4:30 PM: Nifty closes below 8100,
heavyweights drag Sensex 208 pts
Share Market tips, Indian share Market Tips, Stock Tips ,NSE Tips, Intraday Tips, Jackpot Tips, Commodity Tips
Share Market tips, Indian share Market Tips, Stock Tips ,NSE Tips, Intraday Tips, Jackpot Tips, Commodity Tips
Worries
of Federal Reserve probably raising interest rates earlier than expected and
profit booking spooked the Indian equity benchmarks. The rupee also saw
depreciation against dollar.
The
market extended losses for the second consecutive session today following
Monday’s 293 points rally on the Sensex. The index lost 207.91 points or 0.76
percent to 27057.41 while the Nifty closed below the 8100 level, down 58.85
points or 0.72 percent.
However,
the broader markets outperformed benchmarks with the BSE Midcap and Smallcap
indices rising 0.08 percent and 0.6 percent, respectively.
The
market saw some profit booking and consolidation after hitting record highs on
Monday, which may continue for some more time, believe experts. However, they
don’t rule out market hitting new record highs going ahead.
“Markets
seem to be taking a much needed pause and consolidating, which could
potentially provide good entry points and a renewed vigor for its journey
northwards,” said Devang Mehta, senior VP & Head - Equity Advisory, Anand
Rathi Financial Services.
According
to him, the mood seems to be buoyant and sentiment upbeat with good all-round
participation by various set of investors. Good quality midcaps which still
have decent valuation and price upside are coming to the fore, he added.
Meanwhile,
the rupee touched nearly one month low of 61.02 against dollar intraday, though
it recovered in late trade.
On the
sectoral front, banking and financials (barring ICICI Bank), capital goods, oil
and gas, cigarette and FMCG stocks declined while metals and shipping stocks
saw buying interest.
Shares of
Cairn India, Infosys, Reliance Industries, HDFC, Larsen and Toubro, HDFC Bank,
TCS, Hero Motocorp and Coal India were prominent losers, down 1-2.7 percent.
Utility
vehicle maker Mahindra and Mahindra declined 1.4 percent as Kotak Institutional
Equities cut rating on the automaker to reduce from add, lowering the target
price to Rs 1,310 from Rs 1,404 apiece. Kotak said M&M lost 13 percent
market share in the utility vehicle segment over the past two years, describing
that as a "significant loss".
Cigarette
producers like ITC, Godfrey Phillips and VST Industries declined 2-6 percent on
reports of government tightening norms to put a check on smoking.
However,
top private sector lender ICICI Bank bucked the trend, up 1.5 percent as the
bank announced the sub-division of shares from Rs 10 to Rs 2. Sesa Sterlite,
Bajaj Auto and Tata Power were other gainers, rising 1-1.6 percent.
Shipping
stocks like shipping stocks Bharati Shipyard, Mercator, Varun Shipping and SCI
surged 5-19 percent as in a bid to promote domestic shipbuilding industry, the government
is mulling a financial assistance scheme, which could include a shipbuilding
fund to provide soft loans to players.
Largest
private sector shipbuilder ABG Shipyard gained 13 percent as it will receive Rs
650 crore infusion from lenders by this month-end as part of the Rs
10,000-crore debt recast deal worked out in March, a top company official has
said. Advancers beat decliners on the Bombay Stock Exchange by a ratio of 1743
to 1272.
When you trade under guidance and support from Epic Research there is a more probability to make bigger profit.
ReplyDeleteSensex, Nifty to open on a positive note. The indices to open on a positive note. The landmark decision by the Organization of the Petroleum Exporting Countries to cut production has fueled a sharp rally in oil prices, which rose almost 10% to skyrocket near the $50 a barrel mark.capitalstars
ReplyDelete