Post Market Commentary - Dec 7 2009

Today's major news

Reliance Mediaworks partners In-Three for 3D films foray; the stock closed 2.89% lower.

United Breweries, Heineken sign pact for Indian beer market; the stock rises 4.73%.

EdServ Softsystems to raise $25 million to fund expansion; the stock spurts 4.99%.

ABB wins Rs506 crore order from BMRCL; the stock ends the day 0.31% higher.

Suzlon Energy has received 143.5 MW project in the USA; the stock jumps 4.73%.

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Post-market summary

Global signals

European indices opened in red and remained there on selling pressure in banking stocks. At the time of writing this report FTSE 100 was trading 0.61% lower.

Among major Asian indices Kospi, Shanghai Composite and Nikkei closed in green while Hang Seng, Straits Times closed in red. SGX Nifty fell 76 points.

US stock futures opened week as investors keep an eye on speech of US Federal Reserve chairman seeking clue on outlook of interest rates.

Indian indices

On mixed leads from markets globally, the Indian indices opened marginally up but slumped and remained in negative territory for the rest of the day. The Sensex opened 5 points high, hit the intra-day high of 17177 and the day’s low of 16943. At closing bell, the Sensex was at 16983, 118 points lower. Nifty closed 42 points lower at 5067.

Sensex sentiment

The market breadth was negative. Out of 2,862 stocks traded on the BSE, 1,461 stocks declined, whereas 1,317 stocks advanced. Eighty-Four stocks closed unchanged.

Sectoral & stock screening

Out of the 13 sector indices on the BSE, only BSE CG, BSE TECk and BSE IT closed with marginal gains. The remaining indices ended lower. Among losers BSE Metal slid the most by 3.29% followed by BSE Realty that fell by 2.44%.

On stocks’ front, Piramal Healthcare surged the most by 5.01% followed by Suzlon Energy that rose 4.72%. Among losers, JSW Steel slid the most by 6.65% followed by Tata Communications that fell 5.82%.

Viewing volumes

On stocks’ turnover front, over 1.85 crore shares of Suzlon Energy changed hands on the BSE followed by Unitech (0.75 crore shares), GVK Power & Infrastructure (0.57 crore shares), Essar Oil (0.48 crore shares) and IFCI (0.42 crore shares).