The National Stock Exchange's Nifty was moving in a narrow range after paring opening gains as traders turned cautious following profit booking in previous session even as the Asian markets moved higher. According to dealers, the market is likely to remain volatile ahead of important events back home like outcome of assembly elections, Union Budget and the Reserve Bank of India's policy meet.
Shares of DLF continued to witness selling pressure after Vertias Investment Research, a Canadian research frim, put a 'Sell' recommendation on the stock and valued it at Rs 100 a piece.
The auction sale of ONGC has scraped through, however the tepid response for the issue is likely to dampened sentiments and may defer further divestment plans.
"The Government's already battered image suffered another knock in the form of a disappointing ONGC auction. A last-minute rescue by LIC has reportedly saved the Government the blushes. Still, the lukewarm response will irk the Centre. It may also hit sentiment for upcoming auctions unless the Government gets its act together. ONGC stock was down and might suffer more damage.
The approval of share buyback for PSUs may act as a blessing in disguise. But, one has to see how the market views that in light of the ONGC fiasco.
Leaving aside the bad news on disinvestment, the start is likely to be positive. Most Asian indices are up following overnight gains on Wall Street. US shares gained on couple of encouraging economic reports. Oil spiked on reports of a pipeline explosion but the same was later denied by Saudi Arabia.
European stocks rose ahead of a two-day EU summit. European leaders will consider a range of issues, including the new fiscal pact, latest Greek bailout and new rescue fund. Trade carefully as volatility is here to stay in the run up to the crucial domestic events," said IIFL report.
At 10:15 am; the Nifty was at 5336.50, down 3.25 points or 0.06 per cent. The broader index touched a high of 5369.45 and low of 5315.05 in trade so far.
The Bombay Stock Exchange's Sensex was at 17581.71, down 2.26 points or 0.01 per cent. It touched intraday high of 17674.63 and low of 17504.38.
BSE Midcap Index was up 0.56 per cent and BSE Smallcap Index moved 0.73 per cent higher.
Amongst the sectoral indices, BSE Realty Index fell 1.34 per cent, BSE FMCG Index slipped 0.48 per cent and BSE IT Index moved 0.42 per cent lower. BSE Metal Index moved 1.26 per cent higher, BSE Power Index gained 0.81 per cent and BSE Capital Goods Index moved 0.81 per cent higher,
DLF (-4.44%), ONGC (-1.63%), Bajaj Auto (-1.48%), ITC (-0.89%) and HCL Tech (-0.85%) were the major Nifty losers.
Hindalco Industries (3.06%), Reliance Power (1.88%), Jindal Steel (1.58%), IDFC (1.39%) and Sun Pharma (1.35%) were the major gainers.
Market breadth was negative on the NSE with 441 gainers against 907 losers
As per the provisional data, Foreign Institutional Investors sold shares worth Rs 126.52 crore on Thursday. FIIs bought shares worth Rs 25212.10 crore so far in the month of February against investment of Rs 10357.70 crore in January 2012.
Meanwhile, the Asian markets were witnessing buying action. Nikkei 225 was up 0.83 per cent, Hang Seng was 0.97 per cent higher and Strait Times moved 0.47 per cent higher.
News bureau.
Shares of DLF continued to witness selling pressure after Vertias Investment Research, a Canadian research frim, put a 'Sell' recommendation on the stock and valued it at Rs 100 a piece.
The auction sale of ONGC has scraped through, however the tepid response for the issue is likely to dampened sentiments and may defer further divestment plans.
"The Government's already battered image suffered another knock in the form of a disappointing ONGC auction. A last-minute rescue by LIC has reportedly saved the Government the blushes. Still, the lukewarm response will irk the Centre. It may also hit sentiment for upcoming auctions unless the Government gets its act together. ONGC stock was down and might suffer more damage.
The approval of share buyback for PSUs may act as a blessing in disguise. But, one has to see how the market views that in light of the ONGC fiasco.
Leaving aside the bad news on disinvestment, the start is likely to be positive. Most Asian indices are up following overnight gains on Wall Street. US shares gained on couple of encouraging economic reports. Oil spiked on reports of a pipeline explosion but the same was later denied by Saudi Arabia.
European stocks rose ahead of a two-day EU summit. European leaders will consider a range of issues, including the new fiscal pact, latest Greek bailout and new rescue fund. Trade carefully as volatility is here to stay in the run up to the crucial domestic events," said IIFL report.
At 10:15 am; the Nifty was at 5336.50, down 3.25 points or 0.06 per cent. The broader index touched a high of 5369.45 and low of 5315.05 in trade so far.
The Bombay Stock Exchange's Sensex was at 17581.71, down 2.26 points or 0.01 per cent. It touched intraday high of 17674.63 and low of 17504.38.
BSE Midcap Index was up 0.56 per cent and BSE Smallcap Index moved 0.73 per cent higher.
Amongst the sectoral indices, BSE Realty Index fell 1.34 per cent, BSE FMCG Index slipped 0.48 per cent and BSE IT Index moved 0.42 per cent lower. BSE Metal Index moved 1.26 per cent higher, BSE Power Index gained 0.81 per cent and BSE Capital Goods Index moved 0.81 per cent higher,
DLF (-4.44%), ONGC (-1.63%), Bajaj Auto (-1.48%), ITC (-0.89%) and HCL Tech (-0.85%) were the major Nifty losers.
Hindalco Industries (3.06%), Reliance Power (1.88%), Jindal Steel (1.58%), IDFC (1.39%) and Sun Pharma (1.35%) were the major gainers.
Market breadth was negative on the NSE with 441 gainers against 907 losers
As per the provisional data, Foreign Institutional Investors sold shares worth Rs 126.52 crore on Thursday. FIIs bought shares worth Rs 25212.10 crore so far in the month of February against investment of Rs 10357.70 crore in January 2012.
Meanwhile, the Asian markets were witnessing buying action. Nikkei 225 was up 0.83 per cent, Hang Seng was 0.97 per cent higher and Strait Times moved 0.47 per cent higher.
News bureau.
No comments:
Post a Comment