Mumbai: It was highly volatile session for the BSE Sensex on Wednesday, which traded in the negative terrain for major part of session. At close, the NSE Nifty managed to hold 5200 level quite nicely, even after it hit an intraday low of 5,171.45 - that was few points away from 200 day moving average (DMA) of around 5160. The index fell 1.95 points, to close at 5.220.45.
Even the Sensex stayed above 17000 level, which touched an intraday low of 17,008.77, before closing down 27.77 points at 17,145.52.
Experts believe that the market may drift down to around 5100 level ahead of major two events next week.
Unexpected majority for Samajwadi Party (SP) in Uttar Pradesh wrecked the hopes of Congress thinking of alliance with SP to take economic growth reforms forward. The market also looked cautious about monetary policy review - schedule to be announced on March 15 due to rising oil price.
Over the next couple of days, Ambareesh Baliga of Way2wealth feels the fear of budget will make the markets still drift down to about 5050-5075.
Anil Manghnani of Modern Shares & Stock Brokers said, "I think there is some more selling pressure into the next week just before the Budget and I am still looking at 5,080 as a crucial 50 per cent retracement of this entire move from 4,530 to about 4,630."
Globally every market is worried about Greece as fears that it may be defaulted. European markets were marginally higher as they had fallen quite sharply yesterday. Asian markets were down 0.4-0.9 per cent at close.
At 15:09 hours IST: Sensex trims losses; Jaiprakash Associates, R Power up 6 per cent
The BSE Sensex recouped its losses again, led by support from Infosys, HDFC Bank and ICICI Bank. L&T and SBI too recovered while Reliance Industries trimmed its losses to 2 per cent.
The BSE benchmark fell just 11 points to 17,162.46 whereas the NSE benchmark gained 3 points at 5,225.55.
Among frontliners, Sterlite Industries, Sesa Goa, NTPC, Maruti Suzuki, Reliance Industries and BHEL were biggest losers, falling 2-4 per cent.
However, Jaiprakash Associates shot up 6.75 per cent after losing more than 7 per cent in previous five sessions due to Bahujan Samaj Party lost election in Uttar Pradesh.
Reliance Power gained 6 per cent on short covering. HCL Tech, Reliance Infrastructure, Bajaj Auto, Wipro, Tata Motors, DLF and HDFC Bank gained 1-2 per cent.
State-run Bank of India fell 1 per cent after Moody's downgraded the bank to D from D+, but kept outlook stable.
At 14:27 hours IST: Sensex drifts lower; Kingfisher tanks 5 per cent
The BSE Sensex extended its losses amid choppy trade, weighed down by Reliance Industries, L&T and SBI. Other prominent losers were BHEL, ICICI Bank, ONGC and Bharti Airtel.
Liquor baron Vijay Mallya's Kingfisher Airlines crashed 5 per cent after sources reclaimed that Income Tax department freezed 19 accounts of the company. IT department says TDS dues pending are over Rs 300 crore.
The BSE benchmark fell 134 points to 17,039.30 and the NSE benchmark was down 40 points to 5,182.90. Declining shares outnumbered advancing by 1079 to 362 on the BSE.
Sterlite Industries, Vedanta Group company, was the biggest loser among largecaps, falling 5 per cent.
Index heavyweight Reliance Industries, state-run BHEL and country's top automaker Maruti Suzuki dropped 3-3.6 per cent.
L&T, SBI, Bharti Airtel, ICICI Bank, ONGC, Tata Steel and NTPC were down 0.7-1.7 per cent.
However, Infosys, HUL, Wipro, Bajaj Auto and Hero Motocorp gained 0.7-2 per cent.
GAIL, Tata Steel, Reliance Infrastucture and L&T were most active shares on exchanges.
At 13:57 hours IST: Nifty struggles at 5200; RIL, Sterlite, BHEL top losers
The BSE Sensex shed 100 points in afternoon trade while the Nifty was struggling to hold 5200 level due to persistent selling pressure in oil & gas, capital goods, metals, power stocks, and SBI.
Index heavyweights and oil & gas majors Reliance Industries and ONGC tumbled 3 per cent & 1 per cent, respectively.
Metal stocks were down for the third consecutive session after China's Premier Wen Jiabao reduced country's growth target to 7.5 per cent for 2012, from 8 per cent that remained since 2005. Sterlite Industries and Jindal Steel tanked 3-4 per cent while Hindalco, Coal India and Tata Steel slipped 1 per cent each. At close, Asian markets were down 0.4-0.9 per cent.
The 30-share BSE benchmark plummeted 99 points to 17,074.02 led by fall in 19 stocks. Meanwhile, the 50-share NSE Nifty was down 29 points to 5,193.60.
State-run BHEL plunged 4 per cent, and engineering & construction major Larsen & Toubro slipped over 1 per cent.
State Bank of India, country's top most lender, was down 1.3 per cent. Bharti Airtel, telecom operator, went down 1 per cent.
However, Azim Premji's Wipro retained its top position in the buying list, rising 2.5 per cent.
Shares of Infosys, HUL, Tata Motors, HDFC, HDFC Bank, Bajaj Auto and Hero Motocorp gained 0.3-1 per cent.
At 12:42 hours IST: Sensex rangebound; oil & gas, metals in bear grip
The NSE Nifty continued to trade in a range of 5190-5230 since morning trade. Experts feel the volatile trade will continue till major events next week - Budget and monetary policy review. Oil & gas, banks, metals and power & power related stocks remained under pressure while Infosys, Wipro, HUL and Tata Motors stayed on buyers' radar.
In next couple of days, Sudarshan Sukhani of s2analytics.com feels the market could consolidate and then see whether they want to break down or want to go up.
The BSE benchmark declined 45.5 points to 17,127.76 and the NSE benchmark was down 12 points at 5,210.25. Even Asian markets were down 0.4-0.9 per cent on fears over Greece default.
Reliance Industries, India's most valued company, fell 1.7 per cent and state-run ONGC declined 1 per cent.
Shares of Jindal Steel topped the selling list, losing 3 per cent while other metals stocks like Sterlite, Tata Steel and Coal India were down 0.5-1.5 per cent.
Among banks, State Bank of India dropped 1 per cent whereas rivals ICICI Bank and HDFC Bank slipped 0.3 per cent.
TCS, BHEL, NTPC and Bharti Airtel among other largecaps were down around 1 per cent.
However, shares of Wipro gained 2 per cent. Infosys, HDFC, HUL, Bajaj Auto, Tata Motors and Hero Motocorp were up 0.4-1 per cent.
In the second line shares, Polaris Tech, Apollo Hospital, Unitech, Glodyne Tech and Bajaj Corp gained 3-4 per cent while Responsive Industries, Anant Raj Industries, Shoppers Stop, Shree Global and Pantaloon Retail lost 5-8 per cent.
At 11:42 hours IST: Nifty choppy; ICICI Bank, Infosys, Wipro gain
The NSE Nifty recouped its losses and started trading above 5200 amid volatility, supported by banks. Infosys and L&T too were supportive. However, the fall in Reliance Industries, TCS, ONGC, Bharti and BHEL has limited somewhat upside.
The BSE benchmark was up 24.4 points at 17,197.70 and the NSE benchmark gained 9 points at 5,231.30.
In the near-term, Ridham Desai of Morgan Stanley feels the market is likely to be rangebound as it is waiting for two other key events - Budget and monetary policy review.
ICICI Bank, India's largest private sector lender, gained 1.4 per cent while rival State Bank of India rose just 0.33 per cent. Housing finance company HDFC was up 0.8 per cent.
Shares of engineering & construction major Larsen & Toubro moved up 0.8 per cent whereas state-run BHEL went down 0.6 per cent.
Infosys, country's number 2 software services provider, climbed 0.5 per cent led by fall in the rupee to 50.7 a dollar. Competitor Wipro rallied 2 per cent while TCS fell 0.8 per cent.
Two-wheeler majors Hero Motocorp and Bajaj Auto were up 1 per cent & 2 per cent, respectively. Tata Motors, commerical vehicle maker, rose 0.8 per cent while M&M and Maruti lost 0.7 per cent each.
Oil & gas producers Reliance Industries and ONGC were down 0.6 per cent each.
The market breadth continued to be in a favour of declines; about 1065 shares advanced while 1294 shares were down on the BSE.
At 10:30 hours IST: Choppy Sensex under pressure; ADAG stocks most active
The BSE Sensex continued to fall amid choppy trade, weighed down by banks, metals, oil & gas, realty and capital goods stocks. The market looked cautious due to likely impact on growth reforms after Congress lost elections in Uttar Pradesh and limited options with Congress to induce aam adami via upcoming budget. Even falling rupee that raises import bill and upcoming monetary policy are other reasons that market is eyeing.
Suresh Mahadevan, UBS Securities feels that the market is likely to remain nervous till Budget. He said that the market is now focussed on economic recovery and earnings momentum.
"Till Budget, the market may remain worsen. The other thing to watch out is global issues like crude which is also not working out in our favour. So a combination of all this could mean some kind of near-term weakness but I wouldn't worry about anything so fundamental or anything at this point," he elaborates.
The BSE benchmark was down 92 points to 17,081.18 and the NSE benchmark declined 29 points to 5,193.15.
Index heavyweights and oil & gas producers Reliance Industries and ONGC were down 1.2 per cent & 0.6 per cent, respectively.
SBI, country's largest lender and HDFC Bank, biggest private sector lender by market cap, fell 1 per cent each while rival ICICI Bank declined 0.55 per cent.
Telecom operator Bharti Airtel slipped 1 per cent and state-run BHEL was down 1 per cent.
Metals stocks extended their fall further today after China cut its growth target yesterday. Jindal Steel, Hindalco and Sterlite dropped 2-3 per cent.
Among technology stocks, Infosys and Wipro gained 0.35 per cent & 1.4 per cent, respectively. Falling rupee helped technology stocks as they export software services. The Indian rupee was trading at 50.63 a dollar, down 27 paise. However, TCS fell nearly 1 per cent.
Anil Dhirubhai Ambani Group's stocks Reliance Infrastructure (up 1.6 per cent), Reliance Power (up 1.7 per cent) and Reliance Capital (up 0.8 per cent) were most active as Samajwadi Party won Uttar Pradesh election by 224 seats and is going to announce Chief Minister today.
About 818 shares advanced while 1288 shares declined on the BSE.
At 10:19 hours IST: Nifty tests 5200; rupee falls to 50.73/USD
The NSE Nifty opened below 5200 level amid volatility, tracking weak global cues. Fears of Greece default and economic growth worries dented sentiment globally. Back home, the Indian rupee depreciated by 36 paise in early trade to 50.73 a dollar, which was another cause of concern for the market.
The BSE benchmark was down 118 points to 17,054.94 and the NSE benchmark slipped 38 points to 5,184.20.
Asian markets were trading lower. Hang Seng, Nikkei and Straits Times fell 0.5-0.7 per cent. Shanghai, Straits Times and Taiwan Weighted were flat.
Frontliners like BHEL, Power Grid, JSPL, Tata Steel, Sterlite, Sesa Goa, Tata Motors, JP Associates, PNB, Axis Bank and NTPC went down 1-3 per cent.
However, Hero Motocorp, ONGC, Reliance Infrastructure and Bharti Airtel were moderately higher.
The CNX Midcap fell 39 points to 7,429. The market breadth was weak; about two shares declined for every share gaining on the National Stock Exchange.
In the second line shares, Kalindee Rail rose more than a percent ahead of Railway Budget next week.
HCL Infosystems was up 1 per cent and Rana Sugars gained 2 per cent. Kingfisher Airlines rose 0.7 per cent.
Hotel Leela was up 2.5 per cent after sources reclaimed that company was referred to CDR by SBI.
CESC up 5.5 per cent after DNA Money reports that company received nod for 13 per cent tariff hike.
However, Pantaloon Retail was down 5 per cent amid huge volumes.
Aurobindo Pharma and Indiabulls Power were down 2.7 per cent.
Elder Pharma tanked 3.5 per cent after IT department raided premises of company's top officials.
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