Prolonging last session’s weakness, Indian equity markets further moving away from their record highs, witnessed drubbing and settled lower with a cut of over quarter of a percent on relentless selling by market-participants. Lack of positive triggers, which could lift the markets high combined with couple of disappointing earnings, mainly took a toll on investors’ mood. In the extremely dismal session of trade, barometer gauges though for couple of times managed to bounce-back into positive terrain, but every attempt of recovery was reciprocated by profit-booking. Wave of selling pressure which emerged in late deals, post the recovery witnessed in noon deals on the back of positive European shares, mainly took away all the steam from the market. However, losses of local equity markets remained limited on account of strength of broader indices, which outperforming larger counterparts, went home with gains in the range of 0.25%-0.85%.
On the global front, Asian stocks fell as investors weighed company earnings amid prospects for additional sanctions against Russia over the Ukraine crisis. Going by the latest development the United States and Europe are preparing new sanctions against Russia over its actions in Ukraine. On the flip side, European stocks rose, led by drug companies after Pfizer Inc. confirmed an offer for AstraZeneca Plc. Closer home, while most of the sectoral indices on BSE contributed to the downside of the markets, stocks from healthcare, Realty and Banking counters emerging as investors’ darling curbed further losses. On the flip side, stocks from Capital Goods, Auto and Metal counters were the major pockets of weakness, which played a pivotal role behind the downfall of the markets in today’s trading session.
Meanwhile, set of disappointing earnings also weighed. While, Shree Cements lost over 2% after reporting 19% dip in Q4 net profit at Rs 222.50 crore despite higher sales, Motilal Oswal Financial Services lost close to one tenth of a percent on reporting 66% fall in Q4 consolidated net profit. In a major disappointment, HUL’s earnings failed to impress the street as the stock closed marginally in red. FMCG major Hindustan Unilever reported a 10.6% increase in net profit at Rs 872 crore for the quarter ended March 2014 as against Rs 787 crore for the same quarter a year ago.
The market breadth on the BSE ended positive; advances and declining stocks were in a ratio of 1458: 1330, while 144 scrips remained unchanged. BSE Sensex lost 56.46 points at 22,631.61. Among the 30-share Sensex, 9 stocks gained, while 21 stocks declined. The BSE Mid cap and Small cap indices ended higher by 0.88% and 0.26% respectively.
On the BSE Sectoral front, Healthcare up by 1.65%, Realty up by 0.57% and Bankex up by 0.36%, were the only gainers, while Capital Goods down by 1.01%, Auto down by 0.97%, Metal down by 0.53%, FMCG down by 0.42% and Oil & Gas down by 0.25% were the top losers in the space.
The top gainers on the Sensex were Cipla up by 3.49%, Sun Pharma up by 2.04%, Wipro up by 1.91%, Dr Reddys Lab up by 1.82% and SBI up by 1.37%, while, BHEL down by 1.91%, Gail India down by 1.90%, Hero MotoCorp down by 1.81%, Tata Motors down by 1.75% and L&T down by 1.69% were the top losers in the index.
Globally, European stocks rose on Monday as merger and acquisition moves in the pharmaceuticals sector and forecast-beating results from Germany's Bayer outweighed the impact of tensions in Ukraine. Both Dow and NASDAQ futures started on a mixed note at this evening.
TECHNICAL PARAMETERS OF NIFTY:
RSI was at 59 MACD positive ABOVE signal line; India VIX was at 31~ which Indicate that market is in down trend for immediate short term as Nifty closed below its 5 DMA (6803) but still above its 20 DMA (6740), 50 DMA (6490), and 200 DMA (6120) which all indicate that nifty is still in bull run in the medium to long term.
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.