FORENOON
BETTER
Nifty
7649 -23
Nifty
continued its fall for the Second day amid zigzag / choppy movement.
Nifty appears to be facing selling pressure at higher levels and has
been broadly trading in a range of 7800 and 7600.. Unless Nifty
closes above 7750 mark, short term bullishness would not return.
Nifty spot is expected to encounter resistance at 7690, 7725 and find
support at 7610, 7575 for Friday. 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 experience profit booking towards close.
SENSEX DOWN 76 POINTS
The benchmark Sensex today fell for the
second straight session and ended over 76 points lower dragged down by
domestic IT stocks after their global peer Cognizant lowered its
full-year revenue guidance. Bucking the overall weak trend, shares of
companies related to railways saw buying interest after the government
yesterday approved FDI liberalisation in the sector. The BSE Sensex
index, which had lost 242.74 points in the previous session, fell 76.26
points, or 0.30 per cent, to end at 25,589.01. Intra-day, it moved
between 25,526.05 and 25,778.05. Shares of IT majors Infosys (down 1.68
per cent) and TCS (down 1.56 per cent) fell after Cognizant's lower
full year revenue guidance of at least 14 per cent triggered concerns.
It had earlier said sales will grow by 16.5 per cent in 2014. The
50-share NSE index Nifty dropped 22.80 points, or 0.30 per cent, to end
at 7,649.25. During the session, it shuttled between 7,630.40 and
7,708.95. Stocks of companies engaged in railways-related businesses
rallied after the Cabinet fully opened up the railway infrastructure
segment. Titagarh Wagons surged 1.03 per cent, Kalindee Rail Nirman
climbed 3.84 per cent, and Texmaco Rail zoomed 4.49 per cent among
prominent gainers. Moving ahead with the economic reforms, the Cabinet
yesterday also cleared the long-delayed proposal for raising FDI limit
in defence to 49 per cent. Shares of defence equipment makers such as
Astra Microwave Products, BEML and Bharat Electronics initially moved up
but succumbed to profit-taking at the fag-end. Banking, realty, power,
capital goods, healthcare, metal and FMCG sector stocks also came under
selling pressure. Overall, 16 out of 30 Sensex-based scrips fell and
14 finished higher. A mixed closing in the other Asian markets and a
lower opening of European markets on signs of deepening Ukraine crisis
also dampened trading sentiments here, brokers said. Oil & Gas, PSU
and Consumer Durable scrips settled higher and cushioned the fall in
broader markets.
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