How Market Fared

Market may remain volatile

The markets today cooled off, after surging for three consecutive days the markets today lost ground. Volatility and selling pressure ruled over the bourses, pushing the key indices in green and red. Except for BSE Mid-Cap, Auto and Bank index all the key indices ended in red. Sugar stocks also gained momentum as fresh buying lifted them higher. Select mid-cap stocks like Sesa Goa, Moser Baer and Mphasis BFL hogged the limelight, however heavy weights like Reliance Communication, ITC, Bharti Airtel and Tisco dragged the benchmark index to hit an intra-day low of 14452.78. Finally, the BSE benchmark Sensex was down 37 points to close at 14478. NSE Nifty fell by 19 points at 4195.

Reliance Communication lost over 5% to Rs489 on back of profit booking. The company has raised $1bn from a mega FCCB issue. The scrip touched an intra-day high of Rs518 and a low of Rs481 and recorded volumes of over 1,00,00,000 shares on NSE.

BHEL slipped 0.8% to Rs2499. According to reports the company received Rs39bn Power project order. The scrip touched an intra-day high of Rs2538 and a low of Rs2488 and recorded volumes of over 5,00,00 shares on NSE.

L&T edged higher by 0.5% to Rs1701 after the company announced that they would raise debt to finance projects. The scrip touched an intra-day high of Rs1713 and a low of Rs1681 and recorded volumes of over 5,00,000 shares on NSE.

Ansal Properties was frozen at 5% upper circuit to Rs839.75 after the company announced that they would develop Rs8bn project in India. The scrip touched an intra-day high of Rs839.75 and a low of Rs815 and has recorded volumes of over 4,00,000 shares on NSE.

Oil & gas stocks were on the receiving end. BPCL slipped 1% to Rs355, HPCL was down 2.4% to Rs295 and IOC dropped 1.5% to Rs481. However, Oil exploration major RIL gained 0.2% to Rs1389.

Telecom stocks ended lower on back of profit booking. Reliance Communication, Bharti Airtel, VSNL and MTNL were among the major losers.

FMCG stocks also lost ground as profit booking dragged them down. Frontline stock ITC fell 1.5% to Rs175, Colgate was down 1.4% to Rs369, Marico slipped 1% to Rs569 and McDowell lost 0.9% to Rs946.

Sugar stocks were in momentum as they witnessed fresh buying. Renuka India spurred by over 5% to Rs334, 4Bajaj Hindusthan advanced 1.7% to Rs159, Sakhti Sugar surged by over 2.5% to Rs77 and Balrampur Chini gained 1.2% to Rs67.

Pharma stocks recorded healthy gains. Ranbaxy gained 1.3% to Rs420 after the company signed new R&D agreement with GSK, Cipla was up by 0.75 to Rs250, Cadila edged higher by 0.2% to Rs334 and Glenmark Pharma added 0.3% to Rs606.