MUMBAI: The 30-share BSE Sensex was trading marginally in red following weak global cues. European markets were down 0.4% each; even Asian markets were under pressure though they recovered a bit from day’s low. Nikkei was down 1.6%; Shanghai, Hang Seng, Straits Times, Kospi and Taiwan fell 0.3-0.65%. Dow Futures declined 28 points.
The sell-off in heavyweights like Bharti Airtel, ONGC, ICICI Bank, Infosys, TCS, Hero Honda and Tata Motors was putting a pressure on themarkets. However, buying continued in SBI, HDFC Bank, M&M, Tata Steel, ITC, L&T, JSPL, Hindalco, Maruti, HDFC and RIL.
The Sensex was trading at 17932, down 60 points and the Nifty was at 5389, down 19 points.
Aster Silicates (listed on Wednesday), SBI, SpiceJet, Reliance Industries, IRB Infra, Hero Honda and Tata Steel were the most active shares on exchanges.
In the midcap space, Central Bank, Omaxe, Oriental Bank, HCC and Jubilant Foodwoks rallied 4.7-7.6% while Bombay Rayon, Petronet LNG, Sterlite Tech, Chambal Fertiliser and Federal Bank lost 2.7-4.7%.
In the smallcap space, Sandur Manganes was locked at 20% upper circuit. INOX Leisure, Everest Inds, Prime Focus and Piramal Glass were up 8.5-15.6% while LGS Global, Heritage Foods, Hawkins Cooker, Spice Mobility and Disa India slipped 3.6-5%.
HCC rose 5% as its reported 55.5% jump in net profit at Rs 28.3 crore. The company has approved 1:1 bonus issue as well as IPO for its Lavasa unit, in which it holds 65% stake.
Nifty trades in tight range; ONGC, Hero Honda, Siemens dip
At 11:45 hours IST – the 50-share NSE Nifty was trading in a tight range of 5385-5413, with a negative bias. It has been consolidating around 5400 mark for third consecutive week. Weak Asian markets has kept the markets under pressure since early trade; Shanghai and Nikkei fell 1-1.4%. Hang Seng, Straits Times, Kospi and Taiwan were down 0.5% each.
ONGC was the leading loser on Nifty while Siemens and Hero Honda were the biggest losers post disappointing numbers for the quarter ended June 2010. The sell-off continued in PSU oil & gas, telecom, technology and realty companies’ shares along with ICICI Bank, Tata Motors, ITC, NTPC, BHEL, HDFC, SAIL, Ambuja Cements and Reliance Infrastructure, which were putting some pressure on the markets.
However, buying was seen in SBI, Reliance Industries, HDFC Bank, M&M, PNB, L&T, Kotak, Mahindra, Tata Steel, JSPL, Maruti, Ranbaxy Labs, Hindalco, Sun Pharma and ACC, which capped the losses to large extent.
The Sensex was trading at 17940, down 52 points and the Nifty was at 5392, down 16 points. However, the broader indices were outperforming the benchmark indices; gained 0.7% each.
Top gainers – HCL Tech was trading at Rs 390, up 3.16%; Ranbaxy Labs was at Rs 450.95, up 2.04%; Kotak Mahindra was at Rs 777.85, up 1.69%; M&M was at Rs 653.05, up 1.42%; Suzlon Energy was at Rs 57.15, up 1.42%; SBI was at Rs 2,505.55, up 1.31%; Tata Steel was at Rs 539.20, up 1.07%; Hindalco was at Rs 162.05, up 0.71% and Maruti Suzuki was at Rs 1,205.65, up 0.68%.
Top losers – Hero Honda was trading at Rs 1,819.70, down 2.91%; Siemens was at Rs 701.40, down 2.73%; GAIL was at Rs 442.60, down 2.24%; Tata Motors was at Rs 850.30, down 1.89%; ONGC was at Rs 1,227.10, down 1.56%; Bharti Airtel was at Rs 313.70, down 1.03% and Wipro was at Rs 412.35, down 0.98%.
Aster Silicates, SBI, SpiceJet, IRB Infra, ARSS Infra, Reliance Industries, Hero Honda and Tata Steel were the most active shares on exchanges.
In the midcap space, Central Bank, Omaxe, Oriental Bank, Berger Paints and Andhra Bank rallied 4-8% while Petronet LNG, Ipca Labs, IVRCL Assets, Sterlite Tech and Chambal Fertiliser fell 2.4-3.3%.
About 1832 shares advanced while 1321 shares declined on BSE. Nearly 199 shares were unchanged.
Sensex flat with negative bias; RIL, SBI, L&T gain
At 10:23 hours IST – the benchmark Sensex was trading lower with modest losses, dragged by technology, realty and select telecom companies’ shares. ONGC, Hero Honda and Siemens were down 1.5-2.76% on disappointing earnings. Tata Motors, ICICI Bank, ITC, Sterlite Industries, HDFC, NTPC, SAIL, BHEL, Ambuja Cements and BPCL were other losers in trade.
However, buying in heavyweights like Reliance Industries, SBI and L&T capped the losses to major extent, which gained 0.5-0.9%. HCL Tech, Tata Steel, Cairn, JSPL, M&M, Ranbaxy, Sun Pharma, Maruti, HDFC Bank, Reliance Communications, Hindalco and HUL were other gainers.
The Sensex was trading at 17961, down 30 points and the Nifty was at 5397, down 11 points. About 830 shares advanced while 401 shares declined on NSE.
On the global front, Asian markets were trading lower. Shanghai and Nikkei fell 1.1-1.7%. Hang Seng, Straits Times, Kospi and Taiwan declined 0.5-0.8%.
HCL Tech rallied 3.12% post better-than-expected numbers reported on Wednesday. Ranbaxy Labs rose 2.12%, Daiichi Sankyo said company’s net sales rose 84.7% to 54.8 billion Yen in the quarter ended June 2010. Ranbaxy made gains on valuation of derivatives.
Aster Silicates, SpiceJet, IRB Infra, Reliance, ARSS Infra, SBI, Hero Honda and Tata Steel were the most active share on exchanges.
In the midcap space, Central Bank, Omaxe, IRB Infra, United Breweries and Oriental Bank were up 4-7.6% while Petronet LNG, Bombay Rayon, Federal Bank, Chambal Fert and Rallis India fell 1.6-3.7%.
In the smallcap space, INOX Leisure rose 18%. Everest Inds, SpiceJet, Prime Focus and TCI Industries gained 7-10.5% while LGS Global, Heritage Foods, Maharashtra Polybutenes and Intra Infotech declined 3.8-5%.
Nifty below 5400 on global cues, disappointing earnings
The benchmark Nifty started the session lower following weak global cues and disappointing earnings. Telecom, technology, select auto and select financial companies’ shares were under pressure.
At 9:01 hours IST, the Sensex was trading at 17928, down 63 points and the Nifty was at 5389, down 20 points. About 360 shares advanced while 367 shares declined.
Results Reaction
Siemens and ONGC tumbled 2%, Hero Honda lost 4% post disappointing numbers.
Hero Honda’s Q1 net profit was down 1.6% at Rs 492 crore while expectation was at Rs 563 crore and ONGC’s Q1 net profit was down 24% at Rs 3661 crore while expectation was at Rs 3920 crore. Siemens has reported Q3FY10 adjusted PAT at Rs 156 crore as against Rs 200 crore, de-growth of 22% (YoY).
Petronet LNG was down 2% and SAIL down 1.7%.
Reliance Power fell 2% ahead of numbers.
Tata Motors, Ambuja Cements, Idea Cellular, ICICI Bank, HDFC Bank, Reliance Communications, Bharti Airtel, PNB, ITC and Infosys were witnessing selling pressure.
However, HCL Tech rose 1%. Maruti Suzuki, ABB (ahead of numbers), Cipla L&T and Suzlon Energy were other gainers.
Central Bank of India rose 6% and Bank of Maharashtra gained 3% post good numbers.
Global cues:
Asian markets were trading lower. Nikkei and Hang Seng declined 1-1.5%. Hang Seng, Straits Times, Kospi and Taiwan fell 0.4-0.8%.
The US markets slipped from day’s high. Technology stocks were the biggest losers. Euro hit a new two-month high post economic data.
The Dow Jones Industrial Average ended down 31 points at 10467, after slipping 118 points from day’s high of 10585.
Commodities
CRB Commodity Index was up 1.5%, Energy was up 2.1%
September crude oil contract was up 1.9% at USD 78.36/bbl
September natural gas was up 2.4% at USD 4.82 per MMBtu
September silver was up 1% at USD 17.62/ounce
August gold contract rose 0.7% at USD 1168.4/ounce
Sugar went up 3.3% at 19.5 cents
Baltic Dry Index was up 2.1%.
F&O cues:
Nifty Open Int PCR at 1.28 versus 1.19 at start of July series
Nifty 5300 Put adds 15 lakh shares in Open Int
Nifty 5400 Put adds 10 lakh shares in Open Int
Nifty 5600 Call adds 11 lakh shares in Open Int
Nifty 5500 Call adds 10 lakh shares in Open Int
Marketwide rollover at 82% versus 77% last time
Nifty rollover at 77% versus 70% last time
