Finalaya daily wrap_03may2013
0 likes98 views
The markets reacted negatively to the Reserve Bank of India's 25 basis points repo rate cut, with the Sensex declining by 160 points and Nifty falling below 5950 amid profit booking in rate-sensitive sectors. Despite strong quarterly earnings from some companies, the overall market trend was downward, with major sectors such as banks and automobiles showing significant losses. Global markets had a mixed response, with U.S. markets performing well due to favorable economic indicators, while Asian and European markets fluctuated.
Finalaya daily wrap_03may2013
- 1. Markets disappointed with insufficient rate cut; Nifty ends below 5950 Market Summary 03-May-2013 Snapping a three-day and 400-plus points winning streak, Sensex closed the week on a losing note. Profit booking in rate sensitive counters after RBI slashed repo rate by 25 basis points caused the 30-share benchmark to lose 160 points. Nifty also plunged below the psychological 5950. Bankex, Auto and Realty topped the laggards among BSE sectorial benchmarks. Metal stocks were among the winners. Globally, U.S. markets ended on cheerful note as ECB slashed interest rates by 50 bps. Additionally jobless claims also dropped to a 5 year low. Asian & European markets were trading mixed. Back home, Reserve Bank of India through its monetary policy has cut repo rate by 25 basis points to 7.25% whereas Cash reserve Ratio (CRR) was kept unchanged. The RBI was evincingly hawkish in indicating that there is very little room for further rate cuts. Bharti Airtel planned to sell 5% stake of company to Doha based Qatar Foundation for Rs 6800 crore. The stock closed 0.32% up on BSE. Key Quarterly Results JSW Energy plunged 5.06% on BSE despite reporting 49% rise in Q4 consolidated net profit at Rs 335.69 crore. On standalone basis, the company reported a surge of 46% in its net profit at Rs 334.97 crore. (News) Ambuja Cements ended 0.95% down on BSE despite reporting 56% rise in its Q1 Net. (Featured Result) Bajaj Corp’s Q4 Net grew 44% to Rs 49.15 crore. The stock closed 1.97% up on BSE. (News) Hindustan Construction Company (HCC) dived 1.76% on BSE after registering a net loss of Rs 54 crore in March quarter. Gujarat Pipavav Port jumped 5.53% on BSE as its Net Profit rose to Rs 35 crore in Q1. T he market breadth on the BSE closed in negative. Advancing and declining stocks were 1061 and 1369 respectively, while 142 scrips remained unmoved. The S&P BSE Sensex ended at 19575.64, down 160.13 points or 0.81%. The 30 share index touched a high and a low of 19744.85 and 19542.63 respectively. 12 stocks advanced against 18 declining ones on the benchmark index. The CNX Nifty lost 55.35 points or 0.92% to settle at 5944.00. The index touched high and low of 6000.30 and 5930.15 respectively. 17 stocks advanced against 33 declining ones on the index. S&P BSE Sensex CNX Nifty The S&P BSE Mid-cap index moved down to 6375.97 and lost 0.26% while S&P BSE Small-cap index hammered down by 0.39% to 6032.38. The broader S&P BSE 500 index decreased to 7414.09 (down 0.70%) and CNX 500 index declined to 4659.10 (down 0.77%). The volatility as denoted by INDIA VIX lost 4.48% at 15.55 from its previous close of 16.28 on Thursday. Sectors in action On the BSE Sectorial front, Metals (up 1.44%), Capital Goods (up 0.92%) and Information Technology (up 0.44%) were the top gainers. Banks (down 2.40%), Automobile (down 1.50%) and Real Estate (down 1.39%) were the top losers. The Angels and the Devils Jindal Steel and Power Ltd (up 4.22%), Hindalco Industries Ltd (up 2.30%), Tata Steel Ltd (up 2.22%), Sun Pharmaceutical Industries Ltd (up 1.84%) and Sterlite Industries (India) Ltd (up 1.36%) were the top gainers on the
- 2. Pharmaceutical Industries Ltd (up 1.84%) and Sterlite Industries (India) Ltd (up 1.36%) were the top gainers on the Sensex. Tata Motors Ltd (down 3.76%), State Bank of India (down 3.60%), ICICI Bank (down 3.57%), GAIL (India) Ltd (down 2.99%) and Bajaj Auto Ltd (down 2.56%) were the top losers on the Sensex. Benchmark Drivers ICICI Bank (-57.37 points), State Bank of India (-30.33 points), HDFC Bank (-25.14 points), Tata Motors Ltd (-23.36 points) and ITC Ltd (-17.72 points) were the major Sensex drivers today. On the other end ICICI Bank (-14.45 points), State Bank of India (-7.91 points), HDFC Bank (-6.60 points), Tata Motors Ltd (-6.21 points) and ITC Ltd (-4.72 points) were the major Nifty movers today. Pivot, Supports and Resistance Levels CNX Nifty is now pivoted at 5958 for next session. The next support is at 5916 and on upside it has a resistance at 5986 levels. CNX Nifty Eff. Date S 3 S 2 S 1 PIVOT R 1 R 2 R 3 Actual Close 06-May-2013 5846 5888 5916 5958 5986 6028 6056 - 03-May-2013 5825 5868 5934 5977 6042 6085 6151 5944.00 02-May-2013 5783 5826 5878 5920 5972 6015 6067 5999.35 S&P BSE Sensex has a pivot at 19621 with first level of support and resistance at 19497 and 19699 respectively. S&P BSE Sensex Eff. Date S 3 S 2 S 1 PIVOT R 1 R 2 R 3 Actual Close 06-May-2013 19295 19419 19497 19621 19699 19823 19902 - 03-May-2013 19187 19319 19527 19660 19868 20000 20209 19575.64 02-May-2013 19035 19176 19340 19481 19645 19787 19951 19735.77 Follow us on This content is generated at www.finalaya.com and is governed by the Terms of Use.