Volatility checks in
The market settled in the red after witnessing high volatility throughout the day’s trading session, moving between positive and negative zone.
The Sensex settled 41.80 points lower at 13,340.21. It swung sharp 335 points for the day from an intra-day low of 13232.56 and intra-day high of 13568.09.
The S&P CNX Nifty lost 16.45 points to 3815.55
The total turnover on BSE amounted to Rs 3672 crore.
The market breadth was negative on BSE, as selling emerged for small-cap and mid-cap stocks. On BSE with 1465 shares declined as compared to 1094 that advanced. 83 remained unchanged.
Among the Sensex pack, 21 advanced while the rest declined.
Tata Steel was the top gainer, up 2.30% to Rs 465 on 15.75 lakh shares. It recovered from low of Rs 450.10. The stock advanced after Britain's takeover watchdog set a 30 January deadline on Tuesday for India's Tata Steel and Brazil's CSN to make revised offers for Anglo-Dutch steelmaker Corus Group.
Cipla (up 1.24% to Rs 244), Maruti Udyog (up 1.73% to Rs 925) and HDFC (up 1.97% to Rs 1580) followed.
Diversified conglomerate, ITC rose 1.13% to Rs 170.25 on 15.09 lakh shares after reports that it will expand its fruit and vegetable retail and wholesale business by opening 54 new outlets in select metros in next three years. The company would target metropolitan cities for these wholesale-cum-retail stores. Currently, there are 6,500 e-Choupal kiosks in over 38,000 villages in nine states.
PSU engineering company Bhel settled 0.46% lower at Rs 2276.10 on volume of 3.28 lakh shares after touching a low of Rs 2232. It had lost close to 10% in the past two trading sessions.
Tata Motors was the top loser, down 3.22% to Rs 835.10 on 5.46 lakh shares. It had hit a high of Rs 880.40 in early trade
HLL (down 3.14% to Rs 217.70), Grasim (down 2.29% to Rs 2655) and HDFC Bank (down 1.82% to Rs 1019) edged lower.
Index heavyweight Reliance Industries (RIL) finished 0.24% lower at Rs 1250.10 on high volumes of 13.29 lakh shares. It had recovered from low of Rs 1231.15.
Volatility is expected to remain high in the next few days ahead of expiry of December 2006 derivatives contracts next Thursday (28 January).
The near term trigger for domestic bourses is Q3 December 2006 results. Market men expect December 2006 quarter to be another strong quarter in terms of earnings growth. The Q3 results would start trickling in from about 12 January 2007.
Thailand will exclude equities investments from a central bank measure aimed at curbing speculation in the Baht, Thailand’s Finance Minister Pridiyathorn Devakula said on Tuesday after the stock market suffered its worst fall in 16 years.
Asian markets were trading with gains. The Nikkei share average topped 17,000 for the first time in seven months on Wednesday as shares of Toyota Motor Corp. and other exporters gained after the yen fell to a record low against the euro and neared a one-month low against the dollar. The Nikkei 225 index was up 1.40% at 17,011.04, breaking above 17,000 for the first time since 11 May.
Hang Seng index was up 1.45% to 19,240.12
European markets also opened positive, with Spain’s Madrid General being exception. The FTSE 100 index gained 0.44%.
FIIs were net sellers in three out of four trading sessions from 13 December to 18 December and that weighed on market sentiment. Their net outflow was Rs 182.70 crore on 18 December. As per provisional data, FIIs were net sellers to the tune of Rs 823 crore on Tuesday (19 December). They were also net sellers to the tune of Rs 831 crore in index-based futures on that day.
The Dow Jones industrial average finished at a record high on Tuesday, spurred by a rise in oil prices that boosted shares of Exxon Mobil Corp. But the Nasdaq fell as technology stocks dropped after disappointing financial results from industry bellwether Oracle Corp. The Dow Jones industrial average rose 30.05 points, or 0.24%, to end at a record 12,471.32. The Standard & Poor`s 500 Index advanced 3.07 points, or 0.22%, to finish at 1,425.55. But the Nasdaq Composite Index slipped 6.02 points, or 0.25%, to close at 2,429.55.
Oil continued to trade above $63 a barrel Wednesday with slight fluctuations as traders awaited a weekly report that was expected to show a drop in U.S. oil inventories. Light sweet crude for February delivery was down 15 cents at $63.31 a barrel in electronic trading on the New York Mercantile Exchange. At London's ICE Futures exchange, oil prices also moved slightly lower, with Brent crude for February delivery down 17 cents to $62.64 a barrel.
The Sensex settled 41.80 points lower at 13,340.21. It swung sharp 335 points for the day from an intra-day low of 13232.56 and intra-day high of 13568.09.
The S&P CNX Nifty lost 16.45 points to 3815.55
The total turnover on BSE amounted to Rs 3672 crore.
The market breadth was negative on BSE, as selling emerged for small-cap and mid-cap stocks. On BSE with 1465 shares declined as compared to 1094 that advanced. 83 remained unchanged.
Among the Sensex pack, 21 advanced while the rest declined.
Tata Steel was the top gainer, up 2.30% to Rs 465 on 15.75 lakh shares. It recovered from low of Rs 450.10. The stock advanced after Britain's takeover watchdog set a 30 January deadline on Tuesday for India's Tata Steel and Brazil's CSN to make revised offers for Anglo-Dutch steelmaker Corus Group.
Cipla (up 1.24% to Rs 244), Maruti Udyog (up 1.73% to Rs 925) and HDFC (up 1.97% to Rs 1580) followed.
Diversified conglomerate, ITC rose 1.13% to Rs 170.25 on 15.09 lakh shares after reports that it will expand its fruit and vegetable retail and wholesale business by opening 54 new outlets in select metros in next three years. The company would target metropolitan cities for these wholesale-cum-retail stores. Currently, there are 6,500 e-Choupal kiosks in over 38,000 villages in nine states.
PSU engineering company Bhel settled 0.46% lower at Rs 2276.10 on volume of 3.28 lakh shares after touching a low of Rs 2232. It had lost close to 10% in the past two trading sessions.
Tata Motors was the top loser, down 3.22% to Rs 835.10 on 5.46 lakh shares. It had hit a high of Rs 880.40 in early trade
HLL (down 3.14% to Rs 217.70), Grasim (down 2.29% to Rs 2655) and HDFC Bank (down 1.82% to Rs 1019) edged lower.
Index heavyweight Reliance Industries (RIL) finished 0.24% lower at Rs 1250.10 on high volumes of 13.29 lakh shares. It had recovered from low of Rs 1231.15.
Volatility is expected to remain high in the next few days ahead of expiry of December 2006 derivatives contracts next Thursday (28 January).
The near term trigger for domestic bourses is Q3 December 2006 results. Market men expect December 2006 quarter to be another strong quarter in terms of earnings growth. The Q3 results would start trickling in from about 12 January 2007.
Thailand will exclude equities investments from a central bank measure aimed at curbing speculation in the Baht, Thailand’s Finance Minister Pridiyathorn Devakula said on Tuesday after the stock market suffered its worst fall in 16 years.
Asian markets were trading with gains. The Nikkei share average topped 17,000 for the first time in seven months on Wednesday as shares of Toyota Motor Corp. and other exporters gained after the yen fell to a record low against the euro and neared a one-month low against the dollar. The Nikkei 225 index was up 1.40% at 17,011.04, breaking above 17,000 for the first time since 11 May.
Hang Seng index was up 1.45% to 19,240.12
European markets also opened positive, with Spain’s Madrid General being exception. The FTSE 100 index gained 0.44%.
FIIs were net sellers in three out of four trading sessions from 13 December to 18 December and that weighed on market sentiment. Their net outflow was Rs 182.70 crore on 18 December. As per provisional data, FIIs were net sellers to the tune of Rs 823 crore on Tuesday (19 December). They were also net sellers to the tune of Rs 831 crore in index-based futures on that day.
The Dow Jones industrial average finished at a record high on Tuesday, spurred by a rise in oil prices that boosted shares of Exxon Mobil Corp. But the Nasdaq fell as technology stocks dropped after disappointing financial results from industry bellwether Oracle Corp. The Dow Jones industrial average rose 30.05 points, or 0.24%, to end at a record 12,471.32. The Standard & Poor`s 500 Index advanced 3.07 points, or 0.22%, to finish at 1,425.55. But the Nasdaq Composite Index slipped 6.02 points, or 0.25%, to close at 2,429.55.
Oil continued to trade above $63 a barrel Wednesday with slight fluctuations as traders awaited a weekly report that was expected to show a drop in U.S. oil inventories. Light sweet crude for February delivery was down 15 cents at $63.31 a barrel in electronic trading on the New York Mercantile Exchange. At London's ICE Futures exchange, oil prices also moved slightly lower, with Brent crude for February delivery down 17 cents to $62.64 a barrel.
posted by SY at 5:10 PM
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