Market On Roller Coaster Ride, Realty Extends Fall
Suparna / 21 Mar 2013
The Nifty lost nearly 100 points in the last hour of trades today, down from a high of 5750. The broader markets and Auto stocks dragged the indices to the lowest levels seen so far in 2013. The Nifty closed down at 5658 and Sensex at 18,792.
It has been a wildly swinging ride for the Indian markets today. The Nifty lost nearly 100 points in the last hour of trades today, down from a high of 5750. Heavyweights like Bharti Airtel, ICICI Bank and Axis Bank provided some support, but the broader markets and Auto stocks dragged the indices to the lowest levels seen so far in 2013. The Nifty closed down by 35 points at 5658 and Sensex was down by 91 points at 18,792.
The advance-decline ratio ended on the negative side at the end of the day. On the NSE, 1059 shares closed in the red and 375 shares were in positives.
Top 5 NSE Gainers: Bharti Airtel ended as the top gainer today, up by 6.05%. ICICI Bank, HDFC, Mahindra & Mahindra and UltraTech Cement were the others in the gainers list.
Top 5 NSE Losers: Reliance Infrastructure ended the day 6.56% lower, followed by JP Associates, Bank of Baroda, Tata Power and Tata Motors.
Most of the sectors ended in the red. TECk, Consumer Durables and IT ended higher in the range of 0.38%-0 0.64%. Realty, Power and Auto witnessed heavy selling pressure, and were all down by more than 2%.
The Asian markets closed on a mixed note. Nikkei 225 closed higher by 1.33%, followed by Straits Times and Shanghai Composite. KOSPI and Hang Seng ended lower in the range of 0.19%-0.44%.
The European markets are trending down. The CAC 40 is trading lower by 1.03%, DAX is lower by 0.84% and FTSE 100 has dipped 0.70%.
Buzzers: HDIL is closed lower by 2.36% at Rs 47.50, extending the fall seen over the last four days. This is despite the fact that the Mumbai-based property developer said that it has not accepted the ratings downgrade for its NCDs by ratings agency CARE and has asked for a restoration. The stock has underperformed the market by falling more than 30% in the past one week compared to the 3.6% fall in the index.
Ingersoll Rand has rallied about 5% in today’s trading session after the company inaugurated its greenfield manufacturing facility at the Mahindra World City, Chennai. The stock registered a high of Rs 425.45 in today’s trade.
As mentioned in our previous update, the Nifty will face resistance in the zone of 5750-5770.
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