Markets end in red ahead of F&O expiry

The markets remained under pressure for the entire day on account of weak global cues. The Sensex ended 62 points lower while the Nifty fell 10 points in trade today. Major Headlines of the day: Credit Suisse upgrades ACC Cement transportation by railways falls 11.8% SEBI approves govt stake hike; IFCI hits weekly low Govt likely to relax highway bid norms Indian Indices: After yesterday's gaining trend, Indian markets closed today's trading session in the red zone. Profit booking was seen in majority of the sectors except FMCG, HC, Realty, Oil & Gas and CD, which were the only gaining sectors. Lack of support from global peers led to a lackluster trade. Movements in heavyweights like HDFC Bank, HDFC, Bharti Airtel, Coal India and Hindalco also added pressure. The fall in the market was also in line with domestic peers as investors looked cautious ahead of a F&O expiry tomorrow (September 27, 2012). At the closing bell, the BSE Midcap index gained 0.27%, while the BSE Smallcap index was up by 0.65%. Movement of the Indian indices for the day: The Indian markets took a break from yesterday’s gaining trend by closing today's trading session in the negative terrain. The markets remained under pressure throughout the day as the global peers were unsupportive. The Indian markets started today's trade on a negative note and fell sharply during the afternoon session to hit the intraday lows following losses in the Asian markets and tracking weakness all across the European markets. The BSE Sensex fell 0.33% and the NSE Nifty dipped 0.18% and reached an intra-day low of 18,573.18 mark and 5,638.65 levels, respectively. Profit booking led the markets to close the session lower in trade today. All-round selling across the board also led the equities to trade with heavy losses. Majority of the sectors closed in the red zone today. Investors remained cautious ahead of F&O expiry which will be in focus tomorrow (September 27, 2012) and book profits in recent outperformers such as Bharti Airtel, Reliance Communication and Idea Cellular. The Indian rupee recovered marginally after initial losses today on persistent demand for the American currency from banks and its strengthening in the overseas forex markets. The Sensex closed at 18,632.17, down by 62.24 points and the Nifty fell 10.45 points to settle at 5,663.45. Following are the stocks/ sectors which were in news today: 1. Shares of institutional lender IFCI declined after the Securities and Exchange Board of India (SEBI) on Tuesday allowed the government to acquire control without making an open offer. The stock closed 5.76% lower in today’s trade. 2. Shares of Gujarat Gas Company gained after the company late Tuesday announced an interim dividend for the current financial year. The stock surged by 4.31% in today’s trade. 3. SpiceJet rallied on reports that the company is in advanced talks with two private equity investors to raise at least $50 million via stake sale. The stock surged by 5.77% in today’s trade. 4. Liquor baron Vijay Mallya-led UB group stocks have been on buyers' radar after the United Spirits confirmed that they are in talks with Diageo for stake sale. Kingfisher Airlines gained ahead of AGM today. The stock soared by 8.65% in today’s trade. Market sentiment: Of the 3011 stocks traded on the BSE, 1446 (48.02%) rose, 1446 (48.02%) fell and 119 (3.95%) stocks remained unchanged. Sectoral & stock screening: Among the 13 sectoral indices, five sectors closed in green zone while remaining eight sectors closed in red zone. Top Gainers: BSE FMCG rose by 0.65%, BSE HC surged by 0.57%, BSE Realty gained 0.29%. Top Losers: BSE Metal fell by 1.17%, BSE TECk slipped by 0.68%, BSE PSU was down by 0.57%. Among 'A' group stocks, top three gainers were- Voltas rose by 5.98%, IPCA Lab up by 5.21% and HDIL surged by 4.45%. Top three losers were- IFCI declined by 5.76%, PFC down by 4.43% and Bharti Airtel fell by 3.93%. Global signals: Asian shares and commodities fell on Wednesday as protests in Spain underscored the country's financing challenges and investors refocused on slowing global growth as rallies, fed by major central bank easing measures, faded. European shares and currency hit a two-week low on Wednesday as positivity around recent central bank stimulus continued to fade in the face of concerns about growth and earnings. The popular opposition within the euro zone to austerity unnerved the investors who are already worried about a weak global growth outlook.. US stock index futures headed towards a flat to lower opening at the Wall Street on Wednesday. Market Outlook: Data to be released in the US on Tuesday is: New Home Sales and EIA Petroleum Status Report