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Wednesday, February 10, 2010

Sensex ends 120 pts down

Feb 10, 2010

The benchmark Nifty lost all of its Tuesday's gains in late trade sell-off while the Sensex shut shop below the 16000 mark. The markets were volatile throughout the day. Downtrend in banking, oil & gas exploration, capital goods, technology, power, select auto, metal and pharma stocks dragged the Sensex 120 points down.

The Indian markets shrugged off positive global cues. European markets were trading 1% higher, and Dow Jones & Nasdaq future was trading 1% & 0.5% higher, respectively, at the time of closing of Indian equities. Asian markets also closed positive; Shanghai and Taiwan gained 1.1% each. Hang Seng was up 0.67% and Nikkei up 0.3%. However, Straits Times fell 0.39% and Kospi was flat. The US markets also ended 1-1.5% higher on Tuesday.

Buying in HDFC Bank, Bharti Airtel, Sterlite, BPCL, Hindalo, Unitech, Hero Honda, Grasim and Jaiprakash Associates capped the losses to some extent.

The 30-share BSE Sensex closed at 15,922.17, down 120.01 points or 0.75% and the 50-share NSE Nifty fell 0.74% or 35.45 points to settle at 4,757.20. The broader indices also erased all the early gains and ended flat, about 1337 shares advanced while 1527 shares declined on the BSE. Nearly 289 shares remained unchanged.

Sajiv Dhawan of JV Capital Services said, "Since there are shorts on the Nifty we are being quite circumspect and sitting on the sidelines. That’s probably the safest way to play the market over the next couple of weeks as we seem to be lacking a lot of conviction even when we get good positive global cues."

Heavyweights Reliance Industries and ONGC declined 0.8% and 1.7%, respectively. Cairn India was down 0.33% while BPCL gained 2.18%.

Capital goods stocks like L&T and BHEL fell 1.2-1.75% while Siemens and ABB gained 0.3-0.7%. In the power space, NTPC fell 1.7% to 200.5, below its recently closed FPO's floor price of Rs 201. Tata Power, Reliance Power, Suzlon Energy, Power Grid and Reliance Infrastructure were down 0.44-2%.

In the metal pack, SAIL fell 2.5%. The company has turned down the government's advice regarding issue of bonus shares before its upcoming follow-on public offer (FPO), reports CNBC-TV18 quoting sources. Among the other metal stocks, Tata Steel lost 2% and Jindal Steel was down 0.3% while Sterlite and Hindalco gained 1.5-2%.

Banking also witnessed selling pressure. Stocks like SBI, PNB, Axis Bank and ICICI Bank slipped 1.3-2% while HDFC Bank rose 1.4%.

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