1. BSE Sensex, Nifty drop after hitting 1-mth highs; snaps 6-day rise

BSE Sensex, Nifty drop after hitting 1-mth highs; snaps 6-day rise

BSE Sensex reclaimed 28,000-level and the NSE Nifty shot above 8,400-mark in opening trade...

By: | Mumbai | Updated: January 5, 2015 6:06 PM
BSE Sensex, NSE Nifty, Sensex today, Nifty today

Marketmen said apart from sustained capital inflows, encouraging manufacturing output data for December and hopes of further push to economic reforms.

After surging to over 1-month highs, the Sensex today ended with a loss of 46 points and Nifty inched 17 points down in their first drop in seven sessions on profit-selling in bluechips like HDFC, Infosys and Airtel amid weak global cues.

The day began on a positive note with both the benchmark indices crossing key resistance levels. The BSE Sensex hit 28,064.49 and the NSE Nifty strengthened to 8,445.60.

However, profit-booking quickly kicked in amid weak Asian closing and sluggish European trades. IT, Telecom, Metal and Banking shares saw selling while Auto, Consumer Durables and Capital Goods stocks attracted buying interest.

Tech shares like Infosys fell ahead of earnings. Fall in HDFC, TCS, RIL, HDFC Bank, Bharti Airtel, Dr Reddy’s Lab, SBI, Hindalco and Sesa Sterlite shares mainly put pressure on the market, traders said.

The BSE 30-share indicator resumed higher and crossed 28K-mark to a high of 28,064.49, up by more-than 175 points. But emergence of profit-booking pulled it down at the fag end to a low of 27,786.85, before ending at 27,842.32 — logging a net loss of 45.58 points or 0.16 per cent.

In previous six days, the bluechip index had flared up by 679.29 points, or 2.50 per cent.

Similarly, the 50-issue CNX Nifty of the NSE also fell back by 17.05 points, or 0.20 per cent, to close at 8,378.40.

“Equity benchmarks made a positive start on Monday, but as the day progressed, profit taking in IT & banking majors led flat closing in the end.

But, negative cues from global front pushed participants on the back foot,” said Religare Securities President-retail distribution Jayant Manglik.

Global cues were weak due to volatility in Euro. “Euro fell to its lowest level recorded in almost last 9 years against dollar as markets speculated that ECB will expand its monetary easing program to spur inflation in Euro region,” said Bonanza Portfolio Associate Fund Manager Hiren Dhakan.

Asian stocks ended lower today following a weak lead from Wall Street. Key indices like Hong Kong, Japan, South Korea, Singapore and Taiwan fell by 0.24 per cent to 1.26 per cent while the Shanghai Composite rose by a whopping 3.58 per cent.

European markets were trading narrowly mixed as indices in France and Germany moved up by 0.03 per cent to 0.04 per cent while the UK’s FTSE was quoting down 0.50 per cent.

Back home, 15 scrips out of the 30-share Sensex pack ended higher while 14 counters finished lower. NTPC ruled steady.

Major Sensex losers include Dr Reddy’s Lab (2.19 per cent), Bharti Airtel (2.10 per cent), Hindalco (1.87 per cent), HDFC (1.29 per cent), TCS (1.28 per cent), Sesa Sterlite (1.01 per cent), Reliance Industries (0.96 per cent) and HDFC Bank (0.86 per cent).

However, Maruti rose by 2.62 per cent, followed by Tata Motors 2.42 per cent, Tata Steel 1.42 per cent, Larsen & Toubro 1.42 per cent and ONGC 1.15 per cent, among others.

Among the S&P BSE sectoral indices, Teck fell by 1.07 per cent, followed by IT 1.01 per cent and Metal 0.45 per cent while Auto rose by 1.14 per cent and Consumer Durables 1.11 per cent.

Total market breadth continued to remain positive as 1,545 stocks ended with gains while 1,420 finished with losses and 124 ruled steady. Total turnover fell to Rs 2,729.17 crore from Rs 2,992.80 crore on last Friday.

Foreign Portfolio Investors bought shares worth a net Rs 259.82 crore last Friday as per provisional data.
KSR 01051707


  1. H
    Harry Potter
    Jan 5, 2015 at 1:06 pm
    L&T has displa geriatric trait of biting more than they can chew. Hydrocarbon projects losses of 900 cr. Asking GoT to give 'viability gap funding' of 3k crs for Hyderabad Metro. How many farmers get this 'VGF' before committing suicide? L&T top bres were on a selling spree - leading the pack is Mr Naik sold shares worth 70 cr in 20 days - March-2014. How about top 100 L&T executives contributing 30 crs each for this 'VGF' of 3k cr? How many other bidders would have won the contract? Please refer Forbes India articles - "L&T Defence Dilemma" - "L&T armed but not commissioned". 900 cr losses at shipbuilding - 5000 cr of investment in defence at risk - do they want VGF from GoI? Please refer BS articles - "L&T 30,000 crores of international orders at risk" - "why analyst are angry with L&T”. Shall we fear 52 week low this week? L&T is in dire need of Information Age leaders - all above age of 60 should LEAVE - FIX retirement age to 60! Its 75 - why?--------------------------------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!!

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