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Post-market: IIP data fails to cheer market
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Friday, March 12, 2010 |
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| | March 12, 2010 | 5:30 PM | IIP data fails to cheer market
Market trades in yet another listless session, as IIP numbers fail to impress investors. | | | | | | | Major headlines | - Fortis buys 23.9% stake in Singapore firm; the stock rises by 1.63%
- BoI raises deposit rates by 75-150 bps; the stock up by 0.13%
- Bajaj family to raise stake in holding co; the stock closes 0.01% higher
- Sun Pharma markets generic Eloxatin; the stock declines by 2.10%
- Deepak Fertilizers in negotiation with AET; the stock rises by 3.19%
| Indian indices
Taking the nod from the mixed global cues, the Sensex opened 17176 flat, up 9 points. On a day, where the investors were very cautious and eagerly eying on the market friendly IIP numbers for better market sentiments. The IIP numbers for January comes in at 16.7%, failed the investor?s expectation of 17%. As the stocks were experiencing a lackluster session, the Sensex traded within a tight band of around 118 points. However, some buying interest was seen in metal and oil & gas, which managed to lift the index to touch the day?s high of 17244. Continuous selling in realty, capital goods and power sectors pulls back the indices and hits the days low at 17126. At the closing, the Sensex and Nifty sustains their 17000 and 5000 levels. However, the Sensex ended in the red at 17167, 1 points down, while the Nifty managed to close 3.6 points slightly higher at 5137.
| | | INDEX PERFORMANCE |  | | | | | | | | MARKET INDICATORS | | | | | | | | | | | | | | | Hindalco Industries | 165.15 | 3.25 | | | | | Shree Renuka Sugar | 154.05 | -5.64 | | | M&M Financial | 370.35 | -4.98 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Market sentiment
Declining shares outdid advancing shares with the advance/decline ratio at 0.57. Of the total 2,927 stocks traded on the BSE, 1,027 stocks advanced, whereas 1,810 stocks declined. Ninety stocks remained unchanged.
Viewing volumes
One of the world's largest aluminium rolling companies, Hindalco Industries was the most actively traded share with over 1.10 crore shares changing hands on the BSE, followed by sugar manufacturer, Shree Renuka Sugars (0.56 crore shares), wind power major, Suzlon Energy (0.45 crore shares), Fortis Healthcare (0.42 crore shares) and India?s second largest realty company, Unitech (0.40 crore shares).
| Sectoral and stock screening
The IIP data did not favour the markets. Of the 13 sectoral indices on BSE, the majority of the sectors closed in the red zone. Realty and capital goods (CG) slid the most and were down by 0.83% and 0.62% respectively. The sectors that managed to close in green were metal, oil & gas, auto and TECk, where the metal gained the most 0.63% up.
The stocks drew investors interest, Cairn India that surged the most by 3.82% followed by Federal Bank that rose by 3.59% and Hindalco Industries up by 3.25%. On the loser?s list, Shree Renuka Sugars that slid the most by 5.64% followed by Mahindra & Mahindra Financial Services that declined by 4.98% and Hindustan Unilever that closed 4.02% lower.
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| Global cues
The European shares were higher in the early trades on Friday, March 12, 2010, with the banking stocks higher after talks on banking reform in the United States collapsed, while investors awaited further economic data for direction. At the time of writing this report, FTSE 100 was trading 0.25% higher.
The major Asian indices closed mix. SGX Nifty closed 3 points flat.
US stock futures pointed to a mixed opening on the Wall Street. However, the investors would be eagerly waiting for the data related to retail sales for February and business inventories for January. | | | | Manage your newsletter subscriptions |  | | | | | | To know more about our products and services, click here. | | | | | | | ?This document has been prepared by Sharekhan Ltd. This Document is subject to changes without prior notice and is intended only for the person or entity to which it is addressed to and may contain confidential and/or privileged material and is not for any type of circulation. Any review, retransmission, or any other use is prohibited. Kindly note that this document does not constitute an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction.
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posted by Anonymous @ 10:42 AM  |
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