Post session market analysis for Apr 01, 2011

The domestic bourses ended the session on negative note, marking an end to the eight straight sessions of gains. During the morning trade, the Asian bourses traded lower for the first time in three days as the exporters were pressurized after a Federal Reserve official indicated that interest rates may need to rise.

Further, the Japanese market plunged as increasing oil prices threatened to expand energy costs and hamper the economic recovery of the country. However, the Chinese stocks gained as growth in manufacturing signified that the country"s economy is holding up to increasing interest rates and other tightening measures.

Soon after opening in the positive terrain, the broader indices started trading volatile and plunged below the unchanged zone. Selling pressure emerged among the Banking, Oil&Gas and IT space, whereas the Realty, Metal and Power traded strong. As the day progressed the volatility rose and the benchmarks were seen trading in a tight range across the baseline. Finally, the market ended in the negative terrain with moderate losses. The positive opening for the European bourses had limited impact on the domestic front.

On the sectoral front, the Banking, Oil&Gas and IT were the major draggers of the session, declining by 0.83%, 0.59% and 0.47%, respectively. However, the Realty and Metal space posted decent gains of 2.60% and 1.15%, respectively. Both the Nifty and Sensex traded on a volatile note throughout the session and moved across the baseline, finally closing with moderate losses. The negative closing for the overnight US market had little impact on the morning sentiment in the domestic arena.

The Dow Jones Industrial Average (DJIA) closed with a loss of 30.88 points or 0.25% at 12,319.73, while NASDAQ index finished higher by 4.28 points or 0.15% to 2,781.07. The S&P 500 (SPX) closed down by 2.43 points or 0.18% to 1,325.83.

Among the Sensex pack, 16 stocks ended in positive while 14 stocks ended in the negative terrain. The overall market breadth remained positive, as out of total 2,951 stocks traded on BSE, 2,956 stocks advanced, whereas only 683 stocks declined and 96 stocks remained unchanged. 

The BSE Sensex closed at 19,420.39, down by 24.83 points or by 0.13% and NSE Nifty closed at 5,826.05, lower by 7.70 points or by 0.13%. The BSE Midcap was at 6,982.94 higher by 109.54 points or by 1.59% and the BSE SmallCap closed at 8,358.19, up by 182.30 points or by 2.23%. The BSE Sensex touched intraday high of 19,562.55 and intraday low of 19,382.35.

The top gainers of the BSE Sensex pack were Reliance Communications Ltd (Rs. 111.65, 3.67%), Jaiprakash Associates Ltd (Rs. 95.30, 3.03%), Bharat Heavy Electricals Ltd (Rs. 2113.85, 2.57%), Hindalco Industries Ltd (Rs. 213.70, 2.42%) and Mahindra & Mahindra Ltd (Rs. 710.10, 1.65%) among others.

The top losers of the BSE Sensex pack were NTPC Ltd (Rs. 188.90, 2.12%), State Bank of India (Rs. 2719.50, 1.75%), Reliance Industries Ltd (Rs. 1035.30, 1.19%), Tata Power Company Ltd (Rs. 1315.10, 1.15%) and ICICI Bank Ltd (Rs. 1102.70, 0.90%) among others.

On the macroeconomic front, India's exports for the month of February grew at annualized 49.7% to US$ 23.6 billion, while imports for the same month grew by 21.2% on the year to US$ 31.7 billion. Further, country's trade deficit in February remained flat at US$ 8.1 billion as against US$ 8 billion in January. Besides, exports in April-February grew at an annualized 31.4% to US$ 208.2 billion.

On the global markets front, almost all the major indices in Asia closed on a positive note. The Shanghai Composite, Hang Seng, Jakarta Composite and Seoul Composite advanced by 1.33% at 2,967.00, 1.17% at 23,801.90, 0.78% at 3,707.49 and 0.68% at 2,121.01, respectively. However, the Nikkei225 declined by 0.48% to 9,708.39.

Read more about: bse, nse, sensex, nifty
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