Market Commentary   

Market Activity: Key share indices opened weak today as Asian

markets kept sentiment subdued. Sensex and Nifty were down nearly 1% each. The 3% gains registered in the previous session could not be sustained as traders refrained from building fresh positions due to weak sentiment. 

At 10.10AM, Sensex was at 15620.58, down 136.53 points or 0.8%. Nifty was at 4728.70, down 32.45 points or 0.7%.  

BHEL was up nearly 2% after being battered in the last one month. Sterlite Industries was up 3% and HDFC Bank gained 1%. Tata Communications, down 8%, was the worst hit on Nifty after a court in Hague ruled Tata Communications must give Flag Telecom access to its landing station in Mumbai. Larsen & Toubro and Grasim Industries were down 2% each. 

In the mid trading session, Key share indices were down 1.3% as Asian markets remained weak and European markets fell around 1% after opening. At 2PM, Sensex was at 15560.18, down 196.90 points, or 1.3%, from Monday’s close. Nifty was trading at 4698.65, down 62.55 points, or 1.3%. Mid-cap shares bucked the weak market trend. CNX Mid-cap index was up 1%. Tata Communications extended its fall and was down 9%. SAIL and Wipro fell 5% each. Larsen & Toubro was down 5% despite winning orders worth Rs 16.8 bn. BHEL, up 5%, was the top Nifty gainer. Sterlite Industries rose 2%. 

Key share indices ended down over 1% today as weak Asian and European markets weighed on shares, and as investors booked profits after the 3% rise in the previous session. Sensex ended at 15587.62, down 169.46 points, or 1.1% from Monday’s close. Nifty closed at 4709.65, down 51.55 points, or 1.1%. Tata Communications was the worst hit on Nifty, falling 11.5% to end at Rs 479.30. Capital goods shares were among laggards. Larsen & Toubro fell 5% to Rs 2,580.20 despite the company winning a Rs 16.87 bn order. Information technology shares also shed some value in line with their global peers. Wipro was down 5%, while Infosys Technologies and Tata Consultancy Services fell 2% each. Bharat Heavy Electricals was the top Nifty gainer, ending up 4.4% at Rs 1,708 on short covering. 

Exchange Traded Volumes

Sector Activity : 

Tech stocks witnessed down trend with exception: Infosys closed down Rs 1466.95 with volumes of Rs 227.75 crs, Satyam closed down at Rs 430.40 with volumes of Rs 128.19 crs, TCS closed down at Rs 887.35 with volumes of Rs 89.80 crs, and TechM closed up at Rs 829.25 with volumes of Rs 45.43 crs.

Pharma stocks showed mixed trend: Orchid Chemical closed up at Rs 240.10 with volumes of Rs 832.11 crs, Ranbaxy closed down at Rs 472.15 with volumes of Rs 56.38 crs, Glenmark closed up at Rs 523.55 with volumes of Rs 42.59 crs, and Sun Pharma closed down at Rs 1268.25 with volumes of Rs 31.11 crs.

Banking stocks closed up: In the Public Sector SBI Bank up at Rs 1674.30 with volumes Rs 214.82 crs & Bank of India closed up at Rs 298.30 with volumes Rs 81.73 crs. In the Private sector ICICI Bank closed up at Rs 814 with volume of Rs 378.22 crs & Kotak Bank closed up at Rs 642.25 with volumes of Rs 140.18 crs.

Auto Stocks ended in Red: Tata Motors closed up at Rs 607.65 with volumes of Rs 35.52 crs & Tata Motors closed down at Rs 629.60 with volumes of Rs 30.39 crs. While in the 2 wheeler segment stocks, Hero Honda closed down at Rs 739.50 with volumes of Rs 19.80 crs, Bajaj Holding closed down at Rs 670 with volumes of Rs 4.37 crs.

Cement Stocks showed negative activity with exception: ACC closed down at Rs 825.35 with volumes of Rs 39.72 crs, Ambuja Cem closed flat at Rs 118.05 with volumes of Rs 26.52 crs, India Cement closed down at Rs 182.25 with volumes of Rs 14.25 crs and Prism Cement closed down at Rs 41.75 with volumes of Rs 3.16 crs.                      

Nifty ended at 4710 down by 52 points

Click here for A critical daily report from the Dealing Desk of the KRC Broking Division that provides our Investor Client with post-market analysis of the day with an action guide charted for the next day of trading. Good Evening KRC presents the technical viewpoint on the market and stocks and has been indexed into the following segments:
* Earning Idea: Technical calls for short term.
* Market Actions: News specific calls with expected action.
* F & O trading call: Derivative strategy for the day.
* Index Trend: Expected movement of the Sensex with range guidance.

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