1. BSE Sensex off 1-1/2-week high; falls 130 points during the week

BSE Sensex off 1-1/2-week high; falls 130 points during the week

After logging 1-1/2-week high on the first day of the week, the benchmark S&P BSE Sensex fell by 130 points...

By: | Mumbai | Published: December 27, 2014 4:09 PM
BSE Sensex, NSE Nifty, Market news

The BSE 30-share barometer resumed the week higher and touched 1-1/2-week high of 27,851.10 after Finance Minister Arun Jaitley’s statement that India could well achieve 6 per cent GDP growth next fiscal. (Reuters)

After logging 1-1/2-week high on the first day of the week, the benchmark S&P BSE Sensex fell by 130 points to end the holiday-shortened week at 27,241.78 on sustained heavy sell-off by foreign funds amid profit-booking as this month’s derivatives contract expired on December 24.

The BSE and the NSE remained closed on December 25 on account of “Christmas”.

The market got no major trigger from overseas markets, following the Christmas atmosphere.

However, expectations of hike in interest rates by the US Federal Reserve as the American economy grew the fastest in more than a decade in third quarter, influenced sentiments.

Besides, it will strengthened the dollar and affect the inflows in emerging markets negatively, including India.

It also resulted in profit-booking by wary operators and retail investors.

The market also suffered a setback after the government was unable to get pass key legislative reform bills during the Winter Session of Parliament.

Failure to pass the GST Bill till now has led to market disappointment as it had discounted the successful approval of the Bill in the current session itself.

Besides, markets gave a mixed response to Jharkhand and Jammu & Kashmir election outcome.

The BSE 30-share barometer resumed the week higher and touched 1-1/2-week high of 27,851.10 after Finance Minister Arun Jaitley’s statement that India could well achieve 6 per cent GDP growth next fiscal and a vision to achieve 9-10 per cent economic growth afterwards, cheered participants.

Later, it fell back to one-week low of 27,091.38, before concluding the week at 27,241.78, down by 130.06 points, or 0.48 per cent.

The 50-issue CNX Nifty of the NSE moved in a range of 8,364.75 and 8,147.95 before settling at 8,200.70, a net fall of 19.65 points, or 0.24 per cent.

December 23 and 24 saw heavy profit-booking as December 24 was the last day of expiry of derivatives contract, chiefly in IT, oil & gas and capital goods shares, ignoring government approving the ordinance route to implement insurance and coal reforms.

Meanwhile, the Union Cabinet approved promulgation of the Ordinance on insurance bill, re-promulgation of the coal Ordinance and allowing up to 100 per cent FDI in medical devices sector under automatic route.

“Lack of market cues both globally and domestically and liquidity drench owing to festive season in the West kept markets sideways for the day,” said Rakesh Goyal, Senior Vice President, Bonanza Portfolio.

Brokers said they expect fresh foreign funds to flow after ongoing Christmas holidays and in the next calender year. Investors refused to take big risks ahead of year-end holidays.

Jignesh Chaudhary, Head of Research, Veracity Broking Services said, “The local indices traded weak and are heading towards their monthly fall to end the year as global markets are trading under pressure over slowdown concerns.

“The price sensitive shares traded low as FIIs continued to be on the selling side for the 12th session in a row till December 24 in local equities.

In these twelve sessions, FIIs have sold shares worth Rs 8,595 crore which forced market to trade weak.”

Trends in overseas markets, investments by FPIs, the rupee movements against the dollar and crude oil prices will dictate the near term trends, a analysts said.

Overall, 17 scrips out of 30-share sensex pack finished in the red while others ended in the green. Major losers were Hindalco 3.46 pct, L&T 2.77 pct, BHEL 2.74 pct, Tata Power 2.64 pct, Infosys 2.53 pct, Dr Reddy’s Lab 1.92 pct, Tata Steel 1.74 pct, ONGC 1.50 pct, ICICI Bank 1.24 pct and RIL 1.24 pct.

However, Bharti Airtel rose by 3.38 pct, NTPC 3.03 pct, M&M 2.67 pct, ITC 2.00 pct, SBI 1.12 pct, Hero MotoCorp 1.11 pct, Axis Bank 1.09 pct and HDFC Bank 0.75 pct.

Among the S&P BSE sectoral indices, CG dropped by 1.79 pct, CD 1.38 pct, IT 1.12 pct, and Oil&Gas 1.10 pct while realty firmed up by 2.37 pct, auto 0.51 pct and bankex 0.51 pct.

Mid-cap shares were in demand while Small-cap stocks attracted profit-booking by retail investors, but both the indices outperformed the Sensex.

The total turnover at BSE and NSE was at Rs 9,516.37 crore and Rs 55,320.37 crore from Rs 17,034 crore and Rs 87,041.48 crore respectively last week.

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  1. H
    Harry Potter
    Jan 8, 2015 at 8:47 pm
    L&T dipped by 3.73 on Oil-shock day - 6 Jan. Today ( 8 Jan) was a day of RELATIVE 4 % fall for L&T. L&T though up by 0.57% has been outperformed by all the gainers who recovered from oil shock real well and quick. IRB Infra - up 5.37%, JSP - Jindal - up 5.09%, Adani Port – up- 4.86% - L&T is still not out of shock, gained only 0.57%. Some acquired deficiency syndrome it seems, that is delaying the recovery? It might bleed further since big chunk of its order book is from oil exporting nations (OPEC). --------------------------------------------------Dear Investors/Analysts/Advisers - Watch Out! L&T top-bres were on selling spree March-2014, leading the pack Chairman Mr Naik sold his L&T shares (Rs 1200 apiece) worth 70 crores in 20 days - March 2014. Post Q1-2014 results L&T share has seen biggest intraday decline of 8 % since July 2009, Citi Group had raised multiple red flags on earnings. Hydrocarbon subsidiary suffered losses of 900 crores, sans stake at Dhamra Port (2500 crores) L&T would have posted losses. Modi Euphoria and upbeat in market saved L&T going below Rs 1300 during q2, a striking closed range of 1200 of March 2014. Part stakes at L&T Inra sold to Canadian FII - (2000 crores). Expecting VGF - Viability Gap Funding) of 3000 crores to complete Hyderabad Metro project. Stake or post losses, Deep Sea or devil? Post Q2 results L&T share plummeted from high of 1673 to low of 1450 (17 Dec, 2014). Before Q3 results it will reach range of 1200 a piece, the rate L&T top bres has made a kill. Post Q3 results another big intra-day fall of 8-10 %, decline to 52 week low of 900. By Feb (end)-2015 no wonder, 5 year low of Rs 600 a piece? ------------------Expensive CXO Maha-Kumbh-Mela at L&T - what is the number of CEOs at L&T and all its subsidiaries (138), their CTC? How far higher, this is to manage L&T group revenues of $a4 bln than Mr Sikka (aged 46) of Infosys highest paid professional CEO (Rs 30 cr) in India, entrusted with business $ 8 bln in revenues and 1.6 lakhs employees. At L&T, just Chairman Mr Naik (aged 72) and group CEO Mr Vankatramanan are pegged at 21 and 14 crores. L&T Infotech - 2 CEOs (left Oct-2014, now looking for two new), 1 COO (Infy CEO Contender. 1 CEO for L&T Tech Services. Infotech is claiming to touch $1 bln revenues since 2010, still not there. Information Age leaders, top-man of TATA, Infosys, Microsoft are in their 40s, why this super 70s at L&T? Chairman Mr Naik’s jaw-dropping musings on succession – “You find a man in the world who will kill himself four times a day, has worked for more than a hundred years-- There is no such person.-- None of us here (at senior level) are working for money”.-------------------Infosys BPO entire top-deck got sacked for failing to comply with the company’s code of conduct. Any CXO/MD level official ever got fired in last 5/10 years or resigned on morals grounds? Please refer TOI article – “whistleblower was right: CBI”. Excerpts – “Golden Quadrilateral Project -- M/s L&T had misrepresented the facts”. BS Article – “Rajya Sabha nods for whistle blowers bill” – excerpts – “Prasad recalled the sacrifice of Satyendra Dubey, an Indian Engineering Service officer who was killed after he tried to reveal corruption in the Golden Quadrilateral”. Please GOOGLE – white collar criminal equivalent of rape and murder- “Cl Action Suit Seeks $100 Million for Pregnancy Discrimination, Other Violations”. Please refer International Business Times article – “$100 Million Sought as New Discrimination, Immigration Violations Complaint Filed against L&T”. Got slapped with ban by World Bank – please refer ET article – “World Bank bars L&T for 6 months over forgery”. -----------------------------------------------------------------------------Biggest shareholders at L&T are state owned LIC/UTI. Ministry of Corporate Affairs, PM Mr Modi, LIC/UTI should intervene to fix retirement age at L&T to 60!
    Reply
    1. H
      Harry Potter
      Dec 29, 2014 at 10:24 pm
      L&T buzzer - Dear Investor - Watch Out - L&T top-bres were on selling spree March-2014, leading the pack Chairman Mr Naik sold his L&T shares (Rs 1200 apiece) worth 70 crores in 20 days - March 2014. Post Q1-2014 results L&T share has seen biggest intraday decline of 8 % since July 2009, Citi Group had raised multiple red flags on earnings. Hydrocarbon subsidiary suffered losses of 900 crores, sans stake at Dhamra Port (2500 crores) L&T would have posted losses. Modi Euphoria and upbeat in market saved L&T going below Rs 1300 during q2, a striking closed range of 1200 of March 2014. Part stakes at L&T Inra sold to Canadian FII - (2000 crores). Expecting VGF - Viability Gap Funding) of 3000 crores to complete Hyderabad Metro. Stake or post losses, Deep Sea or devil? Post Q2 results L&T share plummeted from high of 1673 to low of 1450 (17 Dec, 2014). By the time Q3 results are out would reach 1200 (top-bres sell price), post q3 another 8 % plunge - by Feb-2015, 5 year low of 600?------------------------------------------------------------------------Expensive CXO Maha-Kumbh-Mela at L&T - what is the number of CEOs at L&T and all its subsidiaries (138), their CTC? How far higher, this is to manage L&T group revenues of $a4 bln than Mr Sikka (aged 46) of Infosys highest paid professional CEO (Rs 30 cr) in India, entrusted with business $ 8 bln in revenues and 1.6 lakhs employees. At L&T, just Chairman Mr Naik (aged 72) and group CEO Mr Vankatramanan are pegged at 21 and 14 crores. L&T Infotech - 2 CEOs (left Oct-2014, now looking for two new), 1 COO (Infy CEO Contender. 1 CEO for L&T Tech Services. Infotech is claiming to touch $1 bln revenues since 2010, still not there. Information Age leaders, top-man of TATA, Infosys, Microsoft are in their 40s, why this super 70s at L&T? Chairman Mr Naik’s jaw-dropping musings on succession – “You find a man in the world who will kill himself four times a day, has worked for more than a hundred years-- There is no such person.-- None of us here (at senior level) are working for money”. ----------------------------------------------------------------------Infosys BPO entire top-deck got sacked (or resigned) for failing to comply with the company’s code of conduct. Any CXO/MD level official ever got fired in last 5/10 years or resigned on morals grounds? Please refer TOI article – “whistleblower was right: CBI”. Excerpts – “Golden Quadrilateral Project -- M/s L&T had misrepresented the facts”. BS Article – “Rajya Sabha nods for whistle blowers bill” – excerpts – “Prasad recalled the sacrifice of Satyendra Dubey, an Indian Engineering Service officer who was killed after he tried to reveal corruption in the Golden Quadrilateral”. Please GOOGLE – white collar criminal equivalent of rape and murder- “Cl Action Suit Seeks $100 Million for Pregnancy Discrimination, Other Violations”. Please refer International Business Times article – “$100 Million Sought as New Discrimination, Immigration Violations Complaint Filed against L&T”. Got slapped with ban by World Bank – please refer ET article – “World Bank bars L&T for 6 months over forgery”. --------------------------------------------Biggest shareholders at L&T, state owned LIC/UTI. Ministry of Corporate Affairs, PM Mr Modi, LIC/UTI should intervene to fix retirement age at L&T to 60!!;
      Reply
      1. S
        sikular rober
        Dec 27, 2014 at 7:06 pm
        the worst governence of asami lotera goggoi and the ultra corrupt activities of coalmafia mauni baba,italian mafiaa maino,mining maafia ghalott,sportss mafia shilla,kalamadi,land maafia hoodda,robber vadraas 24 x 7 loot has reulted in total rout of scamgress in our banana republic..also these ultra coruptts have turned all aam aamdis of our banana republic into beggerr aadmiss.its high timne to send these guys in tihar immediately---..
        Reply

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