Market recovers on fag-end buying

Today's major news

Shoppers Stop soars on fund raising plan, the stock closes 5.81% higher

NTPC disqualifies Larsen and Toubro (L&T) from Rs20,000-crore tender; L&T ends 3.08% down

Shree Renuka Sugars reworks Equipav deal, the stock ends 1.09% lower



Global signals

The European stocks dipped on Wednesday (June 23, 2010), sliding below a key support level as losses on the Wall Street sparked by weak housing data encouraged investors to book some of their recent lofty gains for a second day.

All the major Asian indices ended lower, except Hang Seng index (up 0.18%) as optimism over China's new flexible yuan policy faded and on account of poor US home sales data. SGX Nifty closed 17.5 points higher.

The US stock index futures point to a higher opening on the Wall Street after the previous day's tumble. The investors expect a statement from the Federal Reserve's rate-setting committee that it will keep interest rates exceptionally low for an extended period.

Indian indices

The world equities jittered on the fears about the global economic recovery after an unexpected drop in the US housing data. Poor run from the global indices played a spoilsport today. The domestic bourses witnessed consolidation throughout the session ahead of the F&O expiry for the month of June series tomorrow (June 24, 2010). The Nifty struggled at the 5300 levels and however, managed to hold those levels. The Indian indices ended the session on a flat note due to lack of support from the global equities.

The 30-benchmark index, Sensex, saw a soft start owing to weak global cues. The index opened 55 points down, at 17695. The Sensex remained volatile ahead of June F&O expiry tomorrow combined with the US Federal Reserve meet to decide on interest rate today. However, the Sensex trimmed its early losses in the afternoon session on account of positive US index futures. The buying in the index heavyweights like Infosys Technologies and ICICI Bank also supported the index. The Sensex touched day’s high of 17782 in late trade.

At the end, the Sensex shut shop at merely six points up at 17756. The Nifty closed merely seven points higher, at 5323.

Market sentiment

The market breadth was positive, as the advancing shares outnumbered the trailing ones. On the BSE, 1,764 shares (59%) advanced, 1,069 shares (36%) trailed. Hundred and fifty five shares (5%) closed unchanged.

Sectoral & stock screening

The realty and health care (HC) stocks witnessed late-buying interest, which led BSE Realty and BSE HC to gain the most, up by 1.43% and 1.42% respectively.

On the other hand, BSE capital goods (CG) was hit the most, down by 1.38%, followed by BSE Metal that slid by 0.34%.

In 'A' group stocks, toppers' were - REI Agro (up 11.99%), Marico (7.79% higher) and MMTC (up 6.08%).

Losers' were - L&T (down 3.08%), Thermax (1.87% lower) and HCL Technologies (fall 1.66%).

Viewing volumes

Anil Dhirubhai Ambani Group (ADAG) firm - Reliance Natural Resources was the most actively traded share with over 0.48 crore shares changing hands on the BSE, followed by the India's second largest realty developer - Unitech (0.44 crore shares), wind turbine major - Suzlon Energy (0.43 crore shares), one of the leading integrated steel makers — Ispat Industries (0.30 crore shares) and India's number 2 mobile carrier — Reliance Communications (0.27 crore shares).