Finalaya daily market wrap 07 May 2014
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- The Sensex fell 184 points due to sluggish global cues and worries over Ukraine, while the rupee appreciation failed to lift investor sentiment. - On the sectoral front, IT stocks witnessed declines with Infosys dropping 3.15% after a downgrade. - Key results saw gains at Lupin and Gujarat Pipavav Port but losses at Syndicate Bank. - Overall market breadth was negative with advancing stocks outnumbered by declining stocks.
Finalaya daily market wrap 07 May 2014
- 1. Sluggish global cues drag Sensex 184 points down Market Snapshot | 07-05-2014 04:22 PM Tracking sluggish global cues, Indian indices started marginally down. Markets extended their declining spree triggered by geopolitical worries over Ukraine. Appreciation in Rupee against Dollar too failed to convince bulls as bears weighed higher on D-Street. Magnifying loses further, both barometer gauges ended the session at day’s low levels. Sensex tumbled 184.5 points and Nifty settled at 6652. On BSE sectorial front, IT index witnessed bloodbath and slumped 3.15% with Infosys taking the lead. UBS downgraded the Infosys to "sell" from "buy" and also slashed its target price to Rs 2750 from Rs 4050. Among global peers, US markets snapped eight session's winning streak to trade at lowest point of the day on Ukraine concern and some weak earnings. Tracking weak cues from Wall-Street, Asian and European markets too nosedived in the sea of red. Back home, on currency front, Rupee appreciated to one month high level amidst Dollar selling by large engineering firms. In futures trades, INR hit an intra-day high of 60.14/USD and an intra-day low of 60.32/USD. In spot trades, INR hit an intra-day high of 59.95/USD and an intra-day low of 60.12/USD. As per RBI reference rates, INR stood at 60.03/USD. On stock specific front, IRB infrastructure developers zoomed 7% on BSE in the otherwise negative market as the company emerged as a selected bidder and received Letter of Award (LoA) from NHAI for the project of four laning of Kaithal - Rajasthan Border. Key Quarterly Results Allahabad Bank tanked 8.7% on BSE as the company’s Board recommended no dividend for FY13-14. However, bank reported 25.05% jump in Q4 Net at Rs 157.75 crore as compared to Rs 126.15 crore in the same quarter of the previous year. Lupin Ltd spiked to mark new 52 week high at Rs 1022 on BSE after company’s Net shot up by 330% in Q4FY14 to Rs 571.17 crore as compared to Rs 132.9 crore in the same quarter of the previous year. The stock ended 1.2% down on BSE amidst weakness in market. Gujarat Pipavav Port rallied 7.66% to hit new 52 week high at Rs 105.4 on BSE after recording 114.15% spike in Q4FY14 Net at Rs 77 crore as compared to Rs 35.9 crore for the same quarter in the previous year. Titan ended marginally in green after posting a rise of 11.6% in Q4FY14 Net at Rs 206.44 crore as compared to Rs 184.97 crore for the same quarter in the previous year. Syndicate Bank plummeted 7.16% on BSE after registering 30.90% slump in Q4FY14 Net at Rs 409.30 crore as compared to Rs 592.34 crore for the same quarter in the previous year. T he market breadth on the BSE closed in negative. Advancing and declining stocks were 1304 and 1539 respectively, while 150 scrips remained unmoved. The S&P BSE Sensex ended at 22323.90, down 184.52 points or 0.82%. The 30 share index touched a high and a low of 22532.82 and 22286.26 respectively. 5 stocks advanced against 25 declining ones on the benchmark index. The CNX Nifty lost 62.75 points or 0.93% to settle at 6652.55. The index touched high and low of 6718.75 and 6642.90 respectively. 8 stocks advanced against 41 declining ones on the index. S&P BSE Sensex CNX Nifty The S&P BSE Mid-cap index moved down to 7360.08 and lost 0.14% while S&P BSE Small-cap index hammered down by 0.08% to 7526.99. The broader S&P BSE 500 index decreased to 8314.02 (down 0.70%) and CNX 500 index declined to 5232.85 (down 0.76%). The volatility as denoted by INDIA VIX gained 1.02% at 33.61 from its previous close of 33.27 on Tuesday. Sectors in action
- 2. On the BSE Sectorial front, Consumer Durables (up 0.77%) and Power (up 0.20%) were the top gainers. Information Technology (down 2.59%), Real Estate (down 1.11%) and Metals (down 0.71%) were the top losers. The Angels and the Devils NTPC Ltd (up 1.27%), State Bank of India (up 1.06%), Sun Pharmaceutical Industries Ltd (up 0.99%), Axis Bank (up 0.19%) and Hindustan Unilever Ltd (up 0.14%) were the top gainers on the Sensex. Infosys Ltd (down 3.15%), Housing Development Finance Corporation Ltd (down 2.75%), Hindalco Industries Ltd (down 2.20%), Cipla Ltd (down 2.07%) and GAIL (India) Ltd (down 1.80%) were the top losers on the Sensex. Benchmark Drivers Infosys Ltd (-55.96 points), Housing Development Finance Corporation Ltd (-41.17 points), Tata Consultancy Services Ltd (-22.03 points), ITC Ltd (-8.96 points) and State Bank of India (8.36 points) were the major Sensex drivers today. On the other end Infosys Ltd (-14.32 points), Housing Development Finance Corporation Ltd (-11.10 points), Tata Consultancy Services Ltd (-5.88 points), HCL Technologies Ltd (-5.18 points) and HDFC Bank (-2.65 points) were the major Nifty movers today. Pivot, Supports and Resistance Levels CNX Nifty is now pivoted at 6671 for next session. The next support is at 6624 and on upside it has a resistance at 6700 levels. CNX NiftyCNX Nifty Eff. DateEff. Date S 3S 3 S 2S 2 S 1S 1 PIVOTPIVOT R 1R 1 R 2R 2 R 3R 3 Actual CloseActual Close 08-May-2014 6548 6596 6624 6671 6700 6747 6776 - 07-May-2014 6655 6679 6697 6720 6739 6762 6780 6652.55 06-May-2014 6612 6646 6673 6707 6733 6768 6794 6715.30 S&P BSE Sensex has a pivot at 22381 with first level of support and resistance at 22229 and 22476 respectively. S&P BSE SensexS&P BSE Sensex Eff. DateEff. Date S 3S 3 S 2S 2 S 1S 1 PIVOTPIVOT R 1R 1 R 2R 2 R 3R 3 Actual CloseActual Close 08-May-2014 21983 22134 22229 22381 22476 22628 22722 - 07-May-2014 22328 22402 22455 22529 22582 22656 22709 22323.90 06-May-2014 22098 22226 22336 22464 22573 22701 22811 22508.42 Follow us on This content is generated at www.finalaya.com and is governed by the Terms of Use.