Markets witness heavy profit booking

Vidrum / 30 Jan 2012

The Indian markets witnessed heavy profit booking after the broader markets rallied more than 10% in the last one month. Today, both the bourses were down more than 2%.

The Indian markets witnessed heavy profit booking after the broader markets rallied more than 10% in the last one month. Today, both the bourses were down more than 2%. All the sectors closed in the red, with Capital Goods being the worst performer, down by around 6%. Other sectors like Power, Metals, Realty etc. were down by approximately 3%.

Other Asian markets also ended lower ahead of the European leaders' meeting to resolve the sovereign debt crisis and also on the back of the Chinese govt signalling caution on monetary policy easing. The Shanghai and Hang Seng closed down 1.47% and 1.66%, while the Nikkei closed down by 0.54%.

The European markets are also trading down by almost 1%.

Dow Jones Futures is currently trading 81 points or 0.64% down at 12533, indicating a negative sentiment in the US markets.

Benchmark Indices
Index Closing % Change
Sensex 16863.3 -2.15
Nifty 5087.3 -2.26
Hang Seng 20160.41 -1.66
Nikkei 8793.05 -0.54
Shanghai 2285.04 -1.47
Live
FTSE 5687.24 -0.81
DAX 6447.35 -0.99
CAC 3281.03 -1.14


Sectoral Indices
Category/Index Close Change(Pts) Change (%)
Broad
MIDCAP 5,756.98 -115.38 -1.96
SMLCAP 6,373.59 -118.1 -1.82
BSE-100 8,785.16 -196.97 -2.19
BSE-200 2,054.44 -45.03 -2.14
BSE-500 6,417.22 -137.36 -2.1
Sectors      
HC 6,250.83 -10.4 -0.17
IT 5,689.03 -32.71 -0.57
FMCG 4,033.23 -30.64 -0.75
TECk 3,413.64 -50.14 -1.45
PSU 7,274.51 -134.49 -1.82
AUTO 9,028.18 -169.15 -1.84
OIL&GAS 8,355.58 -185.84 -2.18
CD 5,847.50 -152.96 -2.55
BANKEX 10,969.09 -313.24 -2.78
METAL 11,246.38 -329.95 -2.85
REALTY 1,650.21 -52.77 -3.1
POWER 2,046.81 -75.22 -3.54
CG 9,784.77 -575.47 -5.55

Back home, BHEL continued remaining the worst index performer for the day, down 10.71% to Rs 244.35. L&T also accompanied BHEL, closing today’s session 5.73% down at Rs 1302.53. Further profit booking was seen in Metals stocks like Sterlite Industries and Hindaclo, which closed 6.20% and 4.88% respectively. Mahindra & Mahindra, Bharti Airtel, ICICI Bank, DLF, SBI, Reliance, etc. closed down in the range of 2%-5%. Other stocks like ITC, ONGC, TCS etc. closed down marginally in the red zone. Only 4 index stocks closed the day positive. Sun Pharma led the list, closed 1.71% up at Rs 537.95. Bajaj Auto, Jindal Steel and Hero MotoCorp were the others that closed up in the range of 0.23%-0.88%.

NMDC tanked 5.39% to Rs 173, after the news that MOEF has rejected the company’s clearance to one of the iron-ore mines in Chhattisgarh. LIC Housing Finance slid 2.23% to Rs 246.05, despite reporting a 43.18% rise in its net profits to Rs 306 cr in Q3 FY12.

Advance-Decline Table
Index Advances Declines Unchanged
BSE 30 5 25 0
BSE 100 17 83 0
BSE 200 33 166 1
BSE 500 90 406 4
Others 908 1409 98

The market breadth, which indicates the overall health of the market, was negative. Out of the 3245 stocks traded on the BSE, 2089 declined, 1053 advanced and 103 remained unchanged.

For tomorrow, investors should watch out for stocks like ICICI Bank, Titan, IDBI, Dabur India, Shoppers Stop etc., as the companies are going to declare their Q3 FY12 numbers.

In conclusion, we expect the markets to remain volatile as investors remain jittery about investing in markets that fail to provide any concrete direction.

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