of 18,939.20. It opened at 19345.91. The broader indices, NSE Nifty lost 89.30 points, to end the day’s trading at 5745.95. The 50-share Nifty touched a day's high of 5863.60 and fell to a day's low of 5724.30. It opened at 5859.50.
Of the 50-share Nifty pack 8 stocks ended with gains while the rest 42 stocks closed with losses. The top 5 gainers among NSE stocks are: GAIL by 3.11 %, followed by Ranbaxy (1.43 %), Bajaj Auto (1.31 %), Lupin (0.89 %) and Sun Pharma (0.79 %). The top 5 losers among NSE socks are: BHEL (5.08 %), Bharti Airtel (4.59 %), Sesa Goa (4.11 %), DLF (4.07 %) and Reliance Infra (3.93 %).
Of the 30 shares of BSE index components, 6 stocks ended in positive terrain, while the rest 24 stocks closed in negative zone. The top 5 gainer in BSE Sensex stocks are: GAIL surging by 2.72 %, followed by Bajaj Auto (1.17 %), Sun Pharma (0.74 %), ITC (0.44 %) and Maruti (0.16 %). The 5 losers of the Sensex pack were: BHEL (5.05 %), Bharti Airtel (4.74 %), Sterlite (4.00 %), Jindal Steel (3.96 %) and M&M (3.45 %).
Both BSE Mid Cap and Small Cap index closed lower by 1.5 % each. All the 13 sectoral indices in BSE ended with losses. Top 3 losers are - BSE Realty was down by 3.63%, BSE CG down by 2.69% and BSE Metal down by 2.59%. Remaining sectors ended lower in the range of 0.24% to 2.08%.
The market breadth stood in favor of the bears. Of the 2970 stocks traded on the BSE, 904 (30.44%) rose, 1958 (65.93%) fell and 108 (3.64%) stocks remained unchanged.
Most of the Asian markets today closed with handsome gains. The only Asian market which ended with loss today was Hang Sang index of Hong Kong which lost 0.19 %. Japan’s Nikkei was the biggest gainer, with gains of 2.03 %.
European markets are however trading lower as investors are still worried about the uncertainty over a bailout for Cyprus. In spite of a positive start, US stock markets are trading lower at present and are most likely to end in negative.
Under the present circumstance, for tomorrow the market outlook for Indian market seems to be negative. Market will definitely try to recover some lost ground after the steep fall of today, but the overall sentiment will negative. However, the broad market outlook of Indian market in coming days is very much positive.
The 30-share BSE Sensex lost 285.10 points to end the day’s trading at 19008.02. The Sensex hit to a day's high of 19378.61 and a fell to a day's low of 18,939.20. It opened at 19345.91. The broader indices, NSE Nifty lost 89.30 points, to end the day’s trading at 5745.95. The 50-share Nifty touched a day's high of 5863.60 and fell to a day's low of 5724.30. It opened at 5859.50.
Of the 50-share Nifty pack 8 stocks ended with gains while the rest 42 stocks closed with losses. The top 5 gainers among NSE stocks are: GAIL by 3.11 %, followed by Ranbaxy (1.43 %), Bajaj Auto (1.31 %), Lupin (0.89 %) and Sun Pharma (0.79 %). The top 5 losers among NSE socks are: BHEL (5.08 %), Bharti Airtel (4.59 %), Sesa Goa (4.11 %), DLF (4.07 %) and Reliance Infra (3.93 %).
Of the 30 shares of BSE index components, 6 stocks ended in positive terrain, while the rest 24 stocks closed in negative zone. The top 5 gainer in BSE Sensex stocks are: GAIL surging by 2.72 %, followed by Bajaj Auto (1.17 %), Sun Pharma (0.74 %), ITC (0.44 %) and Maruti (0.16 %). The 5 losers of the Sensex pack were: BHEL (5.05 %), Bharti Airtel (4.74 %), Sterlite (4.00 %), Jindal Steel (3.96 %) and M&M (3.45 %).
Both BSE Mid Cap and Small Cap index closed lower by 1.5 % each. All the 13 sectoral indices in BSE ended with losses. Top 3 losers are - BSE Realty was down by 3.63%, BSE CG down by 2.69% and BSE Metal down by 2.59%. Remaining sectors ended lower in the range of 0.24% to 2.08%.
The market breadth stood in favor of the bears. Of the 2970 stocks traded on the BSE, 904 (30.44%) rose, 1958 (65.93%) fell and 108 (3.64%) stocks remained unchanged.
Market outlook for tomorrow
Most of the Asian markets today closed with handsome gains. The only Asian market which ended with loss today was Hang Sang index of Hong Kong which lost 0.19 %. Japan’s Nikkei was the biggest gainer, with gains of 2.03 %.
European markets are however trading lower as investors are still worried about the uncertainty over a bailout for Cyprus. In spite of a positive start, US stock markets are trading lower at present and are most likely to end in negative.
Under the present circumstance, for tomorrow the market outlook for Indian market seems to be negative. Market will definitely try to recover some lost ground after the steep fall of today, but the overall sentiment will negative. However, the broad market outlook of Indian market in coming days is very much positive.
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