ndian equity benchmarks continued the downtrend for the second consecutive session on the back of a fall in European markets and a further rise in crude oil prices.
The Nifty ended below the 5450 level on Wednesday, pulled down by financial, infrastructure, realty and technology companies' shares. Indices were quite choppy since morning but slipped into the red in the last one hour of trade.
Crude oil inched up 2.5% to USD 96.08 a barrel today - its highest level since October 2008 - on growing fears that the unrest in Libya could spread to other top oil producers in the region and cut output further.
Violent clashes in Libya have resulted in at least three oil companies halting output in Africa's third-largest producer, which pumps 1.6 million barrels per day (bpd), or nearly 2% of global supply.
"The Libyan situation has just highlighted the concern for the entire Gulf region. As we have seen this contagion spread from Tunisia to Egypt to Libya and now to Bahrain and Dubai and other areas of influence which are now coming under the concern of the people’s revolution. It is more of a concern for the entire area and the potential that this could escalate, which is the concern and why people are actually building in this Middle Eastern premium," Jonathan Barratt, the Managing Director of Commodity Broking Services said.
International Energy Agency (IEA) executive director Nobuo Tanaka said that sustained oil prices over USD 100 per barrel for the rest of the year could tip the global economy back into a repeat of the 2008 economic crisis.
European markets also slipped half a percent to one percent, at the time of closing of Indian equities. The 30-share BSE Sensex fell 117.83 points or 0.64%, to settle at 18,178.33 and the 50-share NSE Nifty dropped 31.85 points or 0.58%, to end at 5,437.35.
However, Anil Dhirubhai Ambani Group (ADAG), auto and cement companies' shares limited the losses. Heavyweights Reliance Industries and HDFC gained 1%.
India's largest lender SBI' shares was the leading loser with 4% fall followed by ICICI Bank with 2% decline. HDFC Bank, IDFC, PNB and Axis Bank were down 1%. DLF from realty space lost over 3%.
Infrastructure companies like BHEL and Jaiprakash Associates were down 2%; L&T was down 0.3%. TCS, Infosys and Wipro from technology pack tanked 1-2%.
Ranbaxy Labs was the top loser on Nifty with 6% fall as pharma major has reported a net loss of Rs 98 crore in fourth quarter of CY10 as against a profit of Rs 262 crore in same quarter the previous year.
However, ADAG companies' shares like Reliance Capital and Reliance Communications were up 1.5-3%. Reliance Infrastructure was the biggest gainer with 12% rally as it has started operations for country's first Airport Express, which connects airport terminal 3 with Delhi.
Tata Motors and Maruti from auto space gained nearly one percent. Hero Honda shot up nearly 6%.
In midcap space, State Bank of Bikaner, State Bank of Mysore, Man Infra and State Bank of Travancore rallied 18-20%. Kansai Nerolac gained 6%.
However, Radico Khaitan crashed 9% as the company made alleged disclosure of Rs 100 crore during I-T raids, according to sources. NV Distilleries also raided by I-T department authorities, say sources.
Aurobindo Pharma, Gitanjali Gems, Punj Lloyd and PTC India fell 5-8%.
In smallcap space, Zensar Tech, Borosil Glass, Zenith Infotech, Surana Inds and Geodesic jumped 6-10% while Graviss Hosp, A K Capital, Shrenuj & Co, Jagatjit Inds and
Mafatlal Ind lost 7-10%.
About 1215 shares advanced as against 1640 shares declined on the Bombay Stock Exchange.
"Libya concerns will also affect some of the Indian Companies which have operations in Middle East & Africa. Most severely affected could be Punj Lloyd whose 33% of more then Rs 256 bn order book comes from Libya. The order execution was already moving slowly and these incidences are likely to stall it further. Other companies which have operations in Middle East and may be affected are Voltas which has sizeable operations in both Egypt and Libya, IVRCL which has an order from Middle East, Everest Kanto which has orders from Iran and surrounding Middle East countries, BHEL & L&T which have couple of orders in this area though they are not significant compared to the entire order book, 10% of Praj’s order book is also from Middle East & Africa and hence may see execution delay," Preeti Samtani, VP – Institutional Equities of GEPL Capital Pvt Ltd said.
(With inputs from Reuters)
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Nifty below 5450; financials, IT, realty slip
The benchmark Sensex shed about 100 points amid volatility and the Nifty slipped below 5450 level at 14:58 hours, which has been moving in a range of 5400-5500 since previous week. Fall in European markets and rise in crude oil prices could be the reason behind this sell-off.
Crude oil was trading at USD 96.07 a barrel, up by USD 2.5 over previous closing price. European markets like Britain's FTSE was down 0.8%, France's CAC down 0.25% and Germany's DAX down 0.45%.
Financial, technology, infrastructure and realty companies' shares were pulling the markets down. Ranbaxy Labs, ONGC, ITC, Bajaj Auto and Tata Steel too were down.
Shares of India's largest lender SBI tanked 4% followed by ICICI Bank, HDFC Bank, Axis Bank and PNB with 1-1.5% fall. IDFC plunged over 3%. DLF from realty pack slipped 3%.
Infosys, TCS and Wipro from technology pack were down 1-2%. NTPC, BHEL and Jaiprakash Associates declined 1.5-2%.
However, Anil Dhirubhai Ambani Group (ADAG), cement and auto companies' shares were supporting the markets. Reliance Industries, HDFC and Sterlite Industries were gainers.
The 30-share BSE Sensex was trading at 18,175, down 121 points and the 50-share NSE Nifty fell 36 points to 5,433. About 467 shares advanced as against 821 shares declined on National Stock Exchange.
However, Reliance Infrastructure shot up 11%. Hero Honda, Reliance Communications, HDFC, Sterlite Industries, Reliance Capital and Dr Reddy's Labs gained 1.5-3%. Hero Honda surged 5%.
In midcap space, State Bank of Bikaner, State Bank of Mysore, State Bank of Travancore and Man Infra rallied 17-20%. Bajaj Finserv was up 6.62%.
However, Radico Khaitan, Aurobindo Pharma, Kalpataru Power, Punj Lloyd and PTC India fell 5-9%.
In smallcap space, Hexaware Tech, Balkrishna Inds, Goodyear, Prraneta Inds and Geodesic were up 6% while A K Capital Services, JK Cement, KRBL, KPR Mill and Mafatlal Ind slipped 6-12%.
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Nifty choppy; RIL, HDFC, Bharti support
Indian equity benchmarks were choppy in trade at 13:36 hours, ahead of F&O expiry for the month of February tomorrow as well as budget on Monday. On one side, heavyweights like Reliance Industries, HDFC and Bharti Airtel were quite supportive with 1.5-2.5% jump. L&T too gained more than half a percent.
Anil Dhirubhai Ambani Group (ADAG), auto and metal companies' shares were witnessing buying interest as well. However, the upside was capped by selling in technology and realty companies' shares. SBI was the leading dragger on Nifty with 2.2% fall. ICICI Bank, NTPC, Ranbaxy Labs, Tata Power, IDFC, BHEL, Bajaj Auto and JSPL were other losers.
The 50-share NSE Nifty was trading at 5,472, up 3 points and the 30-share BSE Sensex gained just 8 points at 18,305.
Reliance Infrastructure was the top gainer with 13% rally and Reliance Capital jumped 5%. Reliance Power and Reliance Communications were up 1.5%.
In auto space, Tata Motors, M&M, Maruti Suzuki and Hero Honda gained 1-2.5%.
Ranbaxy Labs was the biggest loser on Nifty with 5% decline. Pharma major has reported a net loss of Rs 98 crore in fourth quarter of CY10 as against a profit of Rs 262 crore in same quarter the previous year. Net sales too declined at Rs 2,107 crore from Rs 2,255 crore on year-on-year basis.
In midcap space, Man Infra surged 19% as company signed pact with Turkish Co STFA for port, marine construction in India.
State Bank of Bikaner (SBBJ), State Bank of Mysore and State Bank of Travancore rallied 14-17%, which could be because of SEBI approved Rs 800 crore rights issue of SBBJ. Bajaj Finserv shot up 8%.
However, Radico Khaitan cracked 11% as the company made alleged disclosure of Rs 100 crore during I-T raids, according to sources. NV Distilleries also raided by I-T department authorities, say sources.
Money Matters, Punj Lloyd, Gitanjali Gems and Himadri Chemical lost 3-5%.
In smallcap space, Geodesic, Prraneta Inds, Seshasayee Paper, Hexaware Tech and Siyaram Silk were up 6-9%. However, A K Capital Services, KRBL, Parrys Sugar, India Securities and Newtime Infra fell 5-10%.
Breadth was slightly in favour of declines - about 591 shares advanced as against 671 shares declined on National Stock Exchange.
Sensex lacklustre; SBI, TCS, ICICI Bank slip
The benchmark Sensex was directionless today and was hovering just around its previous closing value at 12:06 hours, ahead of expiry tomorrow and budget on Monday.
“We are unlikely to see any major upward or downward trend pre-budget. So, I think the market is really looking at the budget for a signal of where things have to go because a lot of questions remain unanswered,” said Radhika Gupta of Forefront Capital Management while reacting on the subject of budgetary impact on market sentiments.
Heavyweights like SBI, Infosys, TCS, Wipro, ICICI Bank, BHEL and ITC were witnessing selling pressure with loss of 0.6-2%. Among others - DLF, ONGC, NTPC, Ranbaxy Labs, Tata Power, HUL, JSPL, BPCL and Cairn too were down.
However, buying continued in Anil Dhirubhai Ambani Group (ADAG) and auto companies' shares. Heavyweights Reliance Industries, HDFC and Bharti rallied 1-2.5%. Sterlite Industries, Hindalco, HDFC Bank, L&T, Axis Bank, PNB and Cipla were also on buyers' radar.
The 30-share BSE Sensex fell just 26 points to 18,270 and the 50-share NSE Nifty declined 6 points at 5,463. The broader indices too were quiet in trade.
Reliance Infrastructure (shot up 8%), SBI, Reliance Industrial Infra, Reliance Capital, Reliance Industries, HDFC and Tata Motors were the most active shares on exchanges.
In midcap space, Man Infra shot up 16% as company signed pact with Turkish Co STFA for port, marine construction in India.
State Bank of Bikaner (SBBJ), State Bank of Mysore and State Bank of Travancore jumped 8-13%, could be because of SEBI approved Rs 800 crore rights issue of SBBJ.
Bajaj Finserv went up 8%.
However, Radico Khaitan crashed 10% as the company made alleged disclosure of Rs 100 crore during I-T raids, according to sources. NV Distilleries also raided by I-T department authorities, say sources.
Money Matters, Andhra Bank, Punj Lloyd and Gitanjali Gems fell 3-5%.
In smallcap space, Geodesic, Prraneta Ind, Zenith Infotech, Bhansali Engg and Seshasayee Paper rallied 6-8%. However, A K Capital, Hinduja Foundries, Ashoka Buildcon, Parrys Sugar and India Securities lost 5-6%.
Nifty in tight range; ADAG, auto, telecom up
Equity benchmarks were lacklustre in trade and were moving in a narrow range ahead of expiry tomorrow and budget next week at 10:51 hours. The Nifty was in a range of 5460-5490 since early trade.
Rakesh Arora of Macquarie feels that the markets will consolidate at these levels before making an upward move in the second half of the year. "Earnings downgrades, along with dented market sentiment, have brought about a good correction in the market post which valuations look a lot more reasonable at 14.5x on FY12e," he said.
Anil Dhirubhai Ambani Group (ADAG), telecom, auto, metal, select power and healthcare companies' shares were supporting the markets. HDFC, Reliance Industries and L&T too were on buyers' radar.
However, the sell-off in BHEL, SBI, ICICI Bank, HUL, Ranbaxy Labs, ITC, Infosys, Wipro, TCS and JSPL has limited those gains.
The 30-share BSE Sensex was trading at 18,306, up 10 points and the 50-share NSE Nifty rose 4 points to 5,473. About 694 shares advanced as against 497 shares declined on National Stock Exchange.
ADAG companies' shares like Reliance Capital, Reliance Power and Reliance Communications were up 1.5-3%. Reliance Infrastructure was the top gainer on Nifty with 8% gain.
Tata Motors, Hero Honda and Maruti Suzuki from auto pack moved up 1-1.5%. Bharti Airtel from telecom space rose over one percent.
Among frontliners, HDFC, Sterlite Industries and Tata Motors were up 1.5-3%. However, Infosys, SBI, Wipro, TCS, BHEL, Ranbaxy Labs, IDFC and BPCL slipped 1-3%.
In midcap space, Man Infra surged 15% as company is in pact with Turkish Co STFA for port, marine construction in India.
State Bank of Bikaner, State Bank of Mysore, Bajaj Finserv and Gammon India (bagged orders worth Rs 1947 crore) rallied 7-14%.
However, Radico Khaitan plunged 5.64% as the company made alleged disclosure of Rs 100 crore during I-T raids, according to sources. NV Distilleries also raided by I-T department authorities, say sources.
Andhra Bank, Money Matters, Punj Lloyd and Info Edge fell 2-3%.
In smallcap space, Graviss Hosp, Geodesic, Zenith Infotech, Bhansali Engg and Kama Holdings gained 6-9% while India Securities, Shree Nath Comm, Parrys Sugar, Sujana Towers and Symphony lost 4-5%.
Nifty flat; HDFC, Sterlite gain, Infy, TCS dip
The benchmark Nifty was quiet in opening trade following mixed Asian cues. Indices were hovering around the previous closing values and awaiting for next triggers like expiry tomorrow and budget next week. It seems that markets already discounted rise in crude oil prices due to geopolitical tensions in Libya and Middle east.
Among frontliners, Ranbaxy Labs, BPCL, Infosys, Axis Bank, SBI, ICICI Bank, HCL Tech, Tata Steel, Sesa Goa and TCS were witnessing selling pressure.
However, Sun Pharma, ACC, Ambuja Cements, HDFC, ONGC, Tata Motors, Maruti and Reliance Industries were supporting the markets.
At 9:17 hours IST, the 30-share BSE Sensex was trading at 18,281, down 15 points and the 50-share NSE Nifty fell just 2 points to 5,467. The CNX Midcap too lost 27 points to 7,636.
About 351 shares advanced as against 483 shares declined on National Stock Exchange.
Midcap & Smallcap space:
Allied Digital, Zee Learn, Aptech and NIIT gained 2-3%.
MTNL surged 4% and Tata Communications was up 3%.
Jet Airways, Kingfisher Airlines, TVS Motor and Petronet LNG were down 1-2%.
Global cues:
Asian markets were mixed in trade. Shanghai, Hang Seng and Kospi were marginally in green while Nikkei, Straits Times and Hang Seng fell 0.2-0.7%.
The US markets posted worst single-session loss in six months (opened after 1-day holiday) on back of geopolitical tension in Libya and Middle East.
The Dow Jones Industrial Average ended down 178 points at 12,213. The Nasdaq Composite was down 77 points at 2,756 and the S&P 500 Index fell 27 points at 1,315.
Commodities
April crude oil surged 6% at USD 95.32/barrel, gained nearly 15% in last 2 days
March natural gas was down 0.1% at USD 3.87 per MMBtu
April gold was up 0.9% at USD 1401.1/ounce
Silver went up 2% at USD 32.86/ounce - set a new 30-year high above USD 34 per ounce in the early morning
Grains fell 5.4%, May wheat was down 7%, May soybeans down 5.1% and May corn down 4.2%.
F&O cues:
Total Nifty futures down Rs 1119 crore, Options up Rs 1005 crore
Stock futures net add 20 lakh shares in Open Int
Nifty Fut Open Int net shed 3.2 lakh shares in OI; Nifty futures flat versus 10 pts prem
Nifty Open Int PCR down at 1.21 versus 1.24
Nifty Put add 25k shares, Call add 16.2 lakh shares in Open Int
Highest Open Int outstanding at 5400 Put, 5300 put, 5600 call
Nifty 5500 Call adds 9.5 lakh shares (13%) in Open Int; prem down from 40 to 29
Nifty Mar 5300 Put add 7.9 lakh shares (28%) in Open Int, prem up from 90 to 102
Nifty Mar 5000 Put add 4.5 lakh shares (15%) in Open Int
Nifty Mar 5400 Put add 3 lakh shares (7%) in Open Int
Nifty Mar 5200 Put add 2.8 lakh shares (8%) in Open Int
Nifty 5400 Put shed 6.5 lakh shares (6%) in Open Int
Nifty 5500 Put shed 5.8 lakh shares (8%) in Open Int
Nifty 5600 Put shed 3.7 lakh shares (15%) in Open Int
Nifty 5200 Put shed 3.13 lakh shares (5%) in Open Int |
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