Market loses steam, ends lower on profit booking /Markets end choppy session lower
Short build up trims Sep premium, Nifty support at 3900
The Sensex opened with a positive gap of 173 points but struggled right through the session today as investors remained wary of building up positions. Though the mood was positive at the start thanks to a firm trend on the Asian bourses, not many blue chip stocks were seen attracting sustained attention today. The weak start in European markets rendered the afternoon session extremely choppy.
Stockometer
Select FMCG and metal stocks had a good outing today. Realty stocks opened well but gradually lost their way and drifted lower as the session progressed. Capital goods stocks met with a similar fate but losses recorded them turned out to be more pronounced.
Top gainers
Bank and pharma stocks bounced back a bit and regained some lost ground. Oil and IT stocks remained subdued. Auto and power stocks also drifted lower. After a good show early on, midcap and smallcap stocks wilted under pressure.
Worst losers
While the Sensex, which plunged to a low of 13,917.48, ended the day at 13,994.96 with a loss of 47.36 points or 0.34%, the Nifty closed at 4223.05 with a loss of 22.20 points or 0.52%. In intra-day trades today, the Nifty touched a high of 4303.25 and a low of 4202.40.
Scrip Scan
ACC (3.25%), Tata Steel (2.95%), ITC (2.15%) and Hindustan Unilever (1.7%) closed on a firm note. Bharti Airtel, Grasim Industries and ICICI Bank moved up by 1% - 1.25%. HDFC notched up a modest gain of 0.8%. Infosys Technologies and State Bank of India closed with marginal gains.
Experts' Talk
Satyam Computer Services lost 4.65% today. Jaiprakash Associates (down 3.8%), Maruti Suzuki (down 3.15%), Ranbaxy Laboratories (down 2.7%), Hindalco (down 2.65%) and Larsen & Toubro (down 2.6%) also declined sharply.
Tata Motors, Reliance Infrastructure, Sterlite Industries, BHEL, DLF, ONGC and Reliance Communications also ended with sharp losses. NTPC, Reliance Industries, Tata Power and Wipro lost 0.6% - 0.75%.
Suzlon Energy (down 6.35% to Rs 198.60) was the biggest loser in the Nifty index. Siemens lost over 3.5%.SAIL, BPCL, Reliance Power, Power Grid, Cipla, Zee Entertainment and Punjab National Bank also ended with sharp losses.
Unitech, Sun Pharmaceuticals, HCL Technologies, Tata Communications, Reliance Petroleum and Idea Cellular closed with sharp to moderate gains.
Gujarat Minerals recorded a hefty gain of 14.1% and was the star performer among BSE 'A' Group stocks today. Sesa Goa (13.15%) shot up on strong buying support. Sintex Industries vaulted 10.65%. Gujarat NRE Coke zoomed 7.25%.Phoenix Mills and Gujarat Petronet gained 6.55% and 5.5% respectively.
NMDC, Colgate Palmolive, Bajaj Financial Services, Crompton Greaves, United Breweries, Glenmark Pharmaceuticals, Aditya Birla Nuvo, Deccan Chronicle Holdings, GE Shipping, Akruti City, Sun TV Network and Dabur India gained 2% - 5%.
Midcap stock Moser Baer ended with a huge gain of 18.95% at Rs 133.55. Tulip Telecom surged 13.4% on a big order win. Ashapura Minechemicals, Tanla Solutions, Asian Hotels, Ess Dee Aluminium, Bharat Bijli, Apollo Tyre, EID Parry, Gujarat Alkalies, BF Utilities, HEG and Torrent Pharma were some of the prominent gainers in the midcap space.
Tips to book profits in stock markets! Click here
The market breadth was marginally negative when trade ended today. Out of 2666 stocks traded on BSE, 1234 stocks closed with gains. 1354 stocks ended on a negative note and 78 stocks ended flat.
Source:Sify, ET