Indian stock market opened the day with a jump of nearly one percent after European lenders agreed to a last-minute bailout for debt-ridden Cyprus. Positive trends in Asian markets also helped the market to move higher in morning trade. But as soon as media reported that after DMK, it may be Samajwadi Party who may also withdraw its support from the UPA government; Indian equity market went into a tail spin and wiped out all its gain to plunge into red. The Indian stock indices closed in negative zone for the seventh consecutive day making it its longest losing streak since November 2011.
The 30-share BSE Sensex lost 54.18 points to end the day’s trading at 18681.42. The Sensex hit to a day's high of 18950.22 and a fell to a day's low of 18654.61. It opened at 18894.13. The broader indices, NSE Nifty lost 17.50 points, to end the day’s trading at 5633.85. The 50-share Nifty touched a day's high of 5718.40 and fell to a day's low of 5624.40. It opened at 5707.30.
Of the 50-share Nifty pack 21 stocks ended with gains while the rest 29 stocks closed with losses. The top 5 gainers among NSE stocks are: DLF surging by 4.85 %, followed by ONGC (2.81 %), NTPC (2.26 %), BPCL (1.67 %) and Power Grid (1.42 %). The top 5 losers among NSE socks are: BOB (2.72 %), Hero MotoCorp (2.52 %), IDFC (2.48 %), L&T (2.34 %) and Tata Steel (2.31 %).
Of the 30 shares of BSE index components, 10 stocks ended in positive terrain, while the rest 20 stocks closed in negative zone. The top 5 gainer in BSE Sensex stocks are: ONGC surging by 2.96 %, followed by NTPC (2.04 %), HDFC (1.16 %), Dr. Reddy (0.84 %) and HUL (0.72 %). Top 5 losers of the Sensex pack were: Hero MotoCorp (2.42 %), Tata Steel (2.28 %), L&T (2.19 %), Bharti Airtel (1.95 %) and GAIL (1.94 %).
BSE Mid Cap closed lower by 0.3 %, while BSE Small Cap index was down by nearly 1.0 %. Among the 13 sectoral indices in BSE, eight sectors closed in the red zone while five sectors closed in the green. Top 3 gainers in BSE sectoral index are - BSE Realty up by 0.79%, BSE Power up by 0.56% and BSE Oil & Gas surging by 0.49%. Top 3 losers in BSE sectoral index are - BSE CG down by 1.44%, BSE Auto falling by 0.78% and BSE Metal down by 0.71%.
The market breadth stood in favor of the bears. Of the 3,034 stocks traded on the BSE, 1028 (33.88%) rose, 1884 (62.10%) fell and 122 (4.02%) stocks remained unchanged.
Apart from the Shanghai Composite Index of China, all other Asian markets closed with gains today. Japan’s Nikkei was the biggest gainer, up by nearly 1.69 %.
European markets opened the day’s trading on a firm positive note after Cypriot policy-makers reached an eleventh-hour deal with the European Union which gave investors some relief who had feared Cyprus might default. But after the head of the Eurogroup said the Cyprus bailout reached early Monday could be a new template for resolving euro zone banking problems, markets reacted sharply and inched lower. The fear that the deal will inflict heavy losses on depositors surfaced once again.
US market is also trading lower as worries on investor wealth after the Cyprus bailout package deepens.
Under this global scenario, there is little hope for the revival of the Indian equity market tomorrow. Under all likelihood, market may continue its losing streak. However, Finance Minister P Chidambaram’s statements that India will ease restrictions for foreign institutional investors in government and corporate bonds next month, will perhaps help the market sentiment.
The 30-share BSE Sensex lost 54.18 points to end the day’s trading at 18681.42. The Sensex hit to a day's high of 18950.22 and a fell to a day's low of 18654.61. It opened at 18894.13. The broader indices, NSE Nifty lost 17.50 points, to end the day’s trading at 5633.85. The 50-share Nifty touched a day's high of 5718.40 and fell to a day's low of 5624.40. It opened at 5707.30.
Of the 50-share Nifty pack 21 stocks ended with gains while the rest 29 stocks closed with losses. The top 5 gainers among NSE stocks are: DLF surging by 4.85 %, followed by ONGC (2.81 %), NTPC (2.26 %), BPCL (1.67 %) and Power Grid (1.42 %). The top 5 losers among NSE socks are: BOB (2.72 %), Hero MotoCorp (2.52 %), IDFC (2.48 %), L&T (2.34 %) and Tata Steel (2.31 %).
Of the 30 shares of BSE index components, 10 stocks ended in positive terrain, while the rest 20 stocks closed in negative zone. The top 5 gainer in BSE Sensex stocks are: ONGC surging by 2.96 %, followed by NTPC (2.04 %), HDFC (1.16 %), Dr. Reddy (0.84 %) and HUL (0.72 %). Top 5 losers of the Sensex pack were: Hero MotoCorp (2.42 %), Tata Steel (2.28 %), L&T (2.19 %), Bharti Airtel (1.95 %) and GAIL (1.94 %).
BSE Mid Cap closed lower by 0.3 %, while BSE Small Cap index was down by nearly 1.0 %. Among the 13 sectoral indices in BSE, eight sectors closed in the red zone while five sectors closed in the green. Top 3 gainers in BSE sectoral index are - BSE Realty up by 0.79%, BSE Power up by 0.56% and BSE Oil & Gas surging by 0.49%. Top 3 losers in BSE sectoral index are - BSE CG down by 1.44%, BSE Auto falling by 0.78% and BSE Metal down by 0.71%.
The market breadth stood in favor of the bears. Of the 3,034 stocks traded on the BSE, 1028 (33.88%) rose, 1884 (62.10%) fell and 122 (4.02%) stocks remained unchanged.
Market outlook for tomorrow
Apart from the Shanghai Composite Index of China, all other Asian markets closed with gains today. Japan’s Nikkei was the biggest gainer, up by nearly 1.69 %.
European markets opened the day’s trading on a firm positive note after Cypriot policy-makers reached an eleventh-hour deal with the European Union which gave investors some relief who had feared Cyprus might default. But after the head of the Eurogroup said the Cyprus bailout reached early Monday could be a new template for resolving euro zone banking problems, markets reacted sharply and inched lower. The fear that the deal will inflict heavy losses on depositors surfaced once again.
US market is also trading lower as worries on investor wealth after the Cyprus bailout package deepens.
Under this global scenario, there is little hope for the revival of the Indian equity market tomorrow. Under all likelihood, market may continue its losing streak. However, Finance Minister P Chidambaram’s statements that India will ease restrictions for foreign institutional investors in government and corporate bonds next month, will perhaps help the market sentiment.
No comments:
Post a Comment