Cheers for US, bears for India

The market that started the day with heavy gains on the back of strong and positive global cues, plunged in the closing hour and again ended the day with losses of over 150 points on the back of heavy selling in the oil & gas heavyweights. The market ended the week on a negative note with loss of over 5% over last week’s closing of the Sensex. The day started with the heavy overnight gains for the US and European markets (1-2%) on the US Q3 GDP expanding by 3.5% after being negative for four quarters. While in today's trading, all the major Asian indices closed in green with gains in the range of 0.37-2.29%, except for Taiwan Weighted and Seoul Composite that ended the day with losses of 0.21% and 0.33% respectively. Besides, SGX Nifty that opened strong ended the day with losses of 91 points. The European indices that opened weak, were trading with marginal gains, while FTSE 100 is trading at 5152 with 15 points gains, at the time of writing this report.

Sensex in the volatility web: The Sensex even today swung by over 556 points, remained highly volatile and ended the day with losses. The bellwether opened gap-up, as expected, at 16136 points, 84 points higher to its previous close, while in the early trades it touched the high of 16361. However it ended the day at 15896, losing 156 points or 0.97% in intra-day and closed below significant psychological level of 16000, after recording a low of 15805. The market that traded strongly in the early session with major gains on the back of strong global cues got few set backs from the few domestic Q2 earnings outcomes. Nifty lost 39 points to end the day at 4712, breaching an important level of 4750 on technical front. The market breadth was negative, as out of 2,770 stocks traded on the BSE, 1,056 stocks advanced, whereas 1,630 stocks declined. Eighty-four stocks closed unchanged.

Among the sectoral indices, BSE Auto and Bankex closed with gains of over 0.50% each, while BSE Metal, Realty and CD managed to stay in green with marginal gains. All the remaining sectoral indices closed with losses in the range of 0.44-2.79% each, with BSE Oil & Gas losing the most, followed by BSE TECK and Power that lost over 1% each. On stocks front, United Spirits jumped the most and surged by 7.10%, followed by JSW Steel that gained over 5.43%, while Tata Chemicals and Indiabulls Real Estate surged by over 4% each. Among the losers, Reliance Communications fell the most by 7.37%, followed by the Bank of India, Shree Renuka Sugars, Bharti Airtel, Suzlon Energy, Idea Cellular and Reliance Natural Resources that fell by over 6% each.

On turnover front, Over 1.51 crore shares of Unitech changed hands on the BSE followed by Suzlon Energy (1.32 crore shares), Ispat Industries (1.08 crore shares), Reliance Natural Resources (0.92 crore shares) and Reliance Communications (0.73 crore shares).