Mumbai: The Sensex recovered more than half of its losses in the last hour of trade but closed 85 points down on Friday. The downtrend in global markets had negatively impacted sentiments although it was quite the opposite in the morning. Profit booking too weighed heavy on Nifty, which rallied quite sharply to reach the 5400 mark. Overall, bears could not take full charge of the street, which suggests that traders still look optimistic about the market in near term.
Rahul Mohindar of viratechindia.com too feels that today's move is not really a savage down move. "We still have been moving in a range of 5,320-5,400-5,420. These kind of intraday corrections are quite expected. If 5,300 breaks, we might see the odd 100-120 point fall coming. But over the next one or two months 5,600 is on the cards" he reasoned.
For the week, the market continued its one way move for the sixth consecutive week, gaining 15 per cent on the Sensex and over 16 per cent on the Nifty in last six weeks. Foreign institutional investors bought more than Rs 19,000 crore worth of equity shares in the same period.
Today, all global markets were down on concerns about Greece's commitment to debt restructuring even after the much awaited debt deal approved on Thursday.
At 2:56 pm: Nifty recoups losses; Reliance, ICICI Bank, Infosys down
The market recouped almost half of the losses led by buying at lower levels in banks, technology and capital goods stocks. Reliance, Infosys, ICICI Bank and HDFC Bank were down just 1 per cent; SBI, L&T and BHEL were marginally lower. The Sensex was trading at 17746.42, down 84.33 points and the Nifty fell 33 points to 5,379.25.
Global markets too were down. European markets like France's CAC, Germany's DAX and Britain's FTSE fell around 0.4-0.8 per cent. The Dow Jones futures fell over 60 points. Asian markets closed lower with 0.6-1 per cent losses.
Shares of Hindalco, Sterlite Industries, Maruti Suzuki, M&M, GAIL, Reliance Infrastructure, Jaiprakash Associates, IDFC and Ambuja Cements topped the selling list among largecaps, falling 2-4 per cent.
In the second line shares, Motherson Sumi, BOC India, Hathway Cable, Honeywell Automation and Prestige Estate rallied 6.5-9 per cent while Puravankara Project, Aurobindo Pharma, Hotel Leela, VIP Industries and Essar Ports dropped 5-7 per cent.
At 1:42 pm: Sensex extends fall; banks, tech, capital goods down
The market extended its fall in the afternoon trade, led by profit booking in banks, metals (barring Tata Steel), technology and capital goods stocks. Index heavyweight Reliance Industries too dragged the market, falling 1.4 per cent.
The Sensex tumbled 179 points to 17,651.75 and the Nifty tanked 61.5 points to 5,350.90. European markets started off with 0.5-1 per cent loss due to doubts over Greek debt deal that approved yesterday.
Anil Manghnani, Modern Shares & Stock Brokers feels this is a good time to book profits as lot of the good news is in the price already.
Among banks, SBI and HDFC Bank fell 1 per cent each; ICICI Bank tanked 2 per cent. Auto stocks like M&M, Maruti and Hero Motocorp were down 1-2.4 per cent while Bajaj Auto gained 0.7 per cent.
Major largecaps like Infosys, TCS, L&T, BHEL and HDFC dropped 0.5-1.5 per cent. Hindalco was the biggest loser, falling 3.8 per cent.
Metal stocks like Sterlite Industries, Hindalco, Coal India and Jindal Steel declined 1-2.7 per cent whereas Tata Steel shot up 4 per cent.
The market breadth was marginally negative; about 1223 shares advanced while 1540 shares declined on the BSE.
At 12:13 pm: Asian cues drag Nifty below 5400, IIP data snubbed
The Nifty slipped below the 5400 mark due to weak Asian cues. It was weighed down by ICICI Bank, Reliance Industries and Infosys. However, significant slowdown of December industrial output growth at 1.8 per cent as against 5.9 per cent month-on-month did not see much reaction in the market. The CNBC-TV18 poll had estimated the IIP number at 3.45 per cent.
The Sensex was down just 80 points at 17,751. Meanwhile, the Nifty fell 27 points to 5,385. Asian markets too were down 0.6-1.2 per cent; only Shanghai falls just 0.3 per cent.
Major contributors to the IIP - capital goods and mining sectors growth came in negative in December. However, growth in other sectors like consumer durables, non-durable consumer goods, consumer goods and electricity was lower than last month.
Deputy chairman of Planning Commission Montek Singh Ahluwalia sees pick up in the industrial activity in January-March. However,Samiran Chakrabarty, Head of Research, Standard Chartered Bank is not expecting any sign of industrial recovery.
Back in the market, ICICI Bank and HDFC Bank were down 0.7-1.6 per cent while SBI was down just 0.2 per cent.
Technology stocks like Infosys and TCS lost 0.6-1.4 per cent. Index heavyweight Reliance Industries declined 1 per cent while ONGC rose 0.55 per cent.
In the metal space, Sterlite Industries and Hindalco dropped nearly 2 per cent wheras Tata Steel shot up nearly 4 per cent.
Among others, L&T and Bharti Airtel were up 0.3 per cent and 0.9 per cent, respectively.
At 10:44 am: Sensex volatile; Tata Steel up 4.5 per cent despite loss in Q3
Indian equity market was completely lacklustre in the morning trade while Asian peers were under pressure on doubts over Greek debt deal that was approved yesterday. The Nifty managed to hold the 5400 mark, trading up 10 points at 5,422. Meanwhile, the Sensex rose 45 points to 17,875.51.
However, technical experts believe the market would cross the 6300 level on the Nifty. Sudarshan Sukhani, s2analytics.com is bullish on the market. "The Nifty is in a bull market and should cross 6,300," he adds. According to him, the market is giving clear sign that the uptrend is very strong. He advises investors to stay long.
Shares of Tata Steel topped the buying list, rising 4.5 per cent even after the company reported a loss of Rs 600 crore in Q3FY12.
L&T, Tata Motors, Bharti Airtel, ONGC, M&M, Bajaj Auto and Tata Power were supporting the market, gaining 0.7-1.5 per cent. SBI and Wipro were marginally higher.
However, Infosys, ICICI Bank, HDFC Bank, TCS, BHEL, Hindalco and Cipla were down 0.5-0.75 per cent. Even index heavyweight Reliance Industries was marginally in the red.
The broader indices outperformed benchmarks - the BSE Midcap Index was up 0.85 per cent and Smallcap up 1 per cent.
Shares of oil marketing companies were on buyers' radar after stellar performance by HPCL in Q3. HPCL shot up 7 per cent; BPCL (ahead of numbers today) and IOC gained 3.5-4.5 per cent.
At 9:19 am: Nifty holds 5400 amid choppy trade; HPCL shoots up 6 per cent
The Sensex opened volatile and with moderate losses, but turned positive soon after. Even the Nifty managed to hold the 5400 mark quite nicely, supported by Reliance, SBI, Bharti. Metals, power, auto and FMCG stocks. However, Infosys, ICICI Bank, DLF and L&T were down.
The BSE benchmark rose 48 points to 17,878.46 and the NSE benchmark gained 11 points at 5,423.75.
The market is waiting for industrial output data. CNBC-TV18 poll sees at 3.45 per cent in December versus 5.9 per cent in previous month.
On the global front, Greece polity finally has an agreement on austerity on Thursday; Greek Finance Minister said they have struck a deal with private bondholders. But global markets were flat yesterday even after this deal approved.
Back home, BPCL gained 3 per cent ahead of results. HPCL shot up 6 per cent post the company reported a PAT of Rs 2725 crore in Q3FY12 as against Rs 211 crore YoY.
The CNX Midcap rose 46 points to 7579. About two shares advanced for every share falling on the National Stock Exchange.
In the second line shares, Shasun Pharma was locked at 20 per cent upper circuit after its Q3 net profit spiked to Rs 12.6 crore versus Rs 36 lakh YoY.
HCC, SREI Infrastructure and Manappuram Finance were up 1-3 per cent. DEN Networks jumped 5 per cent.
Numeric Power Systems shot up 20 per cent as the company agreed to sell UPS division to Indo Asian Electric Pvt. Ltd - a wholly owned subsidiary of Legrand France SA for a consideration of Rs 837.08 crore.
However, Essar Oil was down nearly 1 per cent ahead of numbers.
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