Sensex down 0.34%

The market has remained marginally down due to consistent sell-off in Reliance Industries, which has maximum weightage (more than 11%) on the Sensex, which was marginally down by over 0.34 per cent and closed on a negative note. However the downside was limited thanks to the positive performance by the TATA Motors which gained nearly 6 percent on back of fund buying. 

Among others Power, capital goods, healthcare, technology and ADAG stocks too were under selling pressure. However, buying continued in auto, realty, financial and FMCG stocks.

Meanwhile the European stocks are trading positive, buoyed by hopes that euro-zone officials are working hard to devise a plan to tackle the sovereign-debt crisis. 

The Dow Jones Futures is currently trading 27 points up or 0.23 per cent up at 11593.00 indicating a positive sentiment in the US markets.

Among the SENSEX stocks, NTPC and BPCL were among top three losers, falling over 2.5%. TCS, BHEL, Wipro, Coal India, Bharti, L&T, Sun Pharma and SAIL were down 1-2%. Infosys too was down 0.5%. However, Cairn India was the second top loser on Nifty, rallying 3.7%. 

Meanwhile, ONGC moved up 0.75%. From the financial space, HDFC Bank, SBI, ICICI Bank and HDFC were up 0.7-1%. Axis Bank surged 2%. IRB Infra, SBI, Reliance Industries, Tata Motors and Infosys were most active shares on exchanges.

New listing - Onelife Capital Advisors shot up 43% to Rs 157.60 as against issue price of Rs 110 a share.

On the results front Jindal Steel is to announce its second quarter results tomorrow. We advice our readers to keep track of the share price of the company.

BSE clocked turnover of Rs 2080 crore, lower than Rs 2207.75 crore on 14th October 2011. The market breadth, indicating the overall health of the market was negative. Out of 2878 stocks traded, 1320 stocks advanced while 1432 declined. A total of 126 stocks remained unchanged.

In conclusion, we recommend our investors to stay cautious as the macro concerns are still looming at large over the global as well as domestic economy. A high interest rate scenario coupled with stubborn inflation and subdued expectations for the Q2FY12 earnings still remain a key concern.