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Markets close weak, Nifty down 1%
Wednesday, May 30, 2007
The markets closed weak on Wednesday with the Sensex losing 0.6 per cent to end the day at 14,411. The benchmark index moved in a range of 14,576-14,379 levels.
In the broader markets, the Nifty shed 1.02 per cent to close at 4,249. Even though analysts are not expecting any upside from the current levels, they are worried that this rally is limited to certain stocks only.
"There isn`t much scope for the markets to move upwards from the current levels, overall outlook remains consolidation. There is not much downside either with buying emerging from long-term investors," said DD Sharma, VP Research, Anand Rathi Sec.
Reliance Communications, Reliance Energy, HDFC Bank, BHEL and Hindalco Industries, Infosys Technologies and Maruti Udyog were the biggest draggers in the sensitive index. However, Larsen & Toubro at Rs 1,993 surged 7.4 per cent on the back of better than expected results on Tuesday.
Among the NSE 50 scrips, Zee Entertainment, SAIL, Satyam Computers, HLL, Mahindra & Mahindra, Cipla, ITC, Dabur India and ABB lead the showdown in the broader index.
Technology lose
BSE information technology index lost 1.9 per cent closed the day as the biggest loser in the sectoral indices. Metals, banking index BANKEX and FMCG indices also lost ground in second half of the trading day.
Patni Computers at Rs 522 lost 7.6 per cent was the biggest loser in the information technology space. Infosys Technologies (down 2.4 per cent), Moser Baer India (down 2.4 per cent), I-Flex Solutions (down 1.8 per cent), Hexaware Technologies (down 1.6 per cent) were the top losers.
Selling is also visible in metal counters with JSW Steel, Jindal Stainless and SAIL losing over three per cent each. Hindalco Industries, Ispat Industries, Maharashtra Seamless, Sterlite Industries and Jindal Steel & Power also lost over 1.6 per cent each.
Banking scrips lost ground with HDFC Bank, Andhra Bank, Karnataka Bank, Allahabad Bank and Kotak Mahindra Bank shedding over 2.2 per cent each.
However, capital goods stocks closed firm with Bharat Electronics (up 4.4 per cent), Thermax (up 4.2 per cent), Alstom Projects (up 3.5 per cent), and Gammon India (up 1.6 per cent) holding up the gains.
Media corrects
Profit booking is visible in the media counters with Zee Entertainment, Shringar Cinemas, Tips Industries, Entertainment Network and Balaji Telefilms losing over four per cent each.
Nirma at Rs 200 shed 5.2 per cent is the top loser in the FMCG pack. Tata Tea, Colgate Pamolive, Shaw Wallace and Britannia Industries lost over 2.6 per cent each.
Sugar stocks also lost ground with Thiru Arooran Sugars and Balrampur Chini Mills losing over 6.1 per cent each. Shree Renuka Sugars, Dhampur Sugar Mills, Bajaj Hindusthan and Sakthi Sugars also lost over two per cent each.
New listing
MIC Electronics made its debut in the Bombay Stock Exchange (BSE) on Wednesday. The stock listed at Rs 262.5 against the issue price of Rs 150. The stock closed at Rs 335 after touching a day high of Rs 367.
The company raised Rs 76.5 crore by issuing 51 lakh shares through the IPO. The proceeds are expected to be used for funding the acquisition of Infostep Inc in the US.
In the broader markets, the Nifty shed 1.02 per cent to close at 4,249. Even though analysts are not expecting any upside from the current levels, they are worried that this rally is limited to certain stocks only.
"There isn`t much scope for the markets to move upwards from the current levels, overall outlook remains consolidation. There is not much downside either with buying emerging from long-term investors," said DD Sharma, VP Research, Anand Rathi Sec.
Reliance Communications, Reliance Energy, HDFC Bank, BHEL and Hindalco Industries, Infosys Technologies and Maruti Udyog were the biggest draggers in the sensitive index. However, Larsen & Toubro at Rs 1,993 surged 7.4 per cent on the back of better than expected results on Tuesday.
Among the NSE 50 scrips, Zee Entertainment, SAIL, Satyam Computers, HLL, Mahindra & Mahindra, Cipla, ITC, Dabur India and ABB lead the showdown in the broader index.
Technology lose
BSE information technology index lost 1.9 per cent closed the day as the biggest loser in the sectoral indices. Metals, banking index BANKEX and FMCG indices also lost ground in second half of the trading day.
Patni Computers at Rs 522 lost 7.6 per cent was the biggest loser in the information technology space. Infosys Technologies (down 2.4 per cent), Moser Baer India (down 2.4 per cent), I-Flex Solutions (down 1.8 per cent), Hexaware Technologies (down 1.6 per cent) were the top losers.
Selling is also visible in metal counters with JSW Steel, Jindal Stainless and SAIL losing over three per cent each. Hindalco Industries, Ispat Industries, Maharashtra Seamless, Sterlite Industries and Jindal Steel & Power also lost over 1.6 per cent each.
Banking scrips lost ground with HDFC Bank, Andhra Bank, Karnataka Bank, Allahabad Bank and Kotak Mahindra Bank shedding over 2.2 per cent each.
However, capital goods stocks closed firm with Bharat Electronics (up 4.4 per cent), Thermax (up 4.2 per cent), Alstom Projects (up 3.5 per cent), and Gammon India (up 1.6 per cent) holding up the gains.
Media corrects
Profit booking is visible in the media counters with Zee Entertainment, Shringar Cinemas, Tips Industries, Entertainment Network and Balaji Telefilms losing over four per cent each.
Nirma at Rs 200 shed 5.2 per cent is the top loser in the FMCG pack. Tata Tea, Colgate Pamolive, Shaw Wallace and Britannia Industries lost over 2.6 per cent each.
Sugar stocks also lost ground with Thiru Arooran Sugars and Balrampur Chini Mills losing over 6.1 per cent each. Shree Renuka Sugars, Dhampur Sugar Mills, Bajaj Hindusthan and Sakthi Sugars also lost over two per cent each.
New listing
MIC Electronics made its debut in the Bombay Stock Exchange (BSE) on Wednesday. The stock listed at Rs 262.5 against the issue price of Rs 150. The stock closed at Rs 335 after touching a day high of Rs 367.
The company raised Rs 76.5 crore by issuing 51 lakh shares through the IPO. The proceeds are expected to be used for funding the acquisition of Infostep Inc in the US.
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Investment in equity shares has its own risks. Sincere efforts have been made to present the right investment perspective.The information contained herein is based on analysis and up on sources that we consider reliable. I, however, do not vouch for the accuracy or the completeness thereof. This material is for personal information and I am not responsible for any loss incurred based upon it.& take no responsibility whatsoever for any financial profits or loss which may arise from the recommendations given in this blog.
