Mkts end flat with no major action; Bharti Airtel hogs the limelight

The Indian market closed today's trading session in the negative zone backed by weak domestic and global cues. The Sensex closed 38.40 points lower while the Nifty fell 8.15 points. Major Headlines of the Day: Bharti Airtel gets 2nd downgrade Just Dial files for IPO; plans to sell 9.55 million shares AGC Networks rallies 41% in past 1-month NSE removes NCC, SCI, South Indian Bank, Central Bank from F&O Indian Indices: The Indian markets traded mixed with benchmark indices moving in a narrow range today. The trading was range-bound for most part of the day, equities tried to enter the green territory in the latter part but couldn't maintain the same till the end and shut shop in the red zone. Markets ended flat breaking 2-day's rising trend. A major downfall was also seen in the shares of Bharti Airtel, the top loser of index heavyweights today due to second downgrade by Credit Suisse. The Sensex closed 38 points lower while the Nifty fell 8 points. Movement of the Indian indices for the day: Markets witnessed a dull trading session on the Dalal Street today after opening the session on a negative note. The Sensex opened at day's low of 17,800 on weak cues from global markets while closed trade in the red zone oscillating on both sides of the equator. The markets were in green during the afternoon session but failed to maintain it till the end. Persistent selling pressure majorly in Realty, Power, CD, TECk, CG, Oil & Gas and FMCG stocks led the decline. Major Index heavyweight draggers were- Bharti Airtel, RIL, HDFC, NTPC, Sterlite Industries and Gail. Today the major role was played by Bharti Airtel which fell to the lowest level since October 2008, after Credit Suisse downgraded the stock. This stands as the second downgrade for the stock after a downgrade by Morgan Stanley yesterday. At the end of the day, BSE Sensex maintained the key 17800 level while NSE Nifty maintained the 5400 level. The BSE Midcap index ended the day with losses of 0.21% and BSE Smallcap index was down 0.22%. The Sensex closed at 17846.86, down by 38.40 points, while the Nifty fell by 8.15 points to close at 5412. Following are the stocks/ sectors which were in news today: 1. Bharti Airtel fell to its lowest intraday level since October 2008, after Credit Suisse downgraded the stock. After market hours, the stock closed 3.85% lower. 2. Ranbaxy Laboratories surged as analysts cited improved sales potential in key US markets. At the end of the day, the stock rose by 4.12%. 3. State-run NMDC gained as agencies reported that the company hiked iron ore price by 8-13%. At end of the day, the stock rose by 3.34%. 4. IL&FS Engineering and Construction Company hit 20% upper circuit, after bagging construction projects worth Rs494 crore in the buildings and structures segment. Further adding, The Finance Ministry approved foreign direct investment (FDI) upto 49% in insurance and pension sector. Market sentiment: The market breadth stood in favour of declines. Of the 2959 stocks traded on the BSE, 1341 (45.32%) rose, 1459 (49.31%) fell and 159 (5.37%) stocks remained unchanged. Sectoral & stock screening: Among the 13 sectoral indices, eight sectors closed in red zone while remaining five sectors closed in green zone. Top Gainers: BSE HC rose by 0.38%, BSE Auto surged by 0.24%, BSE IT gained by 0.14%. Top Losers: BSE Realty down by 0.97%, BSE Power down by 0.82%, BSE TECk fell by 0.42%. Among 'A' group stocks, top three gainers were- Indian Hotels rose by 4.52%, Astrazeneca Pharma up by 4.25% and Ranbaxy Lab surged by 4.12%. Top three losers were- Opto Circuits declined by 6.39%, TTK Prestige down by 4.94% and RCom fell by 4.65%. Global signals: Asian shares slipped on Wednesday as slumping Japanese exports reminded investors of the risks the euro zone debt crisis poses to regional economies, but the euro held steady on expectations that the European Central Bank (ECB) will act to rein in surging borrowing costs. European shares fell today, led by cyclical stocks on growth concerns fuelled by weak export data from Japan, but underpinned by expectations of more stimulus measures by central banks. US stock index futures pointed towards a lower opening at the Wall Street on Wednesday. Market Outlook: Data to be released in the US on Wednesday is: Existing Home Sales, FOMC Minutes and EIA Petroleum Status Report.