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Markets ended with marginal losses, amid a lacklustre trading session on Thursday, as investors booked profits after the sharp rally yesterday which saw the Sensex and Nifty hitting fresh record highs. The losses were led by oil and gas shares.
The 30-share Sensex ended down 17 points at 25,823 and the 50-share Nifty closed 10 points down at 7,714 levels.
The broader markets closed in tandem with their large counter parts- BSE Midcap and Smallcap indices lost 0.06% and 0.10%, each.
Meanwhile, trading at the Bombay Stock Exchange came to a halt because of connectivity issues. After being shut from 9:30 am, BSE held a new pre-opening session at around 12:45 pm.
Further Capital market regulator Securities and Exchange Board of India (Sebi) has sought a reply from the Bombay Stock Exchange (BSE), which had shutdown all markets due to a network outage.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 1290.68 crore on Wednesday, 2 July 2014, as per provisional data from the stock exchanges.
Activity in India's services sector grew at its fastest pace in well over a year in June as new business poured in, adding to signs of a pick-up in the economy even as inflation remains high, a survey showed on Thursday.
The HSBC Services Purchasing Managers' Index, compiled by Markit, jumped to a 17-month high of 54.4 in June from 50.2 in May.
The market breadth in BSE ended marginally negative with 1,476 declines and 1,286 advances.
EXPERT VIEW:
Navneet Daga, Derivative Analyst, KR Choksey Securities added, “Trend is positive, new highs on index with significant build up at 8000 call options and aggressive put writing on OTM puts suggest more gains likely for the index ahead of the key event of budget. Traders should buy OTM calls of 7800 strikes in nifty, keeping downside stop loss levels of 7650 for futures.”
ASIAN MARKETS:
Asian stocks lingered near three-year highs on Thursday as investors waited for the U.S. nonfarm payrolls report to see if the economy is gaining momentum. Japan’s Nikkie lost 0.14% andHong Kong'Hang Seng Index lost 0.08% On the other hand, Straits Times Index gained 0.2%, and Shanghai Composite Index rose 0.2%
INDIAN CURRENCY:
The rupee was trading at 59.70 after hitting 59.52, its highest level since June 13 and higher than the previous close of 59.6875/6975 as foreign banks continue to sell dollars on behalf of overseas investors.
The rupee was trading at 59.70 after hitting 59.52, its highest level since June 13 and higher than the previous close of 59.6875/6975 as foreign banks continue to sell dollars on behalf of overseas investors.
SECTORS & BUZZING STOCKS:
BSE Auto and Healthcare indices closed up nearly 1% followed by counters like Consumer Durables, IT and FMCG, all gaining marginally. However, BSE Realty, Power and Oil & Gas indices lost sheen and ended 1% down.
In the auto pack, Tata Motors ended 3% up, on renewed buying. The stock touched its record high levels during the intra day trading on the BSE. Also, the company's shareholders rejected a proposal on the remuneration for Karl Slym, late managing director, and other executive directors. M&M added 1% to the gains. M&M's total automobile sales rose 1% to 38,471 units in June 2014 over June 2013.
However, two-wheeler shares which had gained in the previous sessions witnessed profit taking. Bajaj Auto and Hero MotoCorp lost between 2-3%. Bajaj Auto and Hero MotoCorp have turned ex-dividend.
From the healthcare segment, Sun Pharmaceutical Industries surged nearly 2%. The stock touched its record high on NSE in early trades.
Ranbaxy Laboratories too has gained 3.8% to Rs 543, its highest level since November 2012 after after USFDA granted approval to Ranbaxy's subsidiary Ohm Laboratories to manufacture and sell generic Diovan in the US.
Sesa Sterlite closed 2% higher after the company was permitted to resume production in the country's Goa state in September. Coal India contributed 0.2%.
In the technology pack barring Infosys its peers ended with gains. Wipro and TCS ended 1.0-2.5% higher.
Other notable gainers include ITC, BHEL, HDFC Bank and GAIL.
On the losing side, ONGC and RIL contributed the most to the Sensex decline and lost 2% and 1%, each
In the power space, Tata Power and NTPC lost between 1-2 %.
Among financial shares, Axis Bank, ICICI Bank, SBI and HDFC Bank lost 0.2%, each
Among other distinguished losers, HUL, Infosys and L&T shed between 0.05-1%,
Among other shares, Bio-Medicine surged 8% to Rs 53.75 after the company said its board has decided to issue warrants to promoter group at price of Rs 50 per warrant on preferential basis.
Apollo Tyres rallied over 3% to Rs 211, also its new high, in early morning deals on NSE after the company said its board has approved a proposal to invest $340 million (around Rs 2,025 crore) to upgrade its manufacturing facilities at Chennai and Kalamassery (Kerala).
Eicher Motors, manufacturer of Royal Enfield motorcycle, soared 5% to Rs 8,603 after reporting a robust 83% year-on-year (y-o-y) growth in total motorcycles sales at 25,303 units in June 2014.
