Mid Market - Sensex remains choppy; Realty and Healthcares up Analysis for Feb 03, 2012

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Taking some breathe after three successive days of gains in the week, the Indian benchmark indices remained quiet today, hovering around the base line. The 30-share barometer index of Bombay Stock Exchange (BSE), Sensex witnessed choppy session as investors sidelined themselves from the market maintaining cautious position. The Indian Stock market saw selling pressure among the index heavyweights Reliance Industries, Tata Steel, Hindalco Industries, Sterlite Industries, Jindal Steel & Power, and Larsen & Toubro. However, FIIs continued to support the market, giving some hope for respite. The market sentiments seemed to be depressed by the 2G verdicts of Apex court of India. In its decision, Supreme Court erased all the 122 licenses issued on or post January 2008. Adding to it, the negative cues from the global market, including Asian peers further dampen the market sentiments. Even report of smart performance by the service sector in the recent months unable to lift the market sentiments. Among the thirteen sectoral indices, most of the sectoral indices, except Bankex, Metal, capital Goods, were trading in green led by the Realty, Consumer Durable, Healthcare, IT, FMCG, PSU sectors.

Meanwhile, there is some good news on the domestic front as services sector grew at its fastest rate in the last six months during January as new business mushroomed. Based on a survey of around 400 firms, the HSBC Business Activity Index said that services sector rebounded to 58.0 in January from 54.2 in December, led by the financial intermediation and hotels and restaurant sub-sectors, and commencement of new businesses.

At 12:36 hours, BSE SENSEX was at 17,453.44 up by 21.59 points or by 0.12 per cent and then NSE Nifty was at 5,271.5 up by 1.6 points or by 0.03 per cent. The BSE MIDCAP was at 6,031.09 up by 61.33 points or by 1.03 per cent, while the BSE SMLCAP was at 6,671.13 up by 62.16 points or by 0.94 per cent.

The BSE Sensex touched intraday high of 17,474.38 and intraday low of 17,382.7 The NSE Nifty touched intraday high of 5,279.45 and intraday low of 5,255.55.

Overall, the Market breadth, indicating the strength of the market, was positive. On BSE out of total shares traded 2,738, shares advanced were 1,484 while 1,135 shares declined and 119 were unchanged.

The top gainers of the BSE Sensex pack were Bharti Airtel Ltd. (Rs. 397.20, 2.91%), Coal India Ltd. (Rs. 327.85, 1.88%), Sun Pharmaceutical Industries Ltd. (Rs. 552.70, 1.73%), Mahindra & Mahindra Ltd. (Rs. 711.00, 1.60%), Hindustan Unilever Ltd. (Rs. 396.00, 1.49%), among others.

The top losers of the BSE Sensex pack were Hindalco Industries Ltd. (Rs. 152.90, 2.92%), Jindal Steel & Power Ltd. (Rs. 560.00, 1.94%), Tata Steel Ltd. (Rs. 465.50, 1.93%), Larsen & Toubro Ltd. (Rs. 1343.00, 1.38%), Sterlite Industries (India) Ltd. (Rs. 122.25,1.37%), among others.

Among the sectoral indices in BSE, Realty index was at 1,771.65 up by 24.96 points or by 1.43 per cent. Prestige Estates Projects Ltd. (Rs. 97.35, 13.86%), Anant Raj Industries Ltd. (Rs. 66.00, 2.56%), Indiabulls Real Estate Ltd. (Rs. 69.70, 2.35%), Unitech Ltd. (Rs. 25.65, 2.19%), Sobha Developers Ltd. (Rs. 284.40, 1.88%).

Following the Realty Index, BSE_HCS index was at 6367.59 up by 62.61 points or by 0.99 per cent. Orchid Chemicals & Pharmaceuticals Ltd. (Rs. 181.50, 4.34%), Biocon Ltd. (Rs. 276.30, 3.87%), Fortis Healthcare (India) Ltd. (Rs. 109.45, 3.74%), Aurobindo Pharma Ltd. (Rs. 119.60, 3.68%), Wockhardt Ltd. (Rs. 404.20, 3.27%).

At the meantime, most of the Asian markets were trading on mixed note on weak global cues from the European and US markets. Japan"s Nikkei 225 was down 0.45 per cent, while the Hang Seng was up 0.20 per cent. The Shanghai composite moved down 0.07 per cent whereas Taiwan weighted was surging 0.29 per cent above the benchmark.

Read more about: bse, nse
Story first published: Friday, February 3, 2012, 14:20 [IST]
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