On political worries the Shares Of India Fall
- The BSE index is down 1.45 % while the 50-share NSE index is low 1.6 % .
- A key regional ally, the Dravida Munnetra Kazhagam,pulled out of the country's ruling coalition in protest againstthe government's position on a U.S.-backed United Nations resolution on war crimes carried out during Sri Lanka's civilwar.
- The news sent shockwaves through the market that was already under pressure after the central bank disappointed investors with a statement seen as cautious on monetary policy.
- Among blue chip shares leading the fall, Oil and Natural Gas Corporation Ltd falls 3.3 percent, while Larsen & Toubro is down 2.8 percent and Mahindra & Mahindra drops 3 percent.
- Banking stocks are under pressure after the cash reserve ratio was left unchanged at 4.00 percent. ICICI Bank falls 1.8 percent, while State Bank of India is 3 percent lower.
Sensex News Today:
Before the RBI governor takes centre stage on Tuesday,our market has to deal with the global cues arise from euro zone.Immediately no solutions are in sight.Cyprus an island country east of Greece is in the headlines for the wrong reasons.Cyprus is almost forced to agree to Euro zone leaders on taxing depositors around 10 % to 6.7% on amounts below 100000 euros and 9.9 % on figures above that to raise 5.8bn euros to enable Cyprus be eligible for an international bailout. Fears are a bank-run could take place in other regions too.
The Indian market is expected to open negative given the global risk off trade.some amount of caution would anyway set in before the RBI’s mid-quarter monetary policy on tuesday March 19. The head of the PM's Economic Advisory Council sees room for monetary policy to act in the direction of stimulating growth.Indian Corporate and banks have been seeking a rate cut.
The Asian markets are negative per day.The Nikkei fell around 2% while South Korea’s Kospi Index is 1/2% lower. Hong Kong’s Hang Seng Index fell 1.6% while the Shanghai Composite Index is down 0.4%.
While,advance tax numbers are higher than the previous year.Investors tend to associate the same with better performance by corporate India.The target of collecting Rs.1.78 lakh crore corporate tax from Mumbai 2012-13,13% growth over the previous year seems achievable.
ICICI Bank has suspended 18 employees.HDFC Bank appointed Deloitte Touche Tohmatsu India to carry out an independent forensic enquiry into allegations of some of its officials facilitating money laundering activities.Axis Bank has said it has systems and processes that are robust and fully compliant with extant regulations.The market will keep a close watch on the developments in the money laundering issue.
The Sensex fell on Friday 15th Mar,as private sector lenders were hit after the government and the RBI said that they would investigate allegations of money laundering practices,while S&P's comments that weaker growth was constraining ratings also weighed.
ICICI Bank fell 3.8 %, while HDFC Bank ended 1.1 % lower.
*The finance ministry P Chidambaram and the RBI are investigating allegations of money laundering practices at top private sector lenders ICICI Bank, HDFC Bank and Axis Bank.
*ICICI Bank Ltd, HDFC Bank Ltd, and Axis Bank Ltd said on 14th March, they were investigating the allegations but defended their internal controls aimed at preventing money laundering.
Shares of the three lenders fell on Friday with ICICI Bank down 4%, HDFC Bank down 1.7%, and Axis Bank down 0.9%.
Shares of the three lenders fell briefly on Thursday 14th March but recovered to end the session with gains following lower-than-expected core inflation data.
The Sensex provisionally fell 0.78 per cent, while the Nifty ended down 0.57 per cent.
The Indian equity market ended near day’s low on Wednesday amid heavy sell off seen in scrips across the sector. Market participants preferred to remain cautious ahead of the monthly inflation data to be released on Thursday.
The NSE Nifty has declined by almost 130 points or 2.1% in the past three trading sessions. In Today decline was led the Banking stocks,index heavy weights like SBI,ICICI Bank,Axis Bank and PNB were among the major laggards.
Barring the FMCG sector all the other major BSE sectoral indices ended in the red.
Among the other major losers were Consumer Durables, PSU, Auto and the IT stocks. Even the Mid-Cap and the Small-Cap stocks were under pressure.
Finally, BSE Sensex closed at 19362 with down 202 points over the previous close. It opened at day's high of 19511 for an intra-day low of 19338.
The NSE Nifty closed at 5851 with down 63 points over the previous close. It earlier touched a day’s high of 5893 and a day’s low of 5842.It opened at 5,884.
Sensex and Nifty gainers:
ITC, Sun Pharma, Tata Power, Bharti Airtel, Coal India, Hindustan Unilever
RIL, Infosys, TCS, Wipro, Bajaj Auto, HDFC Bank, ONGC, Gail India, Tata Motors, ICICI Bank, HDFC, Hero MotoCorp, Maruti, Jindal Steel, Tata Steel
The advance decline ratio was in favour of the bears.1882 stocks declined against 1003 advancing stocks,while 128 stocks remained unchanged.
The INDIA VIX shot up by 7% to close at 16.20 for hit a day’s high of 16.43 and day's low of 14.69.
Stocks which hit 52-week high during the week were:
Madras Cements, Satyam Comp, Asian Paints,Rollatainers, Vapi Paper.
Stocks which hit 52-week low during the week were:
Apple Finance,BEML, Golden Tob,JCT Electronics, JCT
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.
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