FORENOON BETTER...PROFIT BOOKING TOWARDS CLOSE...
Nifty continues correction for the Second day in a row but
closed above 7300 mark. Stop loss for Nifty may be maintained at 7265 (on close basis). Scrip specific movement
can be expected in view of the last Two days of Derivative settlement. While
Global cues, Quarterly results and Funds flow
are expected to broadly guide the market movement, based on the present
market position , market can be expected to
be generally better in the forenoon and might encounter selling pressure
in the closing session.
Nifty 7318 -41
Review for Tuesday :: Narrow Movements… General Bearish Bias… !!!
Market traded with negative bias through out the day and
closed with a loss of more than 0.60%. 30 of Nifty stocks ended in the red and
broader market too was weak with Advance Decline ratio at about 1:1.7. IT,
Media, Metal, Pharma indices gained while PSU Bank, Energy, Realty, Auto and
Infra indices closed weak for the day. Infy, HDFC Bank, L&T contributed about
15 20 points to Nifty’s gain while HDFC,
Reliance, SBI dragged down by more
than 20 points.
Jindal Steel, Tech Mahindra, Tata Steel, Infy, Lupin remained gainers among Nifty stocks while GAIL, BHEL, PNB,
Bank of Baroda, IDFC remained major losers.
Bharat Forge Jindal Steel, Just Dial, Havells, Aurobindo remained major gainers
among F&O stocks while GAIL, Unitech, IFCI, PFC, BHEL declined among F&O stocks.
PROFIT BOOKING RATTLES MARKET
he benchmark Sensex today retreated from a
record and fell for the first time in four days weighed down by selling
in power and oil shares as Prime Minister Narendra Modi allotted
portfolios to his council of ministers. Mixed global cues with downward
bias amid offloading of positions by foreign funds in view of monthly
equity derivatives expiry also impacted the market, a broker said. The
BSE 30-share barometer resumed slightly better, but fell back
immediately and remained in negative for rest of the day to end at
24,549.51, a fall of 167.37 points or 0.68 per cent. In previous three
days, it had gained 418.86 points, or 1.72 per cent, to end at record
closing high of 24,716.88. "Possibly, profit booking coupled with
disappointment over the appointment of key ministries could have led to
market decline. All indices were in red except IT, Metals and
Healthcare," said Sanjeev Zarbade, Vice President- Private Client Group
Research, Kotak Securities. The broad-based NSE 50-issue CNX Nifty also
dropped 41.05 points, or 0.56 per cent, to end at 7,318.00. A
narrowing current account deficit at 1.7 per cent of GDP in FY'14 from
4.7 per cent in FY'13 was apparently ignored by market participants,
said equity dealers. Selling activity was seen picking up in mid and
small-cap stocks largely in line with overall trends, they added.
Renewed capital outflows too affected the market sentiment. Foreign
institutional investors (FIIs) sold shares worth a net Rs 84.13 crore
yesterday as per provisional data from the stock exchanges. Gail India
was the top loser from the Sensex pack with a fall of 7.56 per cent even
as net profit rose year-on-year. Besides Gail India, HDFC, RIL, SBI,
ONGC, M&M, Tata Motors, TCS and BHEL also suffered losses while
Infosys, L&T, HDFC Bank, Tata Steel and Hindalco attracted buying.
"With the derivatives expiry on Thursday markets are likely to be
volatile. Even for initiating fresh shorts traders should wait for some
pullback or consolidation to take place at higher levels," said Jayant
Manglik, President-retail distribution, Religare Securities.
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