Market heavyweights drag the market down

Indian equities dropped on Thursday erasing earlier gains. The Sensex ended on a lower note by snapping seven day winning streak. On sectoral front, IT, teck and metal stocks dragged the Sensex down.



The benchmark index had a choppy session in the first half ahead of RBI announcement. Later the index slipped further after RBI policy rate hike was declared. However, it recovered a bit ignoring policy rate hike in the after noon trades. Finally, the index close in the red zone.

At the close, the benchmark 30-share index, BSE Sensex declined 84.62 points or 0.43% at 19,417.49 with 20 components posting drop. Meanwhile, the broad based NSE Nifty went down by 32.25 points or 0.55% at 5,828.70 with 35 components posting drop.

Meanwhile, Reserve Bank of India (RBI), today in its mid quarter monetary policy review hiked the repo by 25 basis points (bps) and the reverse repo by 50 basis points (bps). The repo now stands at 6% while reverse repo stands at 5% as against the previous repo and reverse repo rate of 5.75% and 4.50%.

On global front, European stocks were little changed as gains by Kingfisher and Siemens offset declines by basic-resource companies. US stock-index futures slipped. Asian stocks fell for a second day as declines among banks and mining companies overshadowed speculation Japan will take more steps to weaken the yen.

Sensex Movers

Infosys Technologies contributed fall of 50.38 points in the Sensex. It was followed by Reliance Industries (21.55 points), Bharti Airtel (14.6 points), Tata Consultancy Services (13.57 points) and Sterlite Industries (India) (7.65 points).

However, Housing Development Finance Corporation contributed rise of 15.16 points in the Sensex. It was followed by State Bank Of India (14.52 points), Larsen & Toubro (12.66 points), H D F C Bank (8.54 points) and I C I C I Bank (6.57 points).

Biggest gainers in the 30-share index were D L F (2.66%), Housing Development Finance Corporation (1.39%), State Bank Of India (1.29%), Maruti Suzuki India (1.25%), Larsen & Toubro (0.94%), and H D F C Bank (0.78%).

On the other hand, Infosys Technologies (2.70%), Reliance Communications (2.41%), Bharti Airtel (2.37%), Sterlite Industries (India) (2.30%), Jaiprakash Associates (2.12%), and Tata Consultancy Services (2.00%) were the biggest losers in the Sensex.

Mid & Small-cap Space


The BSE Midcap index was at 7989.89 down by 78.02 points or by 0.97%.
The major losers were Core Projects and Technologies (2%), A I A Engineering (1.8%), Ackruti City (1.23%), Amtek Auto (0.65%) and Anant Raj Industries (0.43%).

The BSE Smallcap index was at 10144.42 down by 41.79 points or by 0.41%.
The major losers were A B G Shipyard (2.71%), Abhishek Industries (1.9%), Action Construction Equipment (1.66%), A B G Infralogistics (1.5%) and Aarti Industries (0.09%).


Sectors in Limelight

The IT index was at 5,813.27, down by 136.19 points or by 2.29%. The major losers were Infosys Technologies (2.7%), Mphasis (2.43%), Tech Mahindra (2.32%), Oracle Financial Services Software (2.14%) and H C L Technologies (1.46%).

The TECk index was at 3,617.32, down by 80.98 points or by 2.19%. The major losers were Dish TV India (4.23%), Mphasis (2.43%), Bharti Airtel (2.37%), Oracle Financial Services Software (2.14%) and Reliance MediaWorks (0.31%).

The Metal index was at 16,209.29, down by 247.47 points or by 1.5%. The major losers were Hindustan Zinc (3.23%), JSW Steel (2.66%), Hindalco Industries (1.77%), Jindal Steel & Power (1.31%) and National Aluminium Company (0.7%).

On the other hand, the Realty index was at 3,684.44, up by 44.30 points or by 1.22%. The major gainers were D L F (2.66%), Housing Development and Infrastructure (0.94%), Peninsula Land (0.77%), Phoenix Mills (0.16%) and Sobha Developers (0.11%).

Market Breadth

Market breadth was negative with 1,091 advances against 1,928 declines.

Value and Volume Toppers

State Bank Of India topped the value chart on the BSE with a turnover of Rs. 3,136.99 million. It was followed by Midfield Industries (Rs. 1,359.33 million), Tata Steel (Rs. 1,218.77 million) and I C I C I Bank (Rs. 1,194.20 million).

The volume chart was led by Karuturi Global with trades of over 17.97 million shares. It was followed by Shree Ashtavinayak Cine Vision (15.97 million), Suzlon Energy (10.27 million) and Unitech (7.59 million).