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Sensex choppy on lack of fresh buying interest; Cipla, BHEL, SBI gain

 Markets  No Responses »
Aug 012012
 

MUMBAI: The Sensex was witnessing a choppy session due to lack of fresh buying interest near resistance levels. Realty, healthcare and capital goods led the gainers’ pack while metals, technology and auto sectors were moderately in the red.

At 01:00 pm, the 30-share BSE index was at 17,275.50, up 39.32 points or 0.23 per cent. The index has touched a high of 17,283.49 and a low of 17,189.16 in trade today.

The Nifty was at 5,243.45, up 14.45 points or 0.28 per cent. The index has touched a high of 5,246.30 and a low of 5,212.65 in trade today.

“Short-term momentum oscillators have rolled bullish, with RSI moving above its mean level of 50. However, broadly we are likely to trade in a range. Price action has indeed crossed above the 5,200 mark and is highly likely to face resistance at the ‘short day’ candlestick high of 19th July at 5,257. It is recommended to trade on the short side with stop-loss above 5,300 targeting 5,050,” said an Edelweiss report.

The BSE Midcap Index was up 0.80 per cent and the BSE Smallcap Index gained 1.01 per cent.

Among sectoral indices, the BSE Realty Index was up 1.23 per cent, the BSE Healthcare Index gained 1.01 per cent and the BSE Capital Goods Index moved 0.91 per cent higher. The BSE Metal Index was down 0.60 per cent and the BSE IT Index slipped 0.46 per cent.

Cipla (4.56%), BHEL (1.95%), SBI (1.72%), Tata Power (1.38%) and HDFC (1.34%) were among the major Sensex gainers.

Credit Suisse has maintained ‘outperform’ on Cipla with a raised target of Rs 390. Positive changes in the business model by the new management and increasing utilization of the indore sez are the key positives. The company is likely to benefit in the second quarter as well from Lexapro exclusivity, the brokerage says.

Losers included Coal India (3.24%), Hero MotoCorp (1.18%), ONGC (1.10%), Maruti Suzuki (0.98%) and Bharti Airtel (0.95%).

JP Morgan is underweight on Coal India with a target of Rs 300. It is of the view that additional obligation of being an importer of coal is not positive for the company. The real challenge is likely to arise when global coal prices spike up and whether transmission of prices is smooth.

The market breadth was positive on the BSE with 1,559 gainers and 940 losers.

Foreign institutional investors bought equities worth Rs 879.96 crore on Tuesday, as per provisional data from the NSE.

Rupee down 13 paise against dollar

 Markets  No Responses »
Jul 242012
 

MUMBAI: The rupee on Tuesday breached the 56-mark, down 13 paise to trade at fresh three-week low of 56.10 against the US dollar on the Interbank Foreign Exchange due to strong demand for the American currency from banks and importers, particularly oil firms.

Besides, the dollar also strengthened against other currencies such as the euro in the overseas market on worsening euro zone worries and Moody’s downgrading Germany’s sovereign outlook to negative, putting further pressure on the rupee, dealers said.

The domestic currency has fallen past the 56-level against the dollar after June 29.

Sensex shrugs off better IIP data

 Markets  No Responses »
Jul 122012
 

The better than expected IIP numbers failed to lift investor sentiment as Infosys’ quarterly numbers continued to loom large. The Sensex slipped further on heavy profit booking.

At midday, the 30-share BSE Index was at 17,264.71, down 224.43 points or 1.28 per cent. It has touched a high of 17,329.46 and a low of 17,244.09 today.

The 50-share NSE index was at 5,246.10, down 60.20 points or 1.13 per cent. It has touched a low of 5,234.30 and a high of 5,261.75 today.

IT bellwether Infosys crashed more than 10 percent in early trade to Rs 2,216 a share after the company reported a drop in dollar revenue, lower margins and dollar guidance for the financial year 2012-13 which has been scaled downwards. The stock is currently trading at Rs 2,241.40, down 224.95 points or 9.12 per cent.

“Overall, disappointing results from the IT major as revenue in dollar terms dropped 1.07 percent to USD 1,752 million from USD 1,771 million and even earnings per share slipped to USD 0.73 from USD 0.81 a share,” A.K. Prabhakar, Senior Vice President – Equity Research at Anand Rathi, said.

“Guidance too was revised to 5 percent from 8-10 percent earlier,” he added.

All sectoral indices were in the red with the BSE IT Index plunging 5.80 per cent to 5,344.86.

The BSE Realty Index was 1.38 per cent lower and the BSE Capital Goods Index declined 0.83 per cent. The BSE Oil & Gas Index was up 0.28 per cent and the BSE FMCG Index edged 0.16 per cent higher.

Infosys Technologies (9.18 per cent), Wipro (4.18 per cent), TCS (2.44 per cent), Bharti Airtel (1.85 per cent) and M&M (1.56 per cent) led the Sensex decliners. Gainers included Hindustan Unilever (1.37 per cent ), ONGC (1.11 per cent), Hero MotoCorp (0.59 per cent), Cipla (0.43 per cent) and GAIL (0.39 per cent).

The market breadth was negative on the BSE with 1,494 losers against 890 gainers.

Mkts retreat on profit booking,

 Featured, Markets  2 Responses »
May 182009
 

images2 the markets were extremely volatile despite showing recovery of early losses. Capital Goods, realty, financial and select telecom stocks along with ONGC were supporting the benchmark indices while the sell-off was seen in technology, FMCG, metal, private power companies’ shares, and Reliance Industries & Bharti Airtel.

The Sensex was trading 14,421, up 137 points and the Nifty was up 12.5 points, to 4,335, at 10:28 hours IST. Broader indices – BSE Midcap and Smallcap indices fell 0.8% each.

In the first half an hour of trade, volumes traded on both exchanges were at Rs 30,627 crore. It comprised of Rs 22,423 crore from NSE F&O segment, Rs 6,573 crore from NSE cash and the balance Rs 1,795 crore from BSE cash segment.

Market breadth was positive; about 1154 shares advanced while 768 shares declined. Nearly 1198 shares were unchanged.

Among the midcap stocks, Simplex Infra, India Infoline, IVRCL Infrastructure, Amtek Auto and HDIL gained 12-20% while Redington, Kansai Nerolac, Ipca Labs, Mphasis and Essar Shipping fell 10-15%.

In the smallcap space, Himatsingka Seide, Goodyear, Solar Industries, Sanghi Industries and Automotive Axle went up 17-20% while Revathi CP, Sahara One, GRUH Finance, Modern India and Kiri Dyes Chemical lost 14-20%.

Mkts retreat on profit booking, shrug off positive global cues

The benchmark indices opened strong but immediately turned into the red with some volatility on the back of profit booking, as they locked at upper circuit twice and halted the trade at 12 pm yesterday. The indices shrugged off positive global cues. Andrew Holland of Ambit Capital said domestic insurance companies may be sellers today.

At 10 am, the Sensex was trading at 13,853, down 430 points and the Nifty fell 151 points, to 4,172.

Among the frontliners, TCS, Infosys, Suzlon, Reliance Infrastructure, ITC, M&M and Ambuja Cements were biggest losers. However, L&T, Nalco, BHEL, Reliance Capital, DLF, PNB, DLF and Maruti were trading higher.

GMR Infrastructure, Punj Lloyd, HCC, Lanco Infratech, DCB, Yes Bank, IOB, Gujarat NRE Coke and RNRL declined 8-10%.

IVRCL Infrastructure, HDIL and Indiabulls Real Estate were the gainers.
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