GLOBAL CUES, F&O EXPIRY TO DECIDE THE PATH
Market appears to be trading in a sideways range for the last
Two days waiting for the next cue from
FOMC meet to go up or fall sharply. However, Nifty is still closing within the narrow range of the last Seven
weeks and has not breached 6100 mark decisively. However, semblance of
stability would return only on a close above 6200 mark. FOMC decision on
stimulus tapering would be the next big event to drive the markets and Market can
be expected to open Thursday morning Gap up / Gap Down after the news. Nifty
spot is expected to encounter resistance at 6160, 6195 and find support at 6080,
6045, for Thursday. While Global cues, Q3 results, and
Funds flow are expected to
broadly guide the market movement, based on the present market position , market
can be expected to react to global cues in the opening and have scrip specific
movements in view of derivative expiry.
Nifty
Review for Wednesday,
29th January, 2014 :: Selling at Higher
Levels.. .... !!
Market opened higher following global cues but could not
hold on to the gains in the Second half of the day to close with a minor loss.
28 of Nifty stocks gained and broader market too was positive with Advance
Decline ratio at 1.1:1. Pharma, IT, Infra, Auto indices gained while PSUBank ,
Metal, Media, Realty indices declined. Maruti which fell yesterday stood out as
major gainer followed by BHEL, BPCL, Ranbaxy while SSLT, Indusind Bank, Bank of
Baroda, Tata Steel and Bajaj Auto remained major losers among Nifty stocks.
Among F&O stocks Adani Enterprises, MAruti, Godrej
Industries, HPCL, IOC gained while IOB,
India Cement, SAIL, IDBI, Uco Bank and SSLT suffered losses.
NSE FISISHES FLAT
Strong corporate earnings could not sustain
the market sentiment as fag-end profit-booking ahead of tomorrow's
F&O expiry day led the indices to end almost flat for second day at
the National Stock Exchange (NSE) today.
Earlier, hectic buying along with short-covering recouped the market from overnight loss to trade in positive zone buoyed by firm Asian cues and robust Q3 earning results in Telecom giant Bharti-Airtel and premium lender ICICI bank.
But, later both the shares fell as investors fail to absorb the Bharti Airtel estimate with the projected earnings and ICICI Bank data of non-performing asset rose in its December Q3.
Massive dumping by FIIs for the past two days amid investors anxiety on outcome of two-day Federal Reserve meet on reduction in stimulus which would be due later tonight took the bourses to extreme choppiness. Meanwhile, Foreign institutional investors (FIIs) sold shares worth a net Rs 1,267.35 crore as per the provisional data from the stock exchanges.
Selling was seen mainly in banking, metal, energy and realty counters. While IT, pharma, FMCG and shares from mid-cap and small-cap companies witnessed buying activity.
The 50-share index traded between a high 6,170.45 and a low of 6,109.80 before closing at 6,120.25, down 6.00 points, or 0.10 per cent, over the previous close.
Major losers were SSLT, IndusindBk, Bank of Baroda, Tata Steel, Bajaj Auto, Hindalco, ICICI Bank, Jindal Steel, SBIN and PNB.
Key gainers were Maruti, BHEL, BPCL, Ranbaxy, Heromotoco, Sunpharma, Axis Bank, Cipla, Asian Paint and Infy.
Turnover in the cash segment declined to Rs 11,112.44 crore from Rs 12,780.51 crore yesterday. A total of 5,487.25 lakh shares changed hands in 55,13,877 trades, while market capitalisation stood at Rs 65,93,324 crore.
Earlier, hectic buying along with short-covering recouped the market from overnight loss to trade in positive zone buoyed by firm Asian cues and robust Q3 earning results in Telecom giant Bharti-Airtel and premium lender ICICI bank.
But, later both the shares fell as investors fail to absorb the Bharti Airtel estimate with the projected earnings and ICICI Bank data of non-performing asset rose in its December Q3.
Massive dumping by FIIs for the past two days amid investors anxiety on outcome of two-day Federal Reserve meet on reduction in stimulus which would be due later tonight took the bourses to extreme choppiness. Meanwhile, Foreign institutional investors (FIIs) sold shares worth a net Rs 1,267.35 crore as per the provisional data from the stock exchanges.
Selling was seen mainly in banking, metal, energy and realty counters. While IT, pharma, FMCG and shares from mid-cap and small-cap companies witnessed buying activity.
The 50-share index traded between a high 6,170.45 and a low of 6,109.80 before closing at 6,120.25, down 6.00 points, or 0.10 per cent, over the previous close.
Major losers were SSLT, IndusindBk, Bank of Baroda, Tata Steel, Bajaj Auto, Hindalco, ICICI Bank, Jindal Steel, SBIN and PNB.
Key gainers were Maruti, BHEL, BPCL, Ranbaxy, Heromotoco, Sunpharma, Axis Bank, Cipla, Asian Paint and Infy.
Turnover in the cash segment declined to Rs 11,112.44 crore from Rs 12,780.51 crore yesterday. A total of 5,487.25 lakh shares changed hands in 55,13,877 trades, while market capitalisation stood at Rs 65,93,324 crore.
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