The market snapped out from its four-day losing streak on Friday shutting shop with marginal gains. However, the Nifty ended below the 6,000 mark.
After Thursday’s crash, the benchmark indices opened with a positive gap following a sharp rebound in the US market. But selling pressure once again gripped the indices as the Nikkei continued its free fall. Pharma, IT and select telecoms stocks were among the top laggards.
However, after hitting an intra-day low of 5,940, the Nifty bounced back with smart gains. The sharp upswing was led by the metal, capital goods and banking stocks.
“The Nifty bounced back on Friday exactly from its 38.2% retracement level which was placed at 5940 mark to end with marginal gains. Going forward, April core sector and fiscal deficit data and Q4 GDP numbers will be tracked closely. Amar Ambani, Head of Research, IIFL expects Nifty to continue to stage a slow recovery towards 6090 levels in short term”.
Finally, BSE Sensex closed at 19,704, up 30 points over the previous close. It had earlier touched a day’s high of 19,833 and a day’s low of 19,568. It opened at 19765.
The NSE Nifty closed at 5,984 up 16 points over the previous close. It earlier touched a day’s high of 6,015 and a day’s low of 5.936. It opened at 6,010.
RIL, Tata Power, Tata Steel, ICICI Bank, Larsen & Toubro, Sterlite, Maruti Suzuki, Dr Reddy’s, Coal India, HDFC and HDFC Bank were among gainers in Sensex and Nifty.
TCS, Infosys, Wipro, Sun Pharma, Tata Motors, Bharti Airtel, ITC, Hero MotoCorp, Bajaj Auto and Hindalco were among losers in Sensex and Nifty
The advance-decline ratio was marginally in favour of the bulls. On the BSE, 1189 stocks advanced against 1098 declining stocks, while 147 stocks remained unchanged.
Stocks in News
Tata Steel was up 4.7% after posting losses lower than street estimates. The shares were up after falling for three trading sessions straight. Tata Steel net loss stood at Rs65.3bn in the March quarter as against a profit of Rs4.33bn a year ago.
Wockardt continued to decline owing to concerns on US FDA import alert for its EoU plant. The pharma major was down 4% on Friday to close at Rs1260.
Hindustan Copper shares surged 3.08% on Friday after the state miner reported solid Q4 numbers. The company reported 37% surge in its net profit at Rs. 1.88 billion for the March quarter as against net profit of Rs. 1.37 billion for the same period last year. Total income for the quarter went down to Rs 4.15 billion from Rs 6.86billion in the same quarter last year.
For the year ended March 31, 2013, net profit increased to Rs 3.55 billion, from Rs 3.23 billion last fiscal. Income during the year was down to Rs 13.23 billion from Rs 14.87 billion last fiscal.