Sensex & Nifty continue to consolidate
Srujani Panda / 14 Oct 2011
As mentioned in our morning update markets opened marginally lower, as they continue to consolidate for the second consecutive session. Benchmarks have witnessed subdued trades this morning and are hovering around their previous closing values. Metal and banking stocks were under pressure while technology and FMCG stocks were on buyers' radar.
In other developments across the globe, ratings agency Standard & Poor's downgraded the long-term credit rating of Spain by one notch on Friday, knocking the euro down by a third of US cent as it followed hard on the heels of a similar downgrade by Fitch last week. S&P cited Spain's high unemployment, tightening credit and high level of private-sector debt among the reasons for the downgrade of the nation's creditworthiness to AA- from AA.
Back home, top gainers on the Sensex are Reliance Industries, IT and Bharti Airtel, up almost 1 per cent. ITC, HUL, Grasim, Tata Power, NTPC, Bharti Airtel, TCS, HCL Tech, Infosys and Wipro are supporting the market. However, Sesa Goa, Hindalco, Tata Steel, Sterlite, SAIL, DLF, Coal India, SBI, ICICI Bank, Axis Bank, L&T and Maruti are among the notable losers today.
New listing candidate Tijaria Polypies rallied 5 per cent to Rs 63 a share on Day 1.WWIL gained 2 per cent. Dish TV and Hathway Cable were up nearly 1 per cent on positive news for cable TV operators by Govt. Balaji Tele gained 4 per cent ahead of quarterly results. BILT surged 3 per cent. Century Textiles rose 3 per cent as there were reports that company may merge its cement business with Ultratech. However, AP Paper lost 3 per cent post disappointing second quarter results. Kingfisher Airlines lost 3 per cent as HPCL said it has suspended fuel supplies to Kingfisher in Delhi. Dhanlaxmi Bank and Jubilant Foodworks were down 1.5 per cent.
The market breadth, indicating the overall health of the market, is positive. On BSE, 1173 shares rose and 975 shares fell. A total of 90 shares remained unchanged.
In conclusion, we expect the market to remain volatile for the day and advice readers to wait and watch for the inflation data to be released this afternoon and also watch for the European markets to open as they may provide some vital cues on the desired direction of the market trend. Nevertheless we shall keep updating you regularly through our market commentary.
| Benchmark Indices | ||
| Index | Rate | % Change |
| Hang Seng | 18496.17 | -1.39 |
| Nikkei | 8745.75 | -0.88 |
| Shanghai | 2413.02 | -1.06 |
| SENSEX | 16943.09 | 0.35 |
| NIFTY | 5090.75 | 0.25 |
In other developments across the globe, ratings agency Standard & Poor's downgraded the long-term credit rating of Spain by one notch on Friday, knocking the euro down by a third of US cent as it followed hard on the heels of a similar downgrade by Fitch last week. S&P cited Spain's high unemployment, tightening credit and high level of private-sector debt among the reasons for the downgrade of the nation's creditworthiness to AA- from AA.
Back home, top gainers on the Sensex are Reliance Industries, IT and Bharti Airtel, up almost 1 per cent. ITC, HUL, Grasim, Tata Power, NTPC, Bharti Airtel, TCS, HCL Tech, Infosys and Wipro are supporting the market. However, Sesa Goa, Hindalco, Tata Steel, Sterlite, SAIL, DLF, Coal India, SBI, ICICI Bank, Axis Bank, L&T and Maruti are among the notable losers today.
New listing candidate Tijaria Polypies rallied 5 per cent to Rs 63 a share on Day 1.WWIL gained 2 per cent. Dish TV and Hathway Cable were up nearly 1 per cent on positive news for cable TV operators by Govt. Balaji Tele gained 4 per cent ahead of quarterly results. BILT surged 3 per cent. Century Textiles rose 3 per cent as there were reports that company may merge its cement business with Ultratech. However, AP Paper lost 3 per cent post disappointing second quarter results. Kingfisher Airlines lost 3 per cent as HPCL said it has suspended fuel supplies to Kingfisher in Delhi. Dhanlaxmi Bank and Jubilant Foodworks were down 1.5 per cent.
The market breadth, indicating the overall health of the market, is positive. On BSE, 1173 shares rose and 975 shares fell. A total of 90 shares remained unchanged.
In conclusion, we expect the market to remain volatile for the day and advice readers to wait and watch for the inflation data to be released this afternoon and also watch for the European markets to open as they may provide some vital cues on the desired direction of the market trend. Nevertheless we shall keep updating you regularly through our market commentary.
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