Indian frontline equity indices snapped a distressing
session with cuts of about a percent on the last trading session of the
week. The key gauges after a volatile trade got dragged way below the
neutral line in the dying hours of trade after the index heavyweight
Larsen and Toubro got butchered by over three and half a percent post
announcing second quarter numbers and guidance that were below street's
expectations. The markets exhibited unenthusiastic trends right from the
start of trade, lacking any significant upside cues. Marketmen
continued to indulge in stock specific activity amid a slew of earnings
announcements. Sentiments at large remained cautious as investors across
the globe remained on the edge ahead of this weekend's European Union
summit. Hopes that a solution to the European debt woes would be
unveiled by Sunday were dashed after officials called for convening
another summit next week on Wednesday, where France and Germany will
divulge out further details on the plan. Meanwhile, the European markets
got off to a positive start and were trading with gains of over half a
percent while the Asian counterparts displayed mixed trends. Back home,
the benchmarks traded amid high volatility ahead of the October series
futures and options contract expiry scheduled on Tuesday while the RBI
monetary policy review meet too is scheduled on the same day where it is
largely expected to hike key interest rates in its endeavor to rein in
inflation.
Earlier on Dalal Street, the benchmark got off to a sedate opening as investors lacked conviction to build fresh positions and appeared unperturbed by reports that Germany and France want euro-region leaders to agree on an ambitious plan. The key gauges soon climbed into the green terrain and traded in a narrow band but in the green zone through the morning trades. However, the trade turned choppy in afternoon trades and the indices see-sawed around the neutral line for most part of noon but dived deeper in the dying hours post L&T's disappointing earnings and guidance. Eventually the NSE's 50-share broadly followed index Nifty, suffered close a percent loss and settled below the crucial 5,050 support level while Bombay Stock Exchange's sensitive Index Sensex shaved-off one hundred fifty points and closed below the psychological 16,700 mark. Moreover, the broader markets too settled on a negative note with cuts of around half a percent but managed to outperform their larger peers. On the BSE sectoral space, the rate sensitive Realty pocket bore the maximum brunt and got pounded by two percent while the Capital Goods counters too witnessed hefty bouts of profit booking and dived by about two percent due to huge sell-off in bellwether L&T. On the flipside, only Consumer Durables index settled on a positive note with marginal gains. The markets got dragged on large volumes of over Rs 1.6 lakh crore while the turnover for NSE F&O segment too remained on the lower side as compared to Thursday at over 1.49 lakh core. The market breadth remained pessimistic as there were 1112 shares on the gaining side against 1682 shares on the losing side while 126 shares remained unchanged.
Finally, the BSE Sensex lost 151.25 points or 0.89% to settle at 16,785.64, while the S&P CNX Nifty declined by 41.95 points or 0.82% to close at 5,049.95.
The BSE Sensex touched a high and a low of 17,032.32 and 16,752.21 respectively. The BSE Mid cap and Small cap index were down by 0.68% and 0.60% respectively.
The major gainers on the Sensex were Maruti Suzuki up 1.53%, Bajaj Auto up 1.52%, Hero MotoCorp up 1.15%, SBI up 0.73% and BHEL up 0.58%. While, L&T down 3.54%, Bharti Airtel down 3.08%, Tata Motors down 2.81%, DLF down 2.66% and Hindalco Industries down 2.48% were the major losers on the index.
The only gainer on the BSE sectoral space was Consumer Durables (CD) up 0.22%, while Realty down 1.99%, Capital Goods (CG) down 1.88%, Metal down 1.36%, TECk down 0.88% and FMCG down 0.73% were top losers on BSE sectoral space.
Meanwhile, the coal ministry has no plans to revise downward the annual production target of Coal India (CIL). Even though the company during the first half of the current financial year has shown negative growth, which is the main reason of the current energy crisis, as the thermal power stations all over India are facing dry fuel shortages.
The Union minister of state for coal Pratik Prakashbapu Patil said "The production in most coal mines has suffered due to incessant rains, as a result of which some coal companies could not produce the targeted amount of coal, setting of crisis in coal supply to power plants." Patil, expects coal production to be normalized in coming 2 to 3 months.
On the issue of the delay by the private sector firms, which have been allocated coal blocks to start operation of their mines, Patil said that the warnings have been issued to non-serious private players and follow up will be taken soon.
The minister also denied any possibility of discontinuing e-auction of coal to enhance the supply position, as such measures will hurt the small scale industries. On the issue of the wage negotiation with the coal trade unions leaders, Patil said that the discussions are on and the differences, hopefully, will be ironed out by the end of the year.
The S&P CNX Nifty touched high and low of 5,120.75 and 5,037.95, respectively.
Asian equity indices finished the day's trade on mixed note on Friday as investors awaited a weekend meeting of European leaders for signs of progress in resolving the region's debt crisis. Moreover, France and Germany said in a joint statement on Thursday that the leaders will discuss in detail a comprehensive solution to the euro zone crisis at the summit on Sunday but no decisions will be adopted before a second meeting to be held by October 26, 2011 at the latest. Meanwhile, Seoul shares rose over one and a half percent, rebounding from sharp last-minute falls in the previous session, lifted by rallies in technology issues and construction firms like LG Display and Hyundai Engineering & Construction, however, Chinese stocks ended down by half a percent to fresh 31-month low on Friday on worries over the country's economic outlook after growth slowed in the third quarter.
Earlier on Dalal Street, the benchmark got off to a sedate opening as investors lacked conviction to build fresh positions and appeared unperturbed by reports that Germany and France want euro-region leaders to agree on an ambitious plan. The key gauges soon climbed into the green terrain and traded in a narrow band but in the green zone through the morning trades. However, the trade turned choppy in afternoon trades and the indices see-sawed around the neutral line for most part of noon but dived deeper in the dying hours post L&T's disappointing earnings and guidance. Eventually the NSE's 50-share broadly followed index Nifty, suffered close a percent loss and settled below the crucial 5,050 support level while Bombay Stock Exchange's sensitive Index Sensex shaved-off one hundred fifty points and closed below the psychological 16,700 mark. Moreover, the broader markets too settled on a negative note with cuts of around half a percent but managed to outperform their larger peers. On the BSE sectoral space, the rate sensitive Realty pocket bore the maximum brunt and got pounded by two percent while the Capital Goods counters too witnessed hefty bouts of profit booking and dived by about two percent due to huge sell-off in bellwether L&T. On the flipside, only Consumer Durables index settled on a positive note with marginal gains. The markets got dragged on large volumes of over Rs 1.6 lakh crore while the turnover for NSE F&O segment too remained on the lower side as compared to Thursday at over 1.49 lakh core. The market breadth remained pessimistic as there were 1112 shares on the gaining side against 1682 shares on the losing side while 126 shares remained unchanged.
Finally, the BSE Sensex lost 151.25 points or 0.89% to settle at 16,785.64, while the S&P CNX Nifty declined by 41.95 points or 0.82% to close at 5,049.95.
The BSE Sensex touched a high and a low of 17,032.32 and 16,752.21 respectively. The BSE Mid cap and Small cap index were down by 0.68% and 0.60% respectively.
The major gainers on the Sensex were Maruti Suzuki up 1.53%, Bajaj Auto up 1.52%, Hero MotoCorp up 1.15%, SBI up 0.73% and BHEL up 0.58%. While, L&T down 3.54%, Bharti Airtel down 3.08%, Tata Motors down 2.81%, DLF down 2.66% and Hindalco Industries down 2.48% were the major losers on the index.
The only gainer on the BSE sectoral space was Consumer Durables (CD) up 0.22%, while Realty down 1.99%, Capital Goods (CG) down 1.88%, Metal down 1.36%, TECk down 0.88% and FMCG down 0.73% were top losers on BSE sectoral space.
Meanwhile, the coal ministry has no plans to revise downward the annual production target of Coal India (CIL). Even though the company during the first half of the current financial year has shown negative growth, which is the main reason of the current energy crisis, as the thermal power stations all over India are facing dry fuel shortages.
The Union minister of state for coal Pratik Prakashbapu Patil said "The production in most coal mines has suffered due to incessant rains, as a result of which some coal companies could not produce the targeted amount of coal, setting of crisis in coal supply to power plants." Patil, expects coal production to be normalized in coming 2 to 3 months.
On the issue of the delay by the private sector firms, which have been allocated coal blocks to start operation of their mines, Patil said that the warnings have been issued to non-serious private players and follow up will be taken soon.
The minister also denied any possibility of discontinuing e-auction of coal to enhance the supply position, as such measures will hurt the small scale industries. On the issue of the wage negotiation with the coal trade unions leaders, Patil said that the discussions are on and the differences, hopefully, will be ironed out by the end of the year.
The S&P CNX Nifty touched high and low of 5,120.75 and 5,037.95, respectively.
The
top gainers on the Nifty were Bajaj Auto up 1.86%, Siemens up 1.72%,
Maruti Suzuki up 1.57%, Hero Motocorp up 1.13% and BHEL up 1.02%. On the
flip side, L&T down 3.84%, Bharti Airtel down 2.87%, Tata Motors
down 2.79%, Hindalco down 2.45% and DLF down 2.25% were the top losers
on the index.
The European markets were trading in green.
France's CAC 40 gained 0.82%, Britain's FTSE 100 up by 0.62%, and
Germany's DAX advanced by 0.39%. Asian equity indices finished the day's trade on mixed note on Friday as investors awaited a weekend meeting of European leaders for signs of progress in resolving the region's debt crisis. Moreover, France and Germany said in a joint statement on Thursday that the leaders will discuss in detail a comprehensive solution to the euro zone crisis at the summit on Sunday but no decisions will be adopted before a second meeting to be held by October 26, 2011 at the latest. Meanwhile, Seoul shares rose over one and a half percent, rebounding from sharp last-minute falls in the previous session, lifted by rallies in technology issues and construction firms like LG Display and Hyundai Engineering & Construction, however, Chinese stocks ended down by half a percent to fresh 31-month low on Friday on worries over the country's economic outlook after growth slowed in the third quarter.
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