BSE Sensex gave up early gains to settle at 27,440.14 on profit booking amid concerns over below-expectation quarterly earnings.
In a choppy trade, the BSE Sensex gave up early gains to settle 50 points lower at 27,440.14 on profit booking amid concerns over below-expectation quarterly earnings and weakness in Asian markets.
The 30-scrip index resumed higher at 27,561.32 and shot up to 27,603.71 in the early trade on firm global cues. However, it failed to hold on to the gains due to intense selling pressure in the latter half of the session and slumped to 27,338.23 before ending at 27,440.14 — down 50.45 points or 0.18 per cent.
Re-emergence of buying at the fag-end on expectations that the Goods Services Tax (GST) bill may be passed in the current session of Parliament, helped trimming losses.
The gauge had gained 479.28 points in yesterday’s trade following passing of the Finance Bill, 2015 and government’s clarification on MAT.
Also, the NSE Nifty ended 7.15 points or 0.09 per cent down at 8,324.80 after hitting the day’s high of 8,355.65 and a low of 8,280.60 during the session.
On the Sensex, M&M Ltd suffered the most by falling 2.27 per cent to Rs 1,172.05, followed by HDFC Ltd by 1.88 per cent to Rs 1,179.70.
Other losers included, SBI, Cipla, Bajaj Auto, Infosys, Coal India, HDFC Bank, Tata Power, Hero Motocorp, NTPC, ITC Ltd, Bharti Airtel, Axis Bank, ICICI Bank and BHEL.
Of 30 Sensex scrips, as many as 16 ended lower and 14 finished higher.
Sectorally, BSE Power index suffered the most by losing 0.84 per cent, followed by Consumer Durables at 0.60 per cent, Infrastructure 0.42 per cent, Banking 0.17 per cent, IT 0.08 per cent and Auto 0.03 per cent.
However, Mid-cap rose 0.60 per cent and Small-cap gained 0.08 per cent on continued buying by investors.
Foreign Portfolio Investors bought shares worth Rs 60.53 crore yesterday, as per the provisional data.
While Asian stocks ended lower, European stocks were trading higher.
Market Outlook by Vinod Nair, Head-Fundamental Research, Geojit BNP Paribas Financial Services
After the sharp move yesterday which was led by new expiry, today market is awaiting at Budget session which is discussing GST. Consolidation could prevail in the short term, tracking the Q4 and outcome from Budget session. The fate of the key bills GST bill and Land Bill in the ongoing budget will influence the market’s sentiment.
Market Wrap Up by Alex Mathews, Head Research, Geojit BNP Paribas Financial Services
Today we saw lacklustre movements on Nifty in the absence of major triggers, but selective sectors gained momentum during the day. Metal sector got increased attention from investors, may be some contrarians might have taken positions after a long spell, other than metal sector oil and gas sector stocks were also supported the market.
Nifty closed above its 200 day moving average at 8266 but Sensex is closed below its 200 day moving average at 27505 indicating mixed outlook for the market, and it is too difficult for an analyst to predict the market outlook. May be we will get further cues on tomorrows trading session.
Nifty today opened at 8338, made a high and low of 8355 and 8280 and finally closed at 8324 down around 7 points. The market breadth was flat as there were seen 1377 stocks advancing against 1375 stocks declining. The Nifty volatility index, India VIX stood at 17.3650 up around 0.33%.
The mid-cap and small – cap sectors indices outperformed the broader markets, closed up at 0.62% and 0.02% respectively.
The major sectorial gainers for the day were Metal and Oil & Gas, which ended up around 2.70% and 0.98% respectively. Power and Consumer Durables were the losers, closed down around 0.85% and 0.49% respectively.
In the stocks’ front, the major gainers were Kotak Bank and SSLT which closed up around 6.40% and 6.12% respectively whereas the losers were Cairn and M&M which closed down around 2.35% and 2.15% respectively.
The FIIs turned buyers in the cash market segment on 04 May 2015, Monday, bought shares worth Rs 60.53 crore. The DIIs on the other hand they were also buyers on 04 May, bought shares worth Rs 146.80 crore in the capital markets segment.
The European markets were up as of the positive corporate earnings. The US index futures were also up.
Companies like KEC, FDC, Tirumalai Chemicals, Philip Carbon, Greaves Cotton and GIC Fin may announce their earnings tomorrow.