Sentiment was dampened after the rupee depreciated 30 paise against the dollar, touching a three-month low of 55.2975.
Selling pressure further intensified as investors tracking weakness in the European markets decided to pare positions. Greece’s Athex Composite is down around 4%.
Asian markets too traded weak. Japan’s Nikkei index was down due to a pause in the yen’s weakness. All Asian markets ended flat with cuts of 0.5%.
Barring IT and select telecom stocks, all other major sectoral indices ended in the red. Rate sensitive’s like banking, auto and realty led the decline today.
Last week, these counters were seeing huge momentum.
Power, oil and gas and healthcare stocks too disappointed in today’s session.
BSE Sensex closed at 20111, down 112 points over the previous close. It had earlier touched a day’s high of 20,308 and a day’s low of 20072. It opened at 20227.
The NSE Nifty closed at 6,114, down 43 points over the previous close. It earlier touched a day’s high of 6,180 and a day’s low of 6,102. It opened at 6,152.
“For the coming days with lack of triggers market participants will turn over to global cues for further direction. More importantly, Fed Chairman Ben S. Bernanke testifies on the economy in Congress tomorrow. Investors will be eager to hear whether the Fed will trim its bond purchases sooner than expected,” says Amar Ambani, Head of Research, IIFL.
TCS, Infosys, Wipro, Coal India, BHEL and Sun Pharma were among the gainers in Sensex and Nifty.
RIL, ICICI Bank, Tata Power, Bharti Airtel, Mahindra & Mahindra, State Bank of India, Maruti Suzuki, Dr Reddy’s Lab, ONGC, Larsen & Toubro, Sterlite and Hero MotoCorp were among losers in Sensex and Nifty
The advance-decline ratio was in favour of the bears. On the BSE, 1429 stocks declined against 940 advancing stocks, while 143 stocks remained unchanged.
The INDIA VIX was up 1% to close at 17.88. It hit a day’s high of 18.22 and low of 16.99.
Stocks which hit a 52-week high during the week were BAJFINANCE, AKZOINDIA, Nestle India, Eicher Motors and Westlife Dev.
Stocks which hit a 52-week low during the week were Best & Crompton, Mangalore Ref, GHCL, MARGO FIN and Mid India Inds.
Stocks in News
The initial public offer (IPO) of Just Dial IPO subscribed 0.55 times. The IPO received bids for 74,86,975 shares as against issue size of 1,35,60,533 shares.
Shares of Tech Mahindra ended lower by 1.5% on Tuesday. The company posted a net profit of Rs1358mn for the quarter ended March 31, 2013 as compared to Rs803.2mn for the quarter ended March 31, 2012. Total Income increased from Rs13467.6mn for the quarter ended March 31, 2012 to Rs14721.7mn for the quarter ended March 31, 2013.
Coal India Ltd gained by 2.3% to close at Rs308 on Tuesday after the company reported almost 90% jump on standalone. The company posted a net profit of Rs23206.10 mn for the quarter ended March 31, 2013 as compared to Rs. 12235.20 mn for the quarter ended March 31, 2012. Total Income has increased from Rs. 17202.00 mn for the quarter ended March 31, 2012 to Rs. 28015.80 mn for the quarter ended March 31, 2013.
Reliance Infra was down 2.5% after the company declared plans to pull out of mega projects worth Rs200bn due to inordinate delays by government agencies. The company hived off its new power projects into subsidiary Reliance Power so that it could evolve into an infrastructure developer.
Shares of Omaxe tanked 8.5% after the promoters announced plans to dilute stake in the company through OFS route to meet SEBI’s norm on 25% public shareholding by June 30 for private sector companies.