Trades End Lower On Profit Booking
Suparna / 29 Jan 2013
The Indian markets moved up in response to the RBI’s rate cut announcement earlier today but dipped later on profit booking. After touching a new 52-week high, the Nifty closing lower at 6049.90. The Sensex slipped below the 20k mark to 19,990.
The Indian markets surged sharply in response to the RBI’s rate cut announcement earlier today. From there on, traders started to book profit in the late noon session. After touching a new 52-week high of 6111.80, the Nifty slipped down to a new intraday low of 6044.90, finally closing lower by 24 points at 6049.90. The Sensex slipped below the 20k mark, down by 112 points at 19,990.
The advance-decline ratio ended on the negative side by the end of the day. On the NSE, 932 were in the red and 497 shares closed positive.
Top 5 NSE Gainers: Axis Bank ended as the top gainer on the NSE, higher by 4.42%. Other gainers included Jaiprakash Associates, Coal India, ITC and Kotak Mahindra Bank.
Top 5 NSE Losers: Hindalco Industries ended down by 3%, followed Bank of Baroda, HDFC Bank, Bajaj Auto and Reliance Infrastructure.
Most sectors saw profit booking post the RBI’s policy update. In the last hour of trade, there was a sharp sell-off in interest rate-sensitive sectors like Realty, Auto and Bankex. FMGC was the only sector to end in gains, up by 0.60%.
In the peer Asian markets, Taiwan Weighted ended up by 1.12%, followed by KOSPI, Shanghai Composite and Nikkei 225. Straits Times and Hang Seng were marginal lower.
The European markets are trading on a mixed note. FTSE 100 is higher by 0.17%, while CAC 40 and DAX have dropped by 0.07%-0.11%.
Buzzers: IVRCL closed down by 9% to touch Rs 32.50. The stock touched its 52-week low in today’s trade on the back of heavy volumes post noon. It witnessed volumes of 25381999 in today’s trade. The scrip has been continuously underperforming the market by falling more than 27% in past one week as against a marginal gain in the Nifty.
ITC closed on a positive note at Rs 305, with gains of more than 1%. It reached an intraday high of Rs 306.95, which is also its new 52-week high, and touched a low of Rs 299.10 in today’s trade. Traders and investors are building long positions in the defensive sector.
After slipping down from its high, the Nifty now has strong support at 6015.
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