Trades Range-Bound, Retail Stocks Drop On Profit Booking
DSIJ Intelligence / 10 Dec 2012
The Indian markets have been trading flat in a range-bound manner. This trend is expected to continue through the rest of the day.
The Indian markets have been trading flat in a range-bound manner. Although the market breadth is positive, the broader indices are being weighed down by significant losses in individual stocks. Hindalco, NTPC, Sterlite Industries and TCS are trading lower by 1.49%, 1.69%, 1.77% and 2.41% respectively. The Sensex is currently trading lower by 28.03 points or 0.14% at 19396.07 and Nifty is down by 8.25 points or 0.14% at 5899.15.
| Benchmark Indices | ||
|---|---|---|
| Index | Rate | % Change |
| Hang Seng | 22244 | 0.24 |
| Nikkei | 9534 | 0.07 |
| Shanghai | 2084 | 1.03 |
| SENSEX | 19396.07 | -0.14 |
| NIFTY | 5899.15 | -0.14 |
The market breadth is positive, with 1400 (50.76%) advances and 1236 (44.82%) declines. The BSE midcap and smallcap indices are trading higher by 0.36% and 0.19% respectively. Of the 13 sectoral indices, 5 are trading with gains at the moment. The BSE Realty, Healthcare and Bankex indices are trading higher by 0.66%, 0.22% and 0.08% respectively. These changes have been indicative of a gradual movement of the markets towards the negative.
The outlook on the IT industry is dampened due to the downward revision of revenue estimates and profit warnings by various companies. The BSE IT and Teck indices are trading lower by 0.52% and 0.63% respectively. The stock prices of Hexaware Tech, MphasiS and TCS are lower by 1.71%, 2.25% and 2.20% respectively.
Retail stocks have been extremely volatile throughout the last week. Multi-brand FDI in retail has finally been cleared in both the houses of Parliament, with foreign companies being allowed to set up operations in the country. Retail stocks saw a drastic upward movement over the past few days. The sector has now turned into a consolidation mode on account of profit booking. The Pantaloon Retail, Shoppers Stop and Trent counters are trading lower by 4.10%, 4.90% and 2.94% respectively.
Goldman Sachs has downgraded Cairn India to 'neutral' with a target price of Rs 380 per share due to a moderation of medium-term oil prices and a flat-to-negative earnings growth forecast. Cairn India is trading lower by 1.80% at Rs 327 per share.
Looking at the trends in the markets, the directional trend is expected to be flat-to-negative for the rest of the day.
If you want to stay updated with the share market news today, keep a close watch on the indian stock market today with real time movements like sensex today live and overall stock market today trends. Investors tracking ipo allotment status, ipo news today, or the latest ipo india can also follow daily updates along with bse share price live data. Whether you are learning how to invest in stock market in india, preparing for a market crash today, or searching for the best stocks to buy in india, insights on top gainers today india, top losers today india, trending stocks india and long term stocks india help in making informed investment decisions.