Indian benchmark indices buckled under across the
board selling pressure exerted by market participants two days ahead of
December series Futures and Options contract expiry, leading the key
indices to partly undo the good work done in the previous session. The
key gauges displayed listless performance in the first half of trade as
the aimless benchmarks appeared exhausted and showed only sideways kind
of movement in a tight band, lacking any significant upside triggers.
The frontline indices got dragged around the psychological 4,750 (Nifty)
and 15,900 (Sensex) levels as investors started taking profits off the
table in the late hours of the session. Investors were apprehensive
about the market outlook amid the lingering uncertainties while leads
from Asia too remained discouraging as all the indices exhibited
pessimistic trends with China being the leading loser in the space,
plunging over a percent. The European counterparts though traded on a
positive note but with moderate gains as investors at large lacked
conviction to take big bets ahead of the year end as they concentrated
on Euro-zone sovereign debt trouble and cooling global growth. Investors
globally looked ahead for the US markets for direction ahead of some US
economic reports, including the S&P Case-Shiller house price index
for October and consumer confidence for December. Back home, investors
overlooked encouraging reports which suggested that industrial growth in
core infrastructure areas bounced back to 6.8% in November after
touching a five-year low of 0.3% in October.
Earlier on Dalal Street, the benchmark got off to a flat opening as cues from the Asian markets were unsupportive and marketmen remained on the sidelines waiting for foreign markets to open after the Christmas holidays. The frontline indices thereafter showed signs of consolidation but some buying in Capital Goods and defensive - Healthcare majors helped the indices to touch highest point in the day. However, the positive sentiments soon waned as profit booking at higher levels dragged the key indices to lowest point in the session. Though, some short covering in the late hours ensured that the bourses settle off the day's lows. Eventually, the NSE's 50-share broadly followed index - Nifty shed over half a percent to close at the crucial 4,750 levels while Bombay Stock Exchange's Sensitive Index - Sensex suffered about a hundred point cut and closed below the psychological 15,900 mark. Moreover, the broader markets too went home with around half a percent loss in the session and performed in tandem with their larger peers. On the BSE sectoral space, barring the Consimer Durables counter which rose marginally, all other indices went home in the negative terrain. The rate sensitive counters like Realty and Bankex got severely punished in the session while the Metal pocket too was not spared. The markets declined on weaker volumes of over Rs 1.35 lakh crore while the turnover for NSE F&O segment too remained on the higher side as compared to Monday at over 1.25 lakh core, despite this being the second day of December series F&O expiry week. The market breadth was pessimistic as there were 1184 shares on the gaining side against 1480 shares on the losing side while 152 shares remained unchanged.
Finally, the BSE Sensex lost 96.80 points or 0.61% to settle at 15,873.95, while the S&P CNX Nifty declined by 28.50 points or 0.60% to close 4,750.50.
The BSE Sensex touched a high and a low of 16,049.12 and 15,799.63 respectively. The BSE Mid cap and Small cap indices were down by 0.69% and 0.35% respectively.
The major gainers on the Sensex were Tata Power up 1.92%, Bajaj Auto up 1.19%, ONGC up 0.50%, ITC up 0.37% and L&T up 0.30%. While, DLF down 2.70%, Cipla down 2.68%, Coal India down 2.44%, Tata Steel down 2.42% and Tata Motors down 2.36%, were the major loser on the index.
On the BSE sectoral space, Consumer Durables (CD) up 0.15%was the only gainer while Realty down 1.72%, Metal down 1.38%, Bankex down 1.23%, PSU down 1.18% and Power down 1.08% were the only losers on the BSE sectoral space.
Meanwhile, giving a big relief to the government and industry, industrial growth in key infrastructure areas bounced back to 6.8% in November after touching a five-year low of 0.3% in October. As per the data released, the turnaround in industrial production has been possible due the combined output rise of eight core industries - coal, crude oil, natural gas, refinery products, fertilizers, steel, cement and electricity - which recorded the highest growth in 4-months, and also sharply higher than the annual growth of 3.7% in November last year.
On the other hand, due to lagging performance in the previous months, the April-November growth of core industries stood at 4.6% as against 5.6% in the same period last financial year, according to the data released. Except for crude oil, natural gas and fertilizers, all other segments registered a healthy growth in November. The maximum growth was witnessed in cement, which expanded by 16.6%, while there was a contraction of 4.3% in the same period last financial year.
The eight infrastructure sectors, account for nearly 38% of the IIP, the measure of industrial activity in India and hence are likely to improve the total industrial production. The biggest relief in core sector's data was the 4.9% rise in coal production, the highest since March 2010 and the first expansion after three straight months of contraction. Electricity and steel output grew by 14.1% and 5.1% against 3.5% and 7.6%, respectively, in the same month last year. Petroleum refinery products growth also went up by 11.2% during the month under reference.
Power grew 14.1% from a year earlier, compared with 5.4% in the previous month. In the eight months to November, it added 9.3% compared with 4.6% in the previous year. However, crude oil and natural gas output posted a de-growth of 5.6% and 10.1% from a positive growth of 17% and 5.5%, y-o-y, respectively.
During October, the core sector, registered a dismal growth of 0.3%. This slowdown in the industry output was obvious from the Gross Domestic Product (GDP) figures, which stood at 6.9% - the lowest in the past nine quarters, during the July-September quarter. The economic growth in the first half of the current fiscal also slowed down to 7.3% from 8.6% in the year ago period.The S&P CNX Nifty touched a high and low of 4,800.50 and 4,723.65, respectively.
The top gainers on the Nifty were RCOM up 5.11%, Ranbaxy up 2.79%, Tata Power up 2.71%, Siemens up 2.14% and Ambuja Cement up 1.87%. On the flip side, Axis Bank down 3.10%, IDFC down 3.05%, DLF down 2.70%, Cipla down 2.60% and Coal India down 2.56% were the top losers on the index.
On the flip side Shanghai Composite was up by 1.12 points or 0.05% to 2,191.23.
Stock market in Hong Kong remained closed on Tuesday in observance of a public holiday.
The European markets were trading on a positive note. France's CAC 40 surged 0.59% and Germany's DAX gained by 0.54%. Britain's stock markets remained closed on Tuesday in observance of the public holiday.
Earlier on Dalal Street, the benchmark got off to a flat opening as cues from the Asian markets were unsupportive and marketmen remained on the sidelines waiting for foreign markets to open after the Christmas holidays. The frontline indices thereafter showed signs of consolidation but some buying in Capital Goods and defensive - Healthcare majors helped the indices to touch highest point in the day. However, the positive sentiments soon waned as profit booking at higher levels dragged the key indices to lowest point in the session. Though, some short covering in the late hours ensured that the bourses settle off the day's lows. Eventually, the NSE's 50-share broadly followed index - Nifty shed over half a percent to close at the crucial 4,750 levels while Bombay Stock Exchange's Sensitive Index - Sensex suffered about a hundred point cut and closed below the psychological 15,900 mark. Moreover, the broader markets too went home with around half a percent loss in the session and performed in tandem with their larger peers. On the BSE sectoral space, barring the Consimer Durables counter which rose marginally, all other indices went home in the negative terrain. The rate sensitive counters like Realty and Bankex got severely punished in the session while the Metal pocket too was not spared. The markets declined on weaker volumes of over Rs 1.35 lakh crore while the turnover for NSE F&O segment too remained on the higher side as compared to Monday at over 1.25 lakh core, despite this being the second day of December series F&O expiry week. The market breadth was pessimistic as there were 1184 shares on the gaining side against 1480 shares on the losing side while 152 shares remained unchanged.
Finally, the BSE Sensex lost 96.80 points or 0.61% to settle at 15,873.95, while the S&P CNX Nifty declined by 28.50 points or 0.60% to close 4,750.50.
The BSE Sensex touched a high and a low of 16,049.12 and 15,799.63 respectively. The BSE Mid cap and Small cap indices were down by 0.69% and 0.35% respectively.
The major gainers on the Sensex were Tata Power up 1.92%, Bajaj Auto up 1.19%, ONGC up 0.50%, ITC up 0.37% and L&T up 0.30%. While, DLF down 2.70%, Cipla down 2.68%, Coal India down 2.44%, Tata Steel down 2.42% and Tata Motors down 2.36%, were the major loser on the index.
On the BSE sectoral space, Consumer Durables (CD) up 0.15%was the only gainer while Realty down 1.72%, Metal down 1.38%, Bankex down 1.23%, PSU down 1.18% and Power down 1.08% were the only losers on the BSE sectoral space.
Meanwhile, giving a big relief to the government and industry, industrial growth in key infrastructure areas bounced back to 6.8% in November after touching a five-year low of 0.3% in October. As per the data released, the turnaround in industrial production has been possible due the combined output rise of eight core industries - coal, crude oil, natural gas, refinery products, fertilizers, steel, cement and electricity - which recorded the highest growth in 4-months, and also sharply higher than the annual growth of 3.7% in November last year.
On the other hand, due to lagging performance in the previous months, the April-November growth of core industries stood at 4.6% as against 5.6% in the same period last financial year, according to the data released. Except for crude oil, natural gas and fertilizers, all other segments registered a healthy growth in November. The maximum growth was witnessed in cement, which expanded by 16.6%, while there was a contraction of 4.3% in the same period last financial year.
The eight infrastructure sectors, account for nearly 38% of the IIP, the measure of industrial activity in India and hence are likely to improve the total industrial production. The biggest relief in core sector's data was the 4.9% rise in coal production, the highest since March 2010 and the first expansion after three straight months of contraction. Electricity and steel output grew by 14.1% and 5.1% against 3.5% and 7.6%, respectively, in the same month last year. Petroleum refinery products growth also went up by 11.2% during the month under reference.
Power grew 14.1% from a year earlier, compared with 5.4% in the previous month. In the eight months to November, it added 9.3% compared with 4.6% in the previous year. However, crude oil and natural gas output posted a de-growth of 5.6% and 10.1% from a positive growth of 17% and 5.5%, y-o-y, respectively.
During October, the core sector, registered a dismal growth of 0.3%. This slowdown in the industry output was obvious from the Gross Domestic Product (GDP) figures, which stood at 6.9% - the lowest in the past nine quarters, during the July-September quarter. The economic growth in the first half of the current fiscal also slowed down to 7.3% from 8.6% in the year ago period.The S&P CNX Nifty touched a high and low of 4,800.50 and 4,723.65, respectively.
The top gainers on the Nifty were RCOM up 5.11%, Ranbaxy up 2.79%, Tata Power up 2.71%, Siemens up 2.14% and Ambuja Cement up 1.87%. On the flip side, Axis Bank down 3.10%, IDFC down 3.05%, DLF down 2.70%, Cipla down 2.60% and Coal India down 2.56% were the top losers on the index.
Asian
shares eased on Tuesday as investors squared positions in thin volume
before US markets reopen after a long weekend and investors see fresh
data that could offer clues about prospects for the world's largest
economy. Meanwhile, Chinese shares ended flat on Tuesday as investors
remained cautious ahead of the New Year holiday. Seoul Composite
declined about 0.80 percent after South Korean consumer confidence fell
to a three-month low in December on concern that the political situation
in the region might worsen in the wake of Kim Jong-Il's death. The
sentiment index fell to 99, from 103 in November, the Bank of Korea said
in a statement today. A reading below 100 indicates pessimists
outnumber optimists.
Jakarta Composite was down 7.73 points or 0.20% to
3,789.43, Nikkei 225 was down 38.78 points or 0.46% to 8,440.56,
Straits Times was down 2.85 points or 0.11% to 2,673.62, Seoul Composite
was down 14.68 points or 0.79% to 1,842.02 and Taiwan Weighted was down
by 7.55 points or 0.11% to 7,085.03. On the flip side Shanghai Composite was up by 1.12 points or 0.05% to 2,191.23.
Stock market in Hong Kong remained closed on Tuesday in observance of a public holiday.
The European markets were trading on a positive note. France's CAC 40 surged 0.59% and Germany's DAX gained by 0.54%. Britain's stock markets remained closed on Tuesday in observance of the public holiday.
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