Nifty ends below 5250 on global cues; oil & gas, banks drag
The benchmark Nifty retreated nearly all its Tuesday’s gains and closed below 5250 level, dragged by oil & gas, financial, metal, auto, realty and select infrastructure companies’ shares. This pull down was mainly led by negative global cues.
European markets like CAC, DAX and FTSE were trading 1.2-1.5% lower and US index futures like Dow Jones & Nasdaq declined 0.6% each, at the time of closing of Indian equities. Even the US markets slipped from day’s high to end with marginal gains on Tuesday; ISM Service Index for June came in at 53.8 versus 55.4 in May while markets expected at 55.
Asian markets ended lower barring Shanghai. Hang Seng was down 1.13%. Nikkei, Jakarta, Straits Times, Kospi and Taiwan fell 0.2-0.6%. However, Shanghai gained 0.5%.
The Nifty has been trading in a range of 5200-5300 for three weeks. Portfolio manager PN Vijay said markets are pricing in slowdown in the global economy. "My sense is that most of it [bad news] has got priced in—if you see some of the buying on bad news that is coming in, especially in Wall Street."
According to Vijay the upcoming earnings season will be a key trigger for the markets. “The Nifty may not go below 5000-5200,” he felt.
The 30-share BSE Sensex closed at 17,471.03, down 143.45 points or 0.81% and the 50-share NSE Nifty fell 47.95 points or 0.91% to settle at 5,241.10. However, the Nifty July futures ended at 6 points premium.
Oil & gas, metal and financial were the leading sectors in today’s fall; respective indices declined 1-1.7%.
Heavyweights Reliance Industries Ltd and ONGC were down 1.9-2.1%. Among other oil & gas stocks, GAIL and BPCL fell 1.4-1.6%. BPCL was down 0.67%.
Financials have also taken beating today; HDFC, HDFC Bank, PNB, Axis Bank, Kotak Mahindra Bank, ICICI Bank and IDFC slipped 1-1.8%. SBI was down just 0.4%.
SAIL and Sterlite Industries from metal segment lost 1.9% each. Hindalco, Jindal Steel and Tata Steel fell 0.9-1.3%.
Tata Motors was the top loser on Nifty; down 2.21%. In auto space, Hero Honda, Maruti Suzuki and M&M declined 0.6-0.9%
Wipro and HCL Tech from software space were down 1% each while TCS gained 0.72%. Infosys was flat.
DLF and Unitech from realty pack lost 1.2-1.7%. ITC from FMCG segment fell 0.3% while HUL was flat.
Cipla, Ranbaxy Labs and Sun Pharma from healthcare space moved down 1.25-1.6%. L&T and Siemens from capital goods space were down 1% each.
However, telecom companies shares like Bharti and Reliance Communications gained 1.7% & 1.54%, respectively while Idea fell 0.4%.
Everonn Education, JSW Steel, Aban Offshore, Tata Steel, IFCI and Reliance Industries were the most active shares on exchanges.
Top percentage gainers – Intellvisions, Vaibhav Gems, IVP and English India shot up 20%. Ramco System, Celestial Labs and JHS Svendgaard went up 12-17%.
In the midcap space, Trent, Indian Bank, Pantaloon Retail, Monnet Ispat and Marico gained 4-7%. However, Rei Agro, Gee Kay Finance, Motherson Sumi, Karnataka Bank and Atlas Copco fell 3.5-6%.
In the smallcap space, Everonn Education, Shoppers Stop, Advani Hotels and Ferro Alloys were up 10-11.5%. However, Hatsun Agro, Asian Star, Indowind Energy, Oriental Hotels and Delta Corp lost 5-7.9%.
Total turnover of markets stood at Rs 83,510.89 crore. This included Rs 10,699.19 crore from NSE cash segment, Rs 69,053.31 crore from NSE F&O and the balance Rs 3,758.39 crore from BSE cash segment.
About 1467 shares advanced while 1672 shares declined on BSE. Nearly 187 shares remained unchanged.
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Category: Stock-News
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