Slow & Steady Recovery

Vidrum / 04 Jun 2012

Indian market had a slow and steady recovery through out the day, finally closing the day in the positive territory. Markets recovered for the early morning low’s and closed marginally in the green zone. Broader Indices closed almost 0.14 per cent higher.
Indian market had a slow and steady recovery through out the day, finally closing the day in the positive territory. Markets recovered for the early morning low’s and closed marginally in the green zone. Broader Indices closed almost 0.14 per cent higher. This is after the Investors got tempted to buy some of the stocks which were beaten down heavily in the past few trading sessions. Among the sectoral Indices, it was surprise to see defensive bets moving southwards even when the markets showed some strength. Consumer Durables and FMCG Indices closed down 1.48 and 3 per cent respectively. While Indices like Capital goods, Realty, Bankex and Oil and Gas closed the day up more than one per cent.

Benchmark Indices
Index Closing % Change
SENSEX 15988.4 0.15
NIFTY 4848.15 0.14
Hang Seng 18185.59 -2.00
Nikkei 8295.63 -1.71
Shanghai 2308.55 -2.73
Live
FTSE 5260.19 -0.88
DAX 5985.88 -1.06
CAC 2970.31 0.67


The peer Asian markets also closed the day in the red zone. All the three major Indices namely the Hang seng, Nikkei and Shanghai closed the day lower in the range of 1.71 to 3 per cent. According to media reports, China’s services sector expands at its weakest pace in more than a year, dampening hopes it could take up some of the slack from slowing manufacturing industries. European Indices showed some strength after opening in deep red. CAC has turned into positive zone while FTSE and DAX have recovered from the day’s low.   

Dow Jones Futures is currently trading 54 points or 0.44% down at 12049, indicating a negative sentiment in the US markets.

Sectoral Indices
Category/Index Close Change(Pts) Change (%)
Broad
MIDCAP 5,809.23 -12.4 -0.21
SMLCAP 6,180.43 -14.01 -0.23
BSE-100 4,861.35 5.31 0.11
BSE-200 1,970.63 1.09 0.06
BSE-500 6,178.64 1.42 0.02
Sectors      
CG 8,730.67 177.57 2.08
REALTY 1,573.73 21.03 1.35
OIL&GAS 7,514.18 86.57 1.17
BANKEX 10,802.52 117.9 1.1
AUTO 8,748.09 67.79 0.78
PSU 6,698.14 33.78 0.51
POWER 1,766.70 -2.03 -0.11
IT 5,536.35 -15.92 -0.29
TECk 3,200.75 -16.48 -0.51
HC 6,521.71 -35.25 -0.54
METAL 9,875.19 -59.67 -0.6
FMCG 4,520.94 -70.22 -1.53
CD 5,975.93 -179.83 -2.92


Back home, Capital goods heavyweight L&T was the leading Index gainer closed the day higher 3.43 per cent to Rs 1173.4. It was one of the stocks which pulled the broader Indices to close their trade in the green zone. ONGC also closed up 3.19 per cent to Rs 254.15. Investors picked up Tata motors after the stock was beaten down in the past few trading sessions. The stocks today closed 1.89 per cent higher to Rs 228.75. Other stocks like DLF, RIL, Tata steel, Hero motocorp closed the day up more than one per cent.   

On the other hand, Gail India was the leading Index loser down 3.47 per cent to Rs 319.5. FMCG heavyweights HUL and ITC closed the day lower, 1.55 and 1.54 per cent respectively. Other stocks like Jindal steel, Tata power, Bharti Airtel and Sterlite Industries closed the day down more than 2 per cent. Stocks like Coal India, Bajaj Auto, Maruti Suzuki closed the day lower marginally in the red zone. 

Future capital holdings are trading higher 4.78 per cent to Rs 143.55, after the news that U.S. private equity firm Warburg Pincus LLC is set to buy a majority holding in Indian financial services firm Future Capital Holdings (FCH) for $100-$125 million. Warburg Pincus will pay Rs 165 to 170 per share.

Advance-Decline Table
Index Advances Declines Unchanged
BSE 30 13 17 0
BSE 100 54 44 2
BSE 200 103 95 2
BSE 500 235 251 13
Others 968 1199 108


The market breadth, which indicates the overall health of the market, was negative. Out of the 3104 stocks traded on the BSE, 1606 declined, 1373 advanced, and 125 remained unchanged.

In conclusion we expect the markets to remain volatile for tomorrow as investors are jittery in this volatile and uncertain environment. We advise our readers to play with cautions. 

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