Mid Session Market Analysis for Nov 16, 2011

The Indian benchmark indices so farremained subdued following the weak start of the day as other Asian markets went same for the day. The day was basically supposed to have weighed over by mixed domestic as well as global factors. On domestic front, slowing growth, poor corporate earning season, crisis across aviation and power sectors, played the part of spoil spot. While on global front, worries continued to rise for euro-zone as borrowing costs continued to touch record high in Italy and Spain, thus triggering panic among investors. Hitting the low of the day, the 30-share benchmark index of BSE, Sensex was trading around 200 points below the base line.

At 12:28 hours, the bellwether index of BSE, Sensex was trading at 16715.42 points reflecting a decline of 167.25 points or 0.99% from its previous close of 16,882.67, while the 50-share index of NSE, Nifty was trading at 5,015.1 points, reflecting the decline of 53.15 points or 1.05%.

The BSE MIDCAP was at 5814.89 down by 92.3 points or by 1.56 %. while the BSE SMLCAP was at 6342.35 down by 119.03 points or by 1.84 %.

Overall market breadth was negative on BSE as 600 stocks advanced in contrast to decline in 1,980 stocks while 109 remained unchanged at 12:28 hours.

The top losers of the BSE Sensex pack were Bharat Heavy Electricals Ltd. (Rs. 291.50,-6.13%), Jaiprakash Associates Ltd. (Rs. 67.05,-4.49%), Larsen & Toubro Ltd. (Rs. 1237.60,-3.97%), Hero MotoCorp Ltd. (Rs. 2101.80,-2.86%), Sun Pharmaceutical Industries Ltd. (Rs. 493.65,-2.26%), among others.

Shares of leading oil marketing companies too declined after they slashed the petrol prices by Rs 2.22 a litre on Tuesday, owing to global fall in prices.

In BSE, BSE_CGS index was at 9755.36 down by -453.45 points or by -4.44%. Bharat Heavy Electricals Ltd. (Rs. 291.50,-6.13%), Suzlon Energy Ltd. (Rs. 29.60,-5.58%), Thermax Ltd. (Rs. 441.90,-5.07%), Punj Lloyd Ltd. (Rs. 49.70,-4.24%), Siemens Ltd. (Rs. 754.00,-4.18%).

In BSE, BSE Power index was at 2038.69 down by -50.11 points or by -2.4%. Bharat Heavy Electricals Ltd. (Rs. 291.50,-6.13%), Suzlon Energy Ltd. (Rs. 29.60,-5.58%), Thermax Ltd. (Rs. 441.90,-5.07%), Siemens Ltd. (Rs. 754.00,-4.18%), Crompton Greaves Ltd. (Rs. 127.80,-3.00%).

Besides, the debt-grappled Kingfisher Airlines was trading firm at start, gaining around 1.5% over the hopes of cash infusion in the company as Vijay Mallya announced his plans to cut down the debt, while denying the speculations of bailout from government.

Meanwhile, other Asian peers were also in red tracking the weak signals from euro-zone. The European Markets ended in the red yesterday as Italian and Spanish bond yields touched record highs. The DAX lost 51.88 points and closed at 5933.14. The FTSE 100 lost 1.60 points and closed at 5517.44. The ATX was down 36.80 points and closed at 1873.00.

Apart investors also sidelined the positive news from US front. US Retail sales data for October beat the market expectations. Retail sales increased by 0.5 per cent in October. The producer prices in US fell by 0.3 per cent in Octobe. The Nasdaq closed at 2684.66, gaining 28.98 points over the previous day"s closing. Stocks of technology companies provided leadership in the gains.

Read more about: bhel, bse, nse, sensex
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