Bellwethers breach crucial levels

Today's major news

Food inflation eases to 16.04%

Union Bank of India Q4 net profit up 27.61% yoy; the stock closes 1.82% lower

Punjab National Bank Q4 net profit jumps 31.1% yoy; the stock closes 0.05% higher

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Global signals

European stocks traded in green snapping its losing streak as banking stocks gained on strong results posted by BNP Paribas. As of writing this report, FTSE 100 was trading marginally higher by 0.45%.

All the major Asian indices closed in the negative territory. SGX Nifty closed 40 points lower.

US stock futures signal higher opening on the Wall Street ahead of jobless claim data and the European Central Bank’s (ECB) governing council meeting on interest rates.

Indian indices

The domestic market fell for the fourth straight session even after witnessing some bouts of recovery. The fears of Greece’ crisis that could spread among other euro zone countries and selling in heavyweights like Reliance Industries and Infosys Technologies led the market to extend its losses. An upbeat employment data in the US and easing food inflation back home (coming down at 16.4% from 16.61%) also did not help the market and it ended in red.

The 30-share bellwether opened 7 points lower at 17080 and this was also its day’s high. In the later session, the Sensex extended its losses and selling in heavyweights like Reliance Industries and Infosys Technologies further dragged the Sensex down to touch the day’s low of 16823. However, post lunch, as European markets erased its early losses and turned positive the Sensex recovered its weakness. The Sensex was unable to close above 17,000 levels and ended the day at 16987, 100 points lower. The Nifty also closed below 5100 levels at 5091, 34 points lower.

Market sentiment

The market breadth was marginally negative as declining stocks outdid advancing stocks slightly. Of the 2,938 stocks traded on the BSE, 1,467 stocks declined, whereas 1,360 stocks advanced. Hundred and eleven stocks closed unchanged.

Sectoral & stock screening

Health care stocks did well for the day, with BSE HC up by 1.40%. BSE PSU was second gainer in the sectoral list, advanced by 0.64%. Rest of the 11 sectors were down, with BSE TECk down by 1.04%, the most for any sector, followed by BSE CG that fell by 1.00%.

The top three gaining stocks were — Hindustan Copper (up by 7.69%), Suzlon Energy (up by 5.32%) and Ashok Leylend (up by 4.48%). The top three losing stocks were — Jindal steel (down by 4.46%), ABB (down by 3.99%) and Ambuja Cements (down by 3.69%).

Viewing volumes

Wind turbine major Suzlon Energy saw highest trading with over 1.50 crore shares changing hands on the BSE, followed by Anil Dhirubhai Ambani group company Reliance Natural Resources (0.70 crore shares), industrial finance company IFCI (0.55 crore shares), infrastructure company GTL Infrastructure (0.51 crore shares) and one of the top gainer in ‘A’ group stocks Ashok Leylend (0.50 crore shares).