Market Close: Weakness persists.. 14k Breached..

Indian market continues to baffle down after a positive opening. Weaker cues from the global markets kept Indian bourses under pressure. In the mid session market lost its ground on account of selling pressure across. Markets continued to trade weak till the end as there was lack of buying which kept indices in red. IT stayed mixed as the Dollar despite Rupee fall as it to felt the selling pressure. Indices slipped below 14000k levels but managed to close above 14k levels. Small Caps & MidCaps which were holding out their gains till noon also ended in red giving market an extremely negative breadth.

Sensex closed down by 128 points at 14003.03. Weighing on the Sensex were losses in SBI (1282,-4 percent), RCVL (485.5,-2 percent), TISCO (591.55,-2 percent), L & T (1870.85,-2 percent) and HDFC (1750.95,-2 percent). Losses were restricted by gains in Dr Reddys (627.8,+3 percent), Satyam (484.3,+1 percent), Hindalco (160.3,+1 percent), Rel Energy (520.25,+1 percent) and Tata Motors (643,+0 percent).

Time Technoplast (TTL) which is into manufacturing and sale of technology based polymer products. Today got listed at Rs 490 a 55% premium against its issue price of Rs 315. The stock opened at Rs 490 and touched high of Rs 499 backed by heavy buying at the counter. The company had come out with an IPO of 3921500 equity shares. The issue received good response from the institutional investors and was subscribed 50 times. The proceeds of the IPO will be used to finance company's upcoming projects including its Himachal Pradesh-based facility for manufacturing disposable medical devices and an integrated injection moulding facility at Silvassa.

Aurobindo Pharma surged on the rumors that its is laying off stake to either co-player in industry or to a private equity player. But, the management has disapproved the rumors saying that the reports are out of context. On whether the company will need funds for the acquisition. The company already has more than USD 100 million cash and also the future cash flows will added to the chest of purchases. The company books show a debt of Rs 900 crore. On that debt has been very well addressed and have a working capital debt at this point in time for which we have receivables against the working capital. The rumors were out of market reach which tuned in. The stock ended up by 2.7% on the news.

Technically Speaking: Volatile market with no clear direction as we mention. Sensex made an intraday high of 14,153 and low of 13968. The breadth was in favor of decline as there were 1,433 declines against 1119 advances. Turnover stood low at Rs 3530 Cr. As Sensex has broken lower the support of 14000 we can expect a move as low as 13600 while support is seen at 13815 levels.