Post Session: Sensex and Nifty buck the declining trend of rest of Asia Analysis for Jan 16, 2012

The BSE Sensex and NSE Nifty today bucked the trend of rest of the Asian markets and emerged as the only gainers among major Asian indices. The rest of the Asian markets ended in red. The year-on-year wholesale price inflation for December was 7.47 per cent which was below the November inflation rate of 9.11 per cent. This is however still above the comfort zone of RBI – which is currently around 6.5% - and therefore it reduces expectations of a CRR rate cut on the January 24th meeting of the central bank. The RBI will probably wait for inflation to come down further in January before it embarks on rate cuts. However, the market participants seemed to have gained solace from the fact that wholesale price inflation declined. The January effect continued in Indian equity markets today also.

The BSE SENSEX closed at 16189.36 up by 34.74 points or 0.22 % and the NSE Nifty closed at 4873.9, up by 7.9 points or 0.16 %. The BSE MIDCAP closed at 5580.65 down by -1.69 points or -0.03 %. And the BSE SMLCAP closed at 6192.03 up by 20.28 points or 0.33 %.The BSE Sensex touched intraday high of 16214.36 and intraday low of 16037.6 The NSE Nifty touched intraday high of 4880.8 and intraday low of 4827.05. The top gainers at BSE Sensex were Bharat Heavy Electricals Ltd. (Rs. 276.60,+3.67%), Maruti Suzuki India Ltd. (Rs. 1004.65,+2.89%), Sterlite Industries (India) Ltd. (Rs. 106.05,+2.56%), Larsen & Toubro Ltd. (Rs. 1202.65,+2.56%), State Bank of India (Rs. 1816.65,+2.22%), among others.

The top losers at BSE Sensex pack were Reliance Industries Ltd. (Rs. 713.40,-2.55%), NTPC Ltd. (Rs. 162.05,-2.35%), Sun Pharmaceutical Industries Ltd. (Rs. 504.00,-1.74%), HDFC Bank Ltd. (Rs. 461.15,-1.74%), Hindustan Unilever Ltd. (Rs. 386.15,-1.56%), among others.

The top gainers at the NSE Nifty pack Bharat Heavy Electricals Ltd. (Rs. 277.00,+3.82%), Maruti Suzuki India Ltd. (Rs. 1008.05,+3.17%), Sterlite Industries (India) Ltd. (Rs. 106.35,+2.70%), Larsen & Toubro Ltd. (Rs. 1201.75,+2.49%), Infrastructure Development Finance Company Ltd. (Rs. 111.05,+2.40%), among others.

The top losers at the NSE Nifty were Reliance Power Ltd. (Rs. 86.85,-2.85%), NTPC Ltd. (Rs. 161.85,-2.62%), Reliance Industries Ltd. (Rs. 712.95,-2.58%), Kotak Mahindra Bank Ltd. (Rs. 461.35,-2.37%), HDFC Bank Ltd. (Rs. 460.50,-1.94%), among others. The BSE_CGS index closed at 9489.33, up by 192.33 points or 2.07%. Alstom Projects India Ltd. (Rs. 385.75,+4.00%), Bharat Heavy Electricals Ltd. (Rs. 276.60,+3.67%), Punj Lloyd Ltd. (Rs. 47.00,+3.30%), Larsen & Toubro Ltd. (Rs. 1202.65,+2.56%) and ABB Ltd. (Rs. 719.40,+1.92%) were the major gainers.

The BSE_IT index closed at 5580.99, up by 98.63 points or by 1.8%. Financial Technologies (India) Ltd. (Rs. 638.50,+3.93%), MphasiS Ltd. (Rs. 344.05,+2.81%), Tata Consultancy Services Ltd. (Rs. 1107.35,+1.91%), Infosys Ltd. (Rs. 2634.10,+1.88%), HCL Technologies Ltd. (Rs. 406.05,+1.77%) were the major gainers.

The BSE Oil&Gas index closed at 7688.29 down by -133.48 points or -1.71%. Reliance Industries Ltd. (Rs. 713.40,-2.55%), Oil And Natural Gas Corporation Ltd. (Rs. 256.50,-1.25%), Indian Oil Corporation Ltd. (Rs. 263.90,-1.24%), Gujarat State Petronet Ltd. (Rs. 78.45,-0.57%) and GAIL (India) Ltd. (Rs. 371.90,-0.42%) were the major losers.

The BSE_HCS index closed at 6089.35, down by -38.21 points or by -0.62%. Aurobindo Pharma Ltd. (Rs. 104.90,-2.24%), Strides Arcolab Ltd. (Rs. 379.65,-2.13%), Biocon Ltd. (Rs. 260.85,-2.12%), Fortis Healthcare (India) Ltd. (Rs. 99.35,-2.02%) and Sun Pharmaceutical Industries Ltd. (Rs. 504.00,-1.74%) were the major losers.

The Market breadth, indicating the overall strength of the market, was reasonably strong. On BSE out of total 2907 shares traded, 1434 shares advanced while 1363 shares declined and 110 were unc

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