Sensex, Nifty up but Tata Power falls:
In global markets the BSE Sensex edged higher on Tuesday tracking strength.The broader Nifty traded close to 5950 mark while the rupee advanced to 54.28 against the dollar.
Indian stock markets have seen sharp gains last week,with the Sensex gaining over 4%.Traders now expect markets to take a pause before the next move.Some key macro data points this week will influence decision of the Reserve Bank to lower rates next week and will be watched closely .
January factory output,due later in the day,will influence the course of the markets today. January IIP likely grew 1% after contracting 0.6% in December.
Market analyst Sarvendra Srivastava said that 5900 to 5920 are immediate supports for the markets though 6000 should be a psychological barrier.
Stocks:
IT stocks extended their decline on account of profit taking. HCL Tech and TCS traded with 0.5 % to 1 % losses.
Tata Power down over 1% was the top Nifty loser after a downgrade by Credit Suisse.The investment bank cut Tata Power's target price from Rs.104 to Rs.83 per share.
31 stocks traded higher on the Nifty,led by Tata Motors which jumped over 1.5 per cent.Utility vehicle maker M&M gained 1.4 %, while Reliance Industries traded 0.9 % higher.
At open Sensex flat with negative bias :
Indian equities flat with negative bias in early trade on Thursday 7th Mar 2013 erasing earlier gains. Today at 09.16 a.m. the Sensex was trading down around 7.77 points or 0.04 per cent at 19,244.84 with 15 components falling.The Nifty was trading lower by 17.30 points or 0.30 Per cent at 5801.30 with 28 components falling.
The 30 share benchmark index,BSE Sensex opened at 19222.05 with a decline of 30.56 points or 0.16 per cent ,while the broad based NSE Nifty started at 5,801.30 with a fall of 17.30 points or 0.30 per cent.
Sensex Movers:
ICICI Bank contributed fall of 6.99 points in the Sensex ,followed by Tata Motors at 6.77 points,Bharti Airtel at 5.77 points,Reliance Industries at 4.44 points and Mahindra & Mahindra at 3.26 points.
In the other side,Infosys contributed rise of 13.03 points in the Sen-sex ,followed by I T C at 9.68 points, Wipro at 4.99 points,Tata Consultancy Services at 3.89 points and Housing Development Finance Corporation at 2.4 points.
Biggest gainers in the 30-share index:
*Wipro at 1.61%
*Infosys at 0.77%
*Hero Motocorp at 0.69%
*Tata Power Company at 0.66%
*I T C at 0.50%
*Tata Steel at 0.41%
The major losers in the Sensex:
*Bharti Airtel at 1.17%
*Tata Motors at 1.03%
*Hindalco Industries at 0.84%
*Sterlite Industries of India 0.71%
*Mahindra & Mahindra at 0.67%
*Jindal Steel & Power at 0.60%
Market Breadth:
Market breadth was positive with 329 advances against 230 declines.
Value and Volume Toppers:
Adani Power topped the value chart on the BSE with a turnover of Rs.240.15 million,followed by Multi Commodity Exchange of India Rs. 30.85 million, MMTC Rs. 9.18 million and Infosys Rs. 8.96 million.
The volume chart was led by Adani Power with trades of over 5.00 million shares,followed by Birla Cotsyn India 1.08 million,Ballarpur Industries 0.28 million and FCS Software Solutions 0.14 million.
