Finalaya Daily Market Wrap 01 October 2014
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- Indian markets ended lower due to disappointing macroeconomic numbers and negative global cues, though losses were capped by cuts to fuel prices. - The Sensex closed down 0.23% and the Nifty fell 0.24% as manufacturing activity slowed and the fiscal deficit widened. - Information technology was the only gaining sector, while oil & gas, FMCG and consumer durables declined the most.
Finalaya Daily Market Wrap 01 October 2014
- 1. Markets end down amidst mixed macro events Market Snapshot | 01-10-2014 04:20 PM On the first day of October, Indian indices made a positive start but soon plunged in red zone amidst cautiousness ahead of 5-day stint of market holidays. Markets magnified losses on the back of disappointing macro numbers coupled with negative cues. However, the losses remained capped on the lower side on announcements of cut in fuel prices. Both barometer gauges lost 0.23% to settle with a red mark. The S&P BSE Sensex ended at 26567.99, down 62.52 points or 0.23%. The 30 share index touched a high and a low of 26683.70 and 26548.22 respectively. 9 stocks advanced against 20 declining ones on the benchmark index. T he CNX Nifty lost 19.25 points or 0.24% to settle at 7945.55. The index touched high and low of 7977.50 and 7936.70 respectively. 15 stocks advanced against 35 declining ones on the index. T h e market breadth on the BSE closed in negative. Advancing and declining stocks were 1354 and 1697 respectively, while 112 scrips remained unmoved. S&P BSE Sensex CNX Nifty The S&P BSE Mid-cap index moved down to 9511.40 and lost 0.20% while S&P BSE Small-cap index hammered down by 0.37% to 10641.82. The broader S&P BSE 500 index decreased to 10146.17 (down 0.27%) and CNX 500 index declined to 6398.05 (down 0.28%). The volatility as denoted by INDIA VIX lost 1.14% at 13.00 from its previous close of 13.15 on Tuesday. Among global peers, US, Asian and European indices traded lower amidst pessimistic sentiments of investors. On macro-economic front, manufacturing activity in September witnessed the slowest growth in past nine months. The HSBC Manufacturing Purchasing Managers’ Index (PMI) fell to 51 in the month of September from 52.4 in August. The reading however remained above the crucial 50 mark for the eleventh consecutive month that separates growth from contraction and was indicative of modest improvement in operating conditions. To add to the woes, the Controller General of Accounts announced alarming Fiscal Deficit numbers. Fiscal deficit has touched 74.9% of the Budget Estimates for 2014-15 to cross Rs 3.97 lakh crore in the first five month of the fiscal at the end of August. However, the numbers are only slightly higher than the deficit of 74.6 percent of the Budget Estimates (BE) at the end of August in the 2013-14 fiscal. In a pleasant surprise for “Aam Aadmi’, due to softening international oil rates, oil marketing companies cut petrol prices by 54 paisa a litre. Consequently, petrol rate in Delhi reduced to Rs 67.86 per litre. The cherry on the cake is a cut of Rs 21 per cylinder on non-subsidized cooking gas (LPG). This is a third reduction in rates of non-subsidized LPG since July. Additionally, prices of aviation turbine fuel (ATF) or jet fuel was cut by Rs 2,077.62 per kiloliter or 2.98%, to Rs 67,525.63 per kl. Aviation stocks spurted up to 4.8% on BSE today. Sectors in action On the BSE Sectorial front, Information Technology (up 1.94%) was the sole gainer. Oil & Gas (down 1.55%), FMCG (down 1.26%) and Consumer Durables (down 0.85%) were the top losers. Among stock-specific developments, MT Educare zoomed 5.6% to mark new 52 week high at Rs 154.9 on BSE after Reserve Bank of India (RBI) increased foreign institutional investors' (FIIs) investment limit to 100% of its paid-up capital from earlier limit of 24% under the Portfolio Investment Scheme. HOV Services Ltd was locked at upper circuit of 20% on BSE after company’s board approved the sale of its entire investment in SourceHOV through its US based wholly owned unit HOVS LLC to promoters. Wipro Ltd surged 3.2% and flagged 52 week high at Rs 616.85 on BSE after Government cleared the company’s proposal to set up a new special economic zone (SEZ) in Andhra Pradesh.
- 2. The Angels and the Devils Wipro Ltd (up 3.22%), Infosys Ltd (up 2.66%), Mahindra and Mahindra Ltd (up 2.07%), Tata Consultancy Services Ltd (up 1.37%) and Hero MotoCorp Ltd (up 1.24%) were the top gainers on the Sensex. Maruti Suzuki India Ltd (down 3.11%), Tata Power Company Ltd (down 2.47%), Tata Steel Ltd (down 2.31%), GAIL (India) Ltd (down 2.27%) and Reliance Industries Ltd (down 1.96%) were the top losers on the Sensex. Benchmark Drivers Infosys Ltd (55.88 points), ITC Ltd (-42.91 points), Reliance Industries Ltd (-37.93 points), Tata Consultancy Services Ltd (25.34 points) and Maruti Suzuki India Ltd (-16.58 points) were the major Sensex drivers today. On the other end Infosys Ltd (14.09 points), ITC Ltd (-9.85 points), Reliance Industries Ltd (-9.54 points), Tata Consultancy Services Ltd (6.65 points) and Maruti Suzuki India Ltd (-4.03 points) were the major Nifty movers today. Pivot, Supports and Resistance Levels CNX Nifty is now pivoted at 7953 for next session. The next support is at 7929 and on upside it has a resistance at 7970 levels. CCNNXX NNiiffttyy EEffff.. DDaattee SS 33 SS 22 SS 11 PPIIVVOOTT RR 11 RR 22 RR 33 AAccttuuaall CClloossee 07-Oct-2014 7888 7912 7929 7953 7970 7994 8011 - 01-Oct-2014 7808 7866 7915 7973 8023 8080 8130 7945.55 30-Sep-2014 7875 7905 7932 7962 7989 8019 8046 7964.80 S&P BSE Sensex has a pivot at 26600 with first level of support and resistance at 26516 and 26652 respectively. SS&&PP BBSSEE SSeennsseexx EEffff.. DDaattee SS 33 SS 22 SS 11 PPIIVVOOTT RR 11 RR 22 RR 33 AAccttuuaall CClloossee 07-Oct-2014 26381 26464 26516 26600 26652 26735 26787 - 01-Oct-2014 26087 26284 26457 26654 26827 27024 27197 26567.99 30-Sep-2014 26307 26413 26505 26610 26703 26808 26900 26630.51 Follow us on This content is generated at www.finalaya.com and is governed by the Terms of Use.