Bears Rule, DMK Pulls Out From Ruling UPA
Suparna / 19 Mar 2013
In the afternoon trading session, rate-sensitive stocks like Banks, Auto and Real Estate fell sharply after the RBI cut the repo rate by 25 basis points. Further pressure came in as the DMK snapped ties with the ruling UPA.
The Indian markets saw steady trades in the morning session, but there was complete mayhem in the afternoon session. Rate-sensitive stocks like Banks, Auto and Real Estate fell sharply after the RBI cut the repo rate by 25 basis points, as was expected, but said that there is limited room for further easing. Further pressure came in as the DMK snapped ties with the ruling UPA.
The Nifty is currently down by 74 points at 5758 and Sensex has dropped 220 points at 19,060. Both the indices are lower in the range of 1.18%-1.26%.
The advance-decline ratio is on the negative side in afternoon trading session. On the NSE, 1034 shares are in the red and 299 shares are in positives.
Top 5 NSE Gainers: Ranbaxy Labs is the top gainer on the NSE, trading up by 1.73%, followed by GAIL, Sun Pharma, Bajaj Auto and ITC.
Top 5 NSE Losers: Jindal Steel and Power is trading down by 3.93%. Hero MotoCorp, ONGC, BHEL and Bharat Petroleum are the others in the red so far.
In the sectoral pack, Healthcare is the only index trading flat with a positive bias. Realty, Metal, PSU and Oil & Gas are among the major sectoral losers.
The Asian markets continue to trade firm. Nikkei 225 is trading up by 1.99% at 12,468, followed by Straits Times gaining 0.68%, Shanghai Composite up by 0.54% and Hang Seng trading up by 0.11%.
Buzzers: Sun TV Network has dipped almost 5% to Rs 415 after the Dravida Munnetra Kazhagam (DMK) decided to pull out of the UPA alliance over the Sri Lanka issue. The Chennai-based Sun TV Network, one of India’s biggest television networks, is owned and run by Kalanidhi Maran, the nephew of DMK chief M Karunanidhi.
Bilcare is locked in the lower circuit of 20% at Rs 112, which is also a record low for the stock, on the back of heavy volumes on the BSE. The stock has underperformed the market by falling about 50% so far in CY2013.
As soon as the Nifty broke support of 5810, it drifted about 80 points. As mentioned in our previous update, the market is also expected to see a further major move in reaction to the RBI policy.
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