Trend reversal in markets
The market saw a complete trend reversal today. It was firm in first half of the day, but turned weak in the second half as profit booking emerged at higher level. It also turned volatile since mid-afternoon trade. Auto and IT pack saw buying while cement and banking shares were offloaded.
The BSE 30-share Sensex lost 35.85 points or 0.24% at 15,009.88.The S&P CNX Nifty was down 13.35 points or 0.30% at 4,406.05, after striking an all time high of 4434.45.
Auto major Tata Motors surged 3.44% to Rs 740.30 on 5.26 lakh shares, and was the top gainer from Sensex pack. As per reports, the company may plan to unlock value of its profit making subsidiaries through initial public offerings. Tata Motors has around 30 subsidiaries most of them created through demergers of the various divisions that the company once had.Other auto stocks Maruti Udyog (up 2.63% to Rs 815) and Bajaj Auto (up 1.41% to Rs 2135) also edged higher.
IT stocks saw continued buying support. Market men reckon that the under-performance of IT stocks in recent months provides a good buying opportunity due to strong core fundamentals of the sector.Satyam Computers (up 1% to Rs 496.35), Infosys Technologies (up 1.20% to Rs 2,017), TCS (up 1.31% to Rs 1192), edged higher. However Wipro lost 0.62% to Rs 522.
Index heavyweight Reliance Industries was down 0.60% to Rs 1700.80.RNRL galloped to 52-week high of Rs 41.Telecom services provider Bharti Airtel was the top loser from the Sensex pack. The stock shed 1.76% to Rs 868, on 1.95 lakh shares. Reliance Communications shed 1.50% to Rs 544.05
Banking shares came under selling pressure. State Bank of India (down 1.67% to Rs 1545), and ICICI Bank (down 0.91% to Rs 964.45 ), edged lower.HDFC Bank lost 1.59% to Rs 1149.50.Ambuja Cements declined 0.91% to Rs 130.80 while ACC slipped 1.08% to Rs 1035.
The BSE 30-share Sensex lost 35.85 points or 0.24% at 15,009.88.The S&P CNX Nifty was down 13.35 points or 0.30% at 4,406.05, after striking an all time high of 4434.45.
Auto major Tata Motors surged 3.44% to Rs 740.30 on 5.26 lakh shares, and was the top gainer from Sensex pack. As per reports, the company may plan to unlock value of its profit making subsidiaries through initial public offerings. Tata Motors has around 30 subsidiaries most of them created through demergers of the various divisions that the company once had.Other auto stocks Maruti Udyog (up 2.63% to Rs 815) and Bajaj Auto (up 1.41% to Rs 2135) also edged higher.
IT stocks saw continued buying support. Market men reckon that the under-performance of IT stocks in recent months provides a good buying opportunity due to strong core fundamentals of the sector.Satyam Computers (up 1% to Rs 496.35), Infosys Technologies (up 1.20% to Rs 2,017), TCS (up 1.31% to Rs 1192), edged higher. However Wipro lost 0.62% to Rs 522.
Index heavyweight Reliance Industries was down 0.60% to Rs 1700.80.RNRL galloped to 52-week high of Rs 41.Telecom services provider Bharti Airtel was the top loser from the Sensex pack. The stock shed 1.76% to Rs 868, on 1.95 lakh shares. Reliance Communications shed 1.50% to Rs 544.05
Banking shares came under selling pressure. State Bank of India (down 1.67% to Rs 1545), and ICICI Bank (down 0.91% to Rs 964.45 ), edged lower.HDFC Bank lost 1.59% to Rs 1149.50.Ambuja Cements declined 0.91% to Rs 130.80 while ACC slipped 1.08% to Rs 1035.
Labels: Nifty.Sensex
posted by SY at 6:34 PM
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