Finalaya Daily Market Wrap 16 October 2014
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- The Sensex and Nifty indices in India fell over 1% due to disappointing trade deficit data and weak global cues. The Sensex closed below 26,000 points. - India's trade deficit more than doubled in September compared to the same period last year as exports grew marginally while imports expanded at a higher pace. - Most sectors declined with consumer durables, power, and metals being the top losers. Key companies like Hindalco, M&M, and Tata Steel were among the top losers on the Sensex.
Finalaya Daily Market Wrap 16 October 2014
- 1. Sensex plunges 1.33% to end below 26K Market Snapshot | 16-10-2014 04:20 PM Following a weak start, Indian indices crawled near previous close mark despite predictions of clear BJP majority in Maharashtra & Haryana Assembly elections by various exit polls. In noon trades, markets lost cool and plunged in red terrain on disappointing September trade data. Both frontline gauges crashed over 1% with Sensex ending below the psychologically crucial levels of 26K. The S&P BSE Sensex ended at 25999.34, down 349.99 points or 1.33%. The 30 share index touched a high and a low of 26462.08 and 25933.98 respectively. 4 stocks advanced against 26 declining ones on the benchmark index. The CNX Nifty lost 115.80 points or 1.47% to settle at 7748.20. The index touched high and low of 7893.90 and 7729.65 respectively. 7 stocks advanced against 43 declining ones on the index. The market breadth on the BSE closed in negative. Advancing and declining stocks were 840 and 2238 respectively, while 107 scrips remained unmoved. S&P BSE Sensex CNX Nifty The S&P BSE Mid-cap index moved down to 9243.95 and lost 2.42% while S&P BSE Small-cap index hammered down by 2.71% to 10343.09. The broader S&P BSE 500 index decreased to 9877.16 (down 1.79%) and CNX 500 index declined to 6225.30 (down 1.81%). The volatility as denoted by INDIA VIX gained 12.61% at 16.43 from its previous close of 14.59 on Tuesday. Among global peers, US markets tumbled as US retail sales fell in September for the first time in eight months. Asian and European markets too traded weak following negative handover from Wall-Street and persisting global growth worries. Back home, on macro-economic front, India’s trade deficit more than doubled at $14.25 billion in month of September as compared to $6.12 billion in the same month previous year. Exports grew marginally by 2.73% in September to $28.9 billion and imports continued to expand at higher pace by 25.96% to $43.15 billion. Sectors in action Consumer Durables (down 4.25%), Power (down 2.91%) and Metals (down 2.28%) were the top losers. There was no gainer on BSE sectorial front. Key Quarterly Results Federal Bank plunged 5.12% on BSE despite reporting a decent rise of 6.42% in Q2 net at Rs 240.30 crore as compared to Rs 225.81 crore for the same quarter in the previous year. Bajaj Auto slipped 2% on BSE after its Q2 Net dipped 29.41% to Rs 590.9 crore for the quarter as compared to Rs 837.16 crore for the same quarter in the previous year. Gujarat State Fertilizers and Chemicals Ltd tanked 10.72% on BSE despite recording 22.67% growth in Q2FY15 Net at Rs 124.3 crore as against Rs 101.3 crore in Q2FY14. Bajaj Holdings & Investments Ltd posted 33.16% jump in Q2 Net at Rs 644.6 crore as compared to Rs 484.1 crore in the same quarter a year ago. The stock ended 1.3% down on BSE. IT major, MindTree recorded a marginal rise of 6.76% to Rs 137.4 crore in September Quarter as compared to Rs 128.7 crore in the same quarter of previous year. The stock ended 3.85% down on BSE. The Angels and the Devils ITC Ltd (up 1.48%), Coal India Ltd (up 1.34%), GAIL (India) Ltd (up 0.74%) and Cipla Ltd (up 0.13%) were the top gainers on the Sensex.
- 2. Hindalco Industries Ltd (down 5.46%), Mahindra and Mahindra Ltd (down 4.41%), Sesa Sterlite Ltd (down 4.09%), Tata Steel Ltd (down 3.57%) and Tata Power Company Ltd (down 3.29%) were the top losers on the Sensex. Benchmark Drivers Reliance Industries Ltd (-58.81 points), Housing Development Finance Corporation Ltd (-39.76 points), ITC Ltd (32.98 points), HDFC Bank (-30.54 points) and Mahindra and Mahindra Ltd (-29.85 points) were the major Sensex drivers today. On the other end Reliance Industries Ltd (-15.60 points), Housing Development Finance Corporation Ltd (-9.83 points), ITC Ltd (8.80 points), Infosys Ltd (-7.50 points) and Mahindra and Mahindra Ltd (-7.36 points) were the major Nifty movers today. Pivot, Supports and Resistance Levels CNX Nifty is now pivoted at 7791 for next session. The next support is at 7687 and on upside it has a resistance at 7852 levels. CCNNXX NNiiffttyy EEffff.. DDaattee SS 33 SS 22 SS 11 PPIIVVOOTT RR 11 RR 22 RR 33 AAccttuuaall CClloossee 17-Oct-2014 7523 7626 7687 7791 7852 7955 8016 - 16-Oct-2014 7714 7770 7817 7872 7920 7975 8022 7748.20 14-Oct-2014 7715 7755 7820 7860 7925 7966 8030 7864.00 S&P BSE Sensex has a pivot at 26132 with first level of support and resistance at 25802 and 26330 respectively. SS&&PP BBSSEE SSeennsseexx EEffff.. DDaattee SS 33 SS 22 SS 11 PPIIVVOOTT RR 11 RR 22 RR 33 AAccttuuaall CClloossee 17-Oct-2014 25273 25604 25802 26132 26330 26660 26858 - 16-Oct-2014 25852 26032 26191 26371 26529 26709 26868 25999.34 14-Oct-2014 25820 25956 26170 26307 26521 26657 26871 26349.33 Follow us on This content is generated at www.finalaya.com and is governed by the Terms of Use.