A Volatile Day Ends Negative

The Indian markets saw a sell-off within minutes of policy announcement. However, it recovered all the losses in the early noon trade. The selling activity further picked up around 6000 levels and Nifty was further down by a per cent to close with a loss of 55 points at 5944 and Sensex closed at 19,575, down by 160 points. Both the indices ended in red with a loss of 0.92%-0.81%.

The advance-decline ratio ended on a negative side at the end of day. On the NSE, 527 shares closed in green and 820 shares closed in red. 

Top 5 NSE Gainers: Jindal Steel ended up by 4.12% as the top gainer on the NSE, followed by Hindalco, Tata Steel, HCL Tech and Sun Pharma.

Top 5 NSE Losers: Tata Motors ended the day as the top loser on NSE, down by 3.9%, followed by SBI, ICICI Bank, IDFC and GAIL. 

Most of the sectors ended on a negative note. Only Capital Goods and Metals traded in the green zone, up by 91 points and 123 points respectively. Banks were the top losers down by 300 points, Oil & Gas and Consumer Durables were down by 90 points, while Mid-Cap and Small-Cap ended on a negative note. 

The Asian markets closed flat with a positive bias. Hang Seng was up by 21 points, KOSPI, and China’s Shanghai Composite closed up by 8 points and 30 points respectively. 

Buzzers: JSW Energy reported a 49% YoY growth in the March 2013 quarter with a profit of Rs 336 crore boosted by a higher tariff at its Barmer plant and the lower interest costs. After the announcement, the stock made a new high at Rs 69 and managed to close around Rs 64.From this level, the stock has a hurdle at Rs 70.   

Ambuja Cements disappointed the markets with its first quarter earnings (Q1CY13) both on the topline and bottomline front. The company reported a net income of Rs 488 crore and sales of Rs 2545 crore, way below estimates. The stock was down by a per cent and closed below Rs 190, breaking its support level. 

Nifty managed to close above 5920. But the market has a stiff resistance around the levels of 5950. If Nifty sustains below this level, we will see a further down-move.