Mid-Market—Sensex, Nifty stay firm as banks rally Analysis for Aug 21, 2013

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Indian markets witnessed some relief finally today after three-days of continuous bloodbath as Reserve Bank of India (RBI) retreated from its earlier stance and eased the liquidity marginally, sending the banking stocks up. Banks also rallied on back of RBI"s move to relax rules on mandatory bond holdings for banks in an effort to protect them from huge MTM losses amidst rising bond yields. The central bank also said that it would buy government bonds worth Rs 8,000 crore on August 23. Rate sensitive stocks were clearly supporting the markets today. However, there was some pressure in the IT space which experts attributed to the profit booking.

At 12:34PM BSE SENSEX was at 18367.29 up by 121.25 points or by 0.66 per cent while NSE Nifty was at 5452.65 up by 51.2 points or by 0.95 per cent. The recovery was still not as fast as the fall was because the rupee continued to remain under pressure. Cautiousness also remained as traders awaited US Fed's meeting minutes which will provide clarity on timing of QE tapering.

The BSE MIDCAP was at 5391.45 up by 51.22 points or by 0.96 per cent, while the BSE SMLCAP was at 5276.57 up by 53.37 points or by 1.02 per cent.

The top gainers of the BSE Sensex pack were Bharat Heavy Electricals Ltd. (Rs. 107.30,+5.71%), HDFC Bank Ltd. (Rs. 613.25,+4.96%), Tata Power Company Ltd. (Rs. 76.15,+3.46%), Jindal Steel & Power Ltd. (Rs. 228.10,+3.21%), Housing Development Finance Corporation Ltd. (Rs. 748.05,+3.01%), among others.

The top losers of the BSE Sensex pack were Infosys Ltd. (Rs. 2932.85,-2.47%), Tata Consultancy Services Ltd. (Rs. 1709.45,-1.49%), Sun Pharmaceutical Industries Ltd. (Rs. 500.60,-1.35%), Dr. Reddy's Laboratories Ltd. (Rs. 2115.00,-1.09%), Bharti Airtel Ltd. (Rs. 315.35,-1.05%), among others.

The Market breadth, indicating the overall strength of the market, was weak. On BSE out of total shares traded 2174, shares advanced were 1297 while 719 shares declined and 158 were unchanged.

In BSE, BSE_Bankex index was at 10936.53 up by 425.23 points or by 4.05%. YES Bank Ltd. (Rs. 278.80,+14.85%), IndusInd Bank Ltd. (Rs. 373.25,+10.41%), Punjab National Bank (Rs. 502.35,+5.07%), HDFC Bank Ltd. (Rs. 613.25,+4.96%), Bank of Baroda (Rs. 471.05,+4.02%),.

In BSE, BSE_CGS index was at 7278.78 up by 159.89 points or by 2.25%. Bharat Heavy Electricals Ltd. (Rs. 107.30,+5.71%), Larsen & Toubro Ltd. (Rs. 751.50,+2.49%), AIA Engineering Ltd. (Rs. 329.95,+2.37%), Carborundum Universal Ltd. (Rs. 103.95,+1.86%), ABB India Ltd. (Rs. 476.10,+1.86%),.

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Story first published: Wednesday, August 21, 2013, 13:00 [IST]
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