Markets to remain negative over EU debt crisis & weak US economic data
Srujani Panda / 20 Oct 2011
The BSE Sensex opened over 150 points lower in line with global cues, as we said in our morning commentary. Markets continue to trade in the red, with all sectors under pressure. Oil & Gas is taking most of the beatings, down by 164 points to 8579.34.
All the other Asian indices are trading in the red too. The Hang Seng and Shanghai are both down by almost 2%, while Nikkei, Taiwan and KOSPI are trading lower by close to 1%.
On the sectoral front, Oil & Gas, Metals and Power stocks are down by 1.50-1.83%. The healthcare index is trading marginally down by 5 points.
Among the Sensex stocks, Sun Pharma and Maruti Suzuki are the only gainers. Sun Pharma, which is looking to acquire its Israeli subsidiary Taro Pharma, is up by 0.62%. Maruti Suzuki is up by 0.52%, as the company is indicating that it may shift its base to Gujarat. LIC Housing Finance is among the major losers in the ‘A’ list stocks, followed by Crompton Greaves, which is down after it reported a fall in its net profits for the second quarter. JB Chemicals & Pharmaceuticals is up by 3.19%, as the company reported net profits of Rs 619.95 crore in this quarter, compared to Rs 44.61 crore in the same period last year.
Essar Ports has gained 11.50% till the point that we updated our morning commentary. We expect this stock to hold ground today. Bajaj FinServ has also gained 5.25%, and we expect this stock to end up in the green. GVK Power & Infrastructure has, however, lost ground after initial gains. Mastek is trading lower by 4.15% at Rs 90.60, as we expected.
M and B Switchgears, listed today at a price of Rs 186, is however, trading lower by 22 points or 12% at Rs 164. Yesterday’s debutants, Flexituff International and Taksheel Solutions, further dipped down by 1.62% and 19% respectively.
The market breadth, which is an indicator of the overall health of the market, is negative. Out of total 2326 stocks, 1507 stocks declined and 744 stocks advanced. The position of 75 stocks remained unchanged.
Going forward, we advise our readers to track Strides Arcolab, which has received US FDA approval for Bupivacaine Hydrochloride Injections. Also, Biocon has announced its quarterly and half yearly results today, posting a strong 17% YOY growth in its revenues in H1 FY12. Biocon has also launched the insulin delivery device, INSUPen.
In conclusion, we expect the markets to remain negative over the European debt crisis and weak US economic data.
All the other Asian indices are trading in the red too. The Hang Seng and Shanghai are both down by almost 2%, while Nikkei, Taiwan and KOSPI are trading lower by close to 1%.
| Benchmark Indices | ||
| Index | Rate | % Change |
| Hang Seng | 17,877.80 | -2.36 |
| Nikkei | 8,690.68 | -0.93 |
| Shanghai | 2,322.35 | -2.32 |
| SENSEX | 16789.16 | -1.73 |
| NIFTY | 5047.35 | -1.79 |
On the sectoral front, Oil & Gas, Metals and Power stocks are down by 1.50-1.83%. The healthcare index is trading marginally down by 5 points.
Among the Sensex stocks, Sun Pharma and Maruti Suzuki are the only gainers. Sun Pharma, which is looking to acquire its Israeli subsidiary Taro Pharma, is up by 0.62%. Maruti Suzuki is up by 0.52%, as the company is indicating that it may shift its base to Gujarat. LIC Housing Finance is among the major losers in the ‘A’ list stocks, followed by Crompton Greaves, which is down after it reported a fall in its net profits for the second quarter. JB Chemicals & Pharmaceuticals is up by 3.19%, as the company reported net profits of Rs 619.95 crore in this quarter, compared to Rs 44.61 crore in the same period last year.
Essar Ports has gained 11.50% till the point that we updated our morning commentary. We expect this stock to hold ground today. Bajaj FinServ has also gained 5.25%, and we expect this stock to end up in the green. GVK Power & Infrastructure has, however, lost ground after initial gains. Mastek is trading lower by 4.15% at Rs 90.60, as we expected.
M and B Switchgears, listed today at a price of Rs 186, is however, trading lower by 22 points or 12% at Rs 164. Yesterday’s debutants, Flexituff International and Taksheel Solutions, further dipped down by 1.62% and 19% respectively.
The market breadth, which is an indicator of the overall health of the market, is negative. Out of total 2326 stocks, 1507 stocks declined and 744 stocks advanced. The position of 75 stocks remained unchanged.
Going forward, we advise our readers to track Strides Arcolab, which has received US FDA approval for Bupivacaine Hydrochloride Injections. Also, Biocon has announced its quarterly and half yearly results today, posting a strong 17% YOY growth in its revenues in H1 FY12. Biocon has also launched the insulin delivery device, INSUPen.
In conclusion, we expect the markets to remain negative over the European debt crisis and weak US economic data.
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